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How To Transfer From Venmo To M1 Finance 2022

M1 Finance is a top investment platform for a number of reasons. Their expert designed investment portfolios, or "Pies" as they call them, are an easy way to start investing.

The platform also comes with a number of great features like automatic rebalancing, dividend reinvestment, and more.

In this article, we will cover the steps to link a bank account and fund your investments. Specifically, we will highlight the process to transfer from Venmo to M1 Finance. Let's dive in!

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How To Transfer From Venmo To M1 Finance

Funding your M1 Finance account is most commonly done through an ACH transfer from your bank. If you have funds in your Venmo account that you want to move into your M1 Finance account, then this article will help.

Unfortunately, there is not a way to directly transfer your funds from Venmo to M1 Finance. Instead, you will need to follow the steps below:

  1. Sign up for an M1 Finance Account (if you do not already have one)
  2. Transfer your Venmo cash to your Bank
  3. Link your bank to M1 Finance
  4. Transfer from your bank to M1 Finance

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

1. Open An M1 Finance Account

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The first step to execute this account transfer is to open a brokerage account with M1 Finance.

You will have the option between opening a taxable brokerage account or a retirement account. The minimum to open a taxable account is $100 whereas the minimum is $500 for a retirement account. 

The process is relatively straightforward and everything is handled within the app. M1 Finance will ask you for information such as your name, address, employer and social security number.

The whole process can be completed in a matter of minutes, though verifying your account can take up to 48 hours.

M1 Finance comes with a complete array of perks. Members have access to cash management with both a debit and credit card, personal loan, and a unique investment platform. If M1 Finance sounds like a match for you, then be sure to check out our complete M1 Finance review.

2. Transfer from Venmo to your Bank

Now that you have created an account with M1 Finance, you are ready to start moving funds. You will need to move your Venmo funds to your bank before you can move them into M1 Finance. 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.

This transfer can take between 1 and 3 business days.

3. Link your Bank to M1 Finance

With your cash now in the bank, you will just need to link your bank account to M1 Finance and then start a deposit. To add a bank account to M1 Finance, you will follow the steps below:

  1. Open the M1 Finance app
  2. Tap on the "Invest" tab in the bottom navigation menu
  3. Tap on the 3 bars in the top left
  4. Select "Bank Connection" from the choices listed
  5. There are two options:
    • If you select "Connect Instantly," then you will be taken to a new page from Plaid, which is a third party security company. Here, you will login directly to your bank account using your login credentials
    • If you select the "Connect Manually" option, then you will need to type in the bank name, account type, routing number, and account number.

If you select the manual option, then M1 Finance will send two micro deposits to your bank account.

Micro-deposits are small amounts of money that are placed in your bank account to verify a secure connection with M1.  

Two micro-deposits will show on your bank statement within three business days from the date you requested them.  

After receiving the two amounts, click the 'verify' button on the bank connection page to approve the bank relationship.  

Why Can't I Link My Venmo Account Directly?

Within Venmo, you can actually tap the "Me" option in the bottom navigation menu. Then by tapping on the gear icon and choosing "Direct Deposit," you will see your Venmo routing and account number.

Because of this, some may think that they can directly connect Venmo and M1 without needing the extra step of transferring funds first to their bank account. However, Venmo and other cash apps are not yet supported by M1.

4. Transfer from your Bank to M1 Finance

Once your bank account is connected, transferring the funds is easy. You will repeat steps 1-4 above as you did to establish a new bank connection. After clicking on "Bank Connection," you will tap the "Deposit" option. From there, you will simply enter in the amount you would like to transfer and tap "Transfer."

This transfer typically is completed within 1 business day.

Transfer From Venmo To M1 Finance: Final Thoughts

M1 Finance is a top option for many due to its extensive offerings.

Once you have an account, you will need to link a bank and fund your new account. This can be done a number of ways. Unfortunately, you cannot link your Venmo funds directly. Instead, you will need to transfer your Venmo funds first to your bank and then to your M1 account.

It is likely this capability will be added in the future.

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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