How to Transfer Venmo Funds to Bank Account
Oliver KahnHow to Transfer Venmo Funds to Bank Account
Venmo is a digital wallet and mobile payment service that allows users to make transactions with friends and family. It is a convenient way to transfer funds, but sometimes you may want to transfer those funds to your bank account. In this article, we will discuss how to transfer Venmo funds to a bank account.
1. Link Your Bank Account
Before you can transfer funds to your bank account, you need to link it to your Venmo account. To do this, open the Venmo app and tap on the three lines in the upper-left corner. From there, tap on “Settings” and then “Payment Methods.” Tap on “Add a bank or card” and follow the prompts to add your bank account information.
2. Verify Your Bank Account
Once you have added your bank account, Venmo will send two small deposits to your account. You will need to verify these deposits in the Venmo app to confirm that you own the account. This process may take a few days, but once it is complete, you can transfer funds to your bank account.
3. Transfer Funds to Your Bank Account
To transfer funds to your bank account, open the Venmo app and tap on the “☰” icon in the upper-left corner. From there, tap on “Transfer to Bank” and select the bank account you want to transfer the funds to. Enter the amount you want to transfer and tap “Next.” Review the details and tap “Transfer” to complete the transaction.
4. Consider Transfer Limits and Fees
Venmo has limits on the amount of money you can transfer at one time. For new accounts, the limit is $299.99 per week. Once your account is verified, you can transfer up to $19,999.99 per week. Keep in mind that there may be fees associated with transferring funds to your bank account. Venmo charges a 1% fee for instant transfers and a standard transfer takes 1-3 business days.
5. Tips for Using Venmo
Venmo is a convenient way to transfer money, but it is important to use it responsibly. Here are a few tips to keep in mind:
- Only use Venmo with people you trust.
- Make sure you have enough funds in your Venmo account to cover any transactions.
- Keep your Venmo account and bank account information safe by using a strong password and enabling two-factor authentication.
- Check your transaction history regularly to make sure there are no unauthorized transactions.
In conclusion, transferring Venmo funds to your bank account is easy once you have linked and verified your account. Keep in mind the transfer limits and fees, and use Venmo responsibly to ensure a safe and convenient experience.
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