Syncing a bank account to your Venmo account
Before you can transfer funds from Venmo into your bank, you need to add a bank account. Follow these steps:
If your bank does not appear, choose Other at the bottom. If you choose this option, you will need to add your routing number, and account number.
- Some banks are approved for instant verification. If
your bank qualifies, simply enter your bank credentials and it will verify your account.
- If your bank is not approved for instant verification, you can verify by confirming microtransfers. Simply add your account information,
then visit Venmo’s Bank Verification page and enter the amounts of the transfer.
If you have verified your identity, you can transfer up to $19,999 each week with Venmo. Transfers to your bank account normally take one full business day to fulfill and are usually appear in your account as a deposit by something similar to “VENMO-0 CASHOUT.”
When making purchases, Venmo will automatically use your Venmo balance unless otherwise specified. If the amount does not fully cover your purchase, Venmo will withdraw the full amount from your connected account.
Transferring money from your Venmo account
To transfer money, follow these steps:- Tap the icon in the top left corner.
This appears as three horizontal lines (☰).
- Choose Transfer to Bank from the menu.
- Choose the amount that you want to transfer.
- Tap the Transfer button.
- Once completed, select the Confirm Transfer to Bank button.
Look for the amount to appear in your bank account within one full business day.
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One-Minute Money Hacks
If you're using your smartphone to send money to friends and family, chances are good you're one of the 50 million people who send it using Venmo. But you have to make sure to keep an eye on your Venmo balance so it doesn't get too high. Here's why.
01:07
Tue, Jun 29 20219:39 AM EDT
Jonathan Fazio
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.
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 interest
Unlike 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 insured
Unlike 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