Venmo is quickly becoming one of the leading ways people send money to friends, family, and collaborators.
In a world with endless amounts of new money apps, it's easy to get lost in the maze.
Today, we're going to show you everything you need to do so you can move your money out of Venmo and into your bank account.
Let's get started.
Safely transferring money between Venmo and your bank account involves three simple steps:
In order to move money to your bank from your Venmo account, you'll need to link your bank account and Venmo together. After your bank is set up inside Venmo, you'll be able to easily move your money between these accounts through either an instant transfer, or standard transfer.
However, most people skip the very important second step, verifying your bank account with Venmo. Doing this helps guarantee none of your money gets lost or irreversibly sent to the wrong account.
First things first, we'll make sure your accounts are linked up!
If you haven't linked your Venmo to your bank account, you'll need to do that before transferring any money over.
Luckily, linking your bank account inside the Venmo app is very straight forward.
Go into your Venmo app, and follow these steps:
By adding your bank account directly instead of any debit or credit card, you waive fees for sending money and online purchases. Why leave money on the table when you can just set up directly with your bank login?
Right after this, you should see a prompt pop up to verify your bank account. Follow along below.
If you try to transfer money to your bank account without first verifying your bank with Venmo, your bank transfer could try to process and fail, losing you time, or you could lose the funds entirely.
There are two methods you can take to verify your account with relative ease: an instant verification using Plaid, or manually verifying through microtransactions.
Plaid is a third-party verification platform many finance apps and online brokers use to link to each other.
If your bank inside Plaid's system, you should be prompted to log into your bank with Plaid as you link your account to Venmo.
If you've gone through this prompt from Plaid, then your bank account has been instantly verified, and you should be safe to transfer your money.
If Plaid doesn't work with your bank, no worries.
When the Plaid pop up shows up, choose the 'manual verification' option near the bottom of the screen.
Here, you'll verify your bank manually by providing your bank routing number and your bank account number.
After doing this, Venmo will deposit two separate amounts of money into the bank account provided, and then withdraw the funds they deposited. This amount of money is always below $2, but it is recommended that you keep a minimum balance of $2 in the account used to avoid any potential overdrafts.
This process takes around 1-3 business days. After you see the deposits come through, you can verify the amounts by going to Venmo to finish verifying your bank account.
When moving money over from Venmo to your bank, you can either send an instant transfer that costs a small 1% fee, or perform a free transfer that takes anywhere from 1 to 3 business days.
Open your Venmo app, and perform the following:
Beware! If you need your money quicker than later, and select the 1-3 business day option, this transfer may take more time over the weekends, as they aren't always considered business days.
Once you get everything set up, it's hard to compete with the convenience that Venmo brings to regular transactions.
If you've never used Venmo before, it can save a lot of awkward moments when going out with friends and coworkers to attend events. Splitting the bill has never been easier!