This story is part of CNBC Make It's One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money. Show If you use your smartphone to send money to friends and family, chances are good that it's happening on Venmo. The peer-to-peer payment service has more than 50 million users in the U.S. who sent nearly $160 billion to each other in 2020. But despite the ease with which Venmo allows you to pay rent or split the dinner bill, you should always keep an eye on your Venmo balance and make sure it doesn't get too high. Here are three reasons why you should always transfer the bulk of your balance to the bank. 1. Your Venmo balance doesn't earn interestUnlike money in your investments or savings account, your Venmo balance isn't working for you. Rather than increasing in value over time, your balance remains the same no matter how long you keep it in the app. Instead, putting that money into a high-yield savings account will allow it to grow. High-yield accounts currently offer rates as high as 0.6% APY. 2. Your Venmo balance isn't insuredUnlike your bank account, your Venmo balance isn't insured by the Federal Deposit Insurance Corp. If your bank were to go under, the government insures up to $250,000. But Venmo has no such guarantees. That means that in the unlikely event that the service goes down, Venmo isn't responsible for you getting back whatever funds you had sitting in your account. It's smarter to minimize your risk by not leaving any significant sums of money in the app. 3. Venmo transfers take time
Can you send money from Venmo to someone's bank account?Once money is sent, it shows up immediately in the recipient's account, and can be spent using either the Venmo app or the Venmo debit card, or sent to a user's linked bank account.
How long does it take Venmo to transfer money?Bank transfers typically arrive within 1 to 3 business days. You can check the estimated arrival date in your personal transactions feed after initiating a transfer. Transfers are reviewed, which may result in delays or funds being frozen or removed from your Venmo account.
How do I get my money out of Venmo?How Do I Get Money Out of Venmo?. Step 1: Go to Venmo and open an Instant transfer.. Step 2: Enter the amount you want to withdraw.. Step 3: Choose your bank account and click on the green arrow.. Step 4: Select your bank account and then continue.. Step 5: Enter your routing number and account number.. How do I put money into my bank account from Venmo?How to add money to your Venmo account. Add a bank account. If you haven't already, add a bank account (opens in new tab) to your Venmo profile and verify it. ... . Tap Manage Balance. ... . Tap “Add Money," then enter transfer amount. ... . Review the transfer information and estimated arrival date, and then tap “Add Money.”. |
Can you transfer money from venmo to a bank account
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