How To Transfer From Venmo To Coinbase 2023

Moving funds from one account to another can be intimidating as a mistake could cost you! However, the actual process may not be as difficult as you think.

In this article, we cover the steps to transfer from Venmo to Coinbase. The process involves moving funds from Venmo to your bank and then your bank to Coinbase.

Let's dive into this process, step by step!

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How To Transfer Funds From Venmo To Coinbase

There are a number of ways to fund your Coinbase account. It is most commonly done through an ACH transfer from your bank.

Some investors wonder if they can link Venmo and Coinbase in order to use their cash balance. Unfortunately, Coinbase does not currently support a connection to Venmo. In order to execute a transfer of this kind, you would need to follow the steps below:

1. Open a Coinbase Account (Use our link here for $5 FREE Bitcoin)
2. Verify your Coinbase Account
3. Transfer From Venmo To Your Bank
4. Transfer From Your Bank To Coinbase

Each of these steps actually have a few steps themselves. Let's dive into the details.

1. Open A Coinbase Account

Coinbase is a cryptocurrency platform that has been around since 2012.

As a pioneer in the crypto space, Coinbase has led the pack with a feature rich platform that is simple to navigate.

They also offer members the chance to earn free cryptocurrency with educational materials!

If you sign up for Coinbase using our button above, you will get $5 worth of free Bitcoin!

Before executing a transfer from Venmo to Coinbase, you will need to set up a Coinbase account.

Setting up a new Coinbase account is simple:

• Download the Coinbase app (use this link for a free $5 worth of Bitcoin)
• Create an account with your email and password
• Submit your address and SSN for verification and tax purposes
• Set up 2FA by adding your phone number
• Link to your bank account using a secure service called Plaid
• Verify your ID by taking a picture of the front and back

2. Verify Your Coinbase Account

When creating a Coinbase account, you can speed up the process and skip verification to start trading cryptos immediately.

However, to gain full access to Coinbase, you do need to verify your account.

This verification is done through uploading a photo of your driver's license or other state issued ID:

1. To do this, you will click "Send/Receive" once logged into Coinbase
2. A popup will appear that prompts you to upload a photo of your ID (front and back)
3. This can take 1-2 business days to complete

You will receive an email once you are verified or if Coinbase needs more information.

If the image of your ID is clear and matches the information in your account, verification will be completed in mere minutes.

3. 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.
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.

4. Transfer From Your Bank To Coinbase

Now that you have moved your Venmo funds to your bank account, you are ready to send them to Coinbase.

In order to perform this bank transfer, you will need to link your bank account, if you haven't already done so. The steps to link a bank account are shown below:

Link A Bank Account To Coinbase

1. From the home screen in the Coinbase app, tap on the three lines at the top left
2. Tap "Profile and Settings"
3. Underneath the Payment Methods section, tap the "Add a payment method" option
4. Select the option for "Bank Account"
5. This will open a new window from Plaid, which is a third party security company. Coinbase uses Plaid to securely sign into your bank account
6. Tap "Continue" to sign in to your bank account
7. Select your bank or search for it in the search bar
8. Plaid will prompt you to sign into your bank account using your bank login details

When using Plaid, you will be able to link your bank account instantly.

Once you have a bank account connected with Coinbase, you are ready to initiate the transfer. Those steps are below:

Transfer From Your Bank to Coinbase

1. From the home screen in the Coinbase app, tap the "More" button underneath your account balance
2. Select the "Add Cash" option
3. Enter in the amount you would like to transfer
4. The payment method is listed beneath the amount. If not already auto-selected, tap this area and select the bank you just linked
5. Tap "Preview"
6. Confirm the details of the transfer on the screen and tap "Add cash now" if correct

This transfer typically takes 3 business days to clear, though the funds can be used to buy crypto immediately.

Transfer From Venmo To Coinbase: Final Thoughts

Moving funds from Venmo to Coinbase is a simple 4 step process. Unfortunately, you are unable to connect your Venmo account directly. Instead, you need to transfer the funds first to your bank and then to Coinbase.

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