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!
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:
Each of these steps actually have a few steps themselves. Let's dive into the details.
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:
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:
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.
Transferring from Venmo to your bank is very simple. Follow the steps below:
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.
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:
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:
This transfer typically takes 3 business days to clear, though the funds can be used to buy crypto immediately.
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.