How To Transfer From Venmo To BlockFi 2022

BlockFi was founded in 2017 and is a cryptocurrency platform that offers members a number of unique perks. One of the top benefits members love is that they can earn interest on their holdings and even borrow against their portfolio.

Funding a BlockFi account is most commonly done through an ACH transfer from your bank.

In this article, we highlight the process to transfer from Venmo to BlockFi, step by step. Unfortunately, you cannot transfer your Venmo funds directly. Instead, you will need to move your funds first to a bank account and then to BlockFi. Let's dive right in and cover the steps!

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How To Transfer From Venmo To BlockFi

Because you are unable to transfer from Venmo to BlockFi directly, you will need to first transfer to a bank. Once the funds settle, you can then move them to BlockFi to purchase cryptocurrencies.

The steps to complete this transfer are as follows:

1. Create A BlockFi Account
2. Transfer Venmo Funds To Bank
3. Link Bank Account To BlockFi
4. Transfer From Your Bank To BlockFi

Let's take a closer look at each of these steps.

1. Create A BlockFi Account

BlockFi is a popular platform for cryptocurrency investing. The app grants access to the top cryptos available and lets you earn interest on your holdings. Additionally, you can even borrow against your holdings to avoid selling your assets.

Already signed up with BlockFi? Skip down to start step 2!

Use the button above to earn up to $250 in free Bitcoin!

When opening a BlockFi account, you'll need to have the following:

• Social security number
• Phone number
• Valid ID
• A real-time selfie

In order to sign up with BlockFi, you'll have to be 18 years or older. BlockFi's features are not available in all 50 states, including New York and Kentucky.

Check and make sure your state is in the clear here!

During signup, you'll have to make a new password, check their terms of service, and go through their ID verification process. This includes taking a photo of the front & back of your driver's license.

When BlockFi verifies your info and approves you, you'll receive an approval email with steps to sign in.

Getting approved usually just takes a few minutes, but it could potentially take up to 1-2 business days.

2. Transfer from Venmo to your Bank

Transferring from Venmo to your bank is very simple. Follow the steps below:

1. Open the Venmo app and login if needed
2. Tap the person icon on the right in the bottom navigation menu
3. Select the "Manage Balance" choice underneath your Venmo balance
4. Choose "Transfer to Bank"
5. Enter in the amount you would like to move. Venmo will automatically set up the transfer with your entire balance. You can edit this number by tapping on it if you do not want to move the entire account balance
6. Choose to transfer your funds instantly (this option comes with a 1.5% fee or a max of $15) or regularly through the 1-3 business day option
7. Select a bank account to transfer to
8. Tap "Transfer $XX"

If you need to link a bank account to Venmo, you can do so by clicking on the "Add a bank" selection after tapping on the bank in the "Transfer to" space.

3. Link Bank Account To BlockFi

Linking a bank account is a simple process on BlockFi's website. Follow the steps below:

1. Login to your BlockFi account
2. Click on the drop down arrow next to your name in the top right corner
3. Click "Profile Settings"
4. On the left side of the screen, click on the "Bank Accounts" option
5. Near the top right corner of the page, click the "Add bank account" button
6. BlockFi uses Plaid to connect to a bank account. Plaid is a third party security company. You will be prompted to choose your bank and login using your bank login credentials
7. After logging in, you will be prompted to select which account you want to link
8. Click "Continue" to finish the process

You can also link to a bank account in the app. The process is similar. After logging into the BlockFi app, you will tap on the "Fund" button in the main dashboard. Select the Bank Transfer ACH method. Finally, tap the manage bank account option to use Plaid to link your bank account.

4. Transfer from your Bank to BlockFi

Now that you have linked a bank account, the transfer is fairly straightforward. Follow the steps below to execute the transfer:

1. Login to the BlockFi app
2. Tap the "Fund" button from the dashboard tab
3. Tap the "Bank Transfer (ACH)" option
4. Select the bank account you linked in the previous step
5. Enter in the amount in USD that you would like to move to BlockFi (There is a $20 minimum)
   • This is actually a conversion from USD to GUSD, which is a crypto stablecoin pegged to and backed by US dollars held in FDIC-insured bank accounts
6. Tap "Review"
7. After reviewing the details, agree to the terms and conditions and tap "Confirm"

The funds will be instantly ready to trade in the BlockFi app.

Transfer From Venmo To BlockFi: Final Thoughts

Perhaps in the future investing platforms will support direct transfers from platforms like Venmo and PayPal. However, for now, you will need to transfer first to your bank and then to BlockFi.

While the process is fairly simple, it does require waiting for the funds to settle in your bank account.

If you want to learn more about BlockFi, be sure to check out our complete BlockFi review.