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Written by Sam Pennington on August 5, 2022
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How To Transfer From Venmo To Gemini 2022

Gemini is currently one of the top cryptocurrency platforms available. Though launched in just 2014, the platform already conducts roughly $30 billion in transactions annually.

The platform is popular due to its simple interface that caters well to beginners and its impressive suite of features that lends well experienced traders also.

Transferring crypto into the app is really simple with cryptocurrency wallets. However, if you want to transfer in fiat currency, you can do so with an ACH transfer.

What about if you want to use Venmo to fund your crypto purchases? In this article, we highlight the process to transfer from Venmo to Gemini, step by step. Let's jump on in!

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How To Transfer From Venmo To Gemini

Currently, there is not a way to transfer your Venmo cash balance to Gemini directly. Instead, you will need to transfer first to your bank and then to Gemini.

The steps to complete this transfer are as follows:

  1. Create A Gemini Account
  2. Transfer Venmo Funds To Bank
  3. Link Bank Account To Gemini and Transfer Funds
  4. Purchase Crypto in Gemini

Each of these steps have a few steps of their own! Let's take a look in more detail.

1. Create A Gemini Account

gemini logo

One of the reasons Gemini is so popular is due to its highly secure platform with a number of security features. Because cryptocurrency is not regulated the same way stocks are, investors appreciate an added layer of security.

With over 50 cryptos supported, Gemini provides a great starting point for investors looking to get into crypto.

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

Use the button above to earn up free ETH!

Open a Gemini Account

The process to open a new Gemini account is straightforward and can be completed by following the below steps:

  1. Sign up for a Gemini account by clicking here!
  2. Create your account login information (username, password, email)
  3. Verify your email address by following on-screen prompts.
  4. Set up 2FA (2 factor authentication) by submitting your address and phone number
  5. Add a bank account. You can skip this step in the app, though you will need a linked bank account in order to complete this transfer from Venmo.
  6. Verify your identity by providing your legal name, address, date of birth, and social security number. This step is for user verification as well as for tax purposes. 
  7. Upload required documents to finalize the account setup. You can either upload a picture of your passport or a picture of your driver's license. 

After completing the above steps and uploading the required documentation, you will then submit your verification information for review. 

According to the Gemini website, verification typically takes 2-3 business days to complete. If the process is taking any longer you can contact customer support for help. 

2. Transfer from Venmo to your Bank

Executing a transfer from Venmo to your bank is a simple process. Follow the steps below:

  1. Open the Venmo app and login
  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 Gemini

If you already have a linked bank account with Gemini, you can skip this step! If not, here's how to link your bank account:

  1. In the mobile app click the “Account” button in the top right of the screen
  2. Under the payment methods, select “Manage Payment Methods
  3. Click “Add a Funding Source
  4. Select “Automatically Link Bank
  5. Read the provided information and select “Continue
  6. Search for your bank and provide the required credentials
  7. You may have a couple verification steps that you must complete to proceed
  8. Once completed you should successfully have added your bank account funding source

Once you have successfully linked your bank account, follow the below steps to deposit funds into Gemini.

How To Deposit Funds (Gemini):

  1. Navigate to the top right corner of the Gemini page and select “Transfer
  2. From the dropdown click “Transfer Into Gemini
  3. Select “USD” in the currency section
  4. Select your deposit method (typically ACH is recommended)
  5. In the “Transfer From” section select your linked bank account and hit “Continue
  6. Enter in your USD deposit amount in the “Deposit Amount” section and click “Continue
  7. After verifying all information is correct, tap “Confirm” to finalize the transfer

4. Purchase Crypto in Gemini

Now that you have a new Gemini account with a linked bank account, and you have transferred your Venmo funds, you are ready to purchase crypto. Buying crypto on Gemini is a simple process:

  1. Open the Gemini app
  2. On the homepage search and select your desired cryptocurrency
  3. On the crypto page select “Trade
  4. Click “Buy” to pay with cash
  5. You can choose a “Once” or “Recurring” investment
  6. Enter in the dollar amount that you would like to purchase
  7. You can select “Buy Only” or “Buy & Earn Interest
  8. You will be directed to a transaction summary page showing payment method and fees
  9. Confirm the purchase by swiping the “Swipe to Confirm” on the bottom

And that's it!

Transfer From Venmo To Gemini: Final Thoughts

While this process is a bit nuanced as you have to first transfer to your bank, it really is not too difficult. Perhaps in the future Gemini will allow for direct transfers from Venmo or PayPal.

In the meantime, transferring from Venmo to Gemini requires a transfer to your bank and then to Gemini.

If you want to get started with Gemini, be sure to check out their site to learn more!

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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