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Venmo is one of the most widely used peer-to-peer (P2P) payment apps available today.
Because of this, many new users are uncertain how to do certain things within the app and in some cases can fall victim to scams because of it (among other potential issues).
In the following post, I show you step-by-step how you can withdraw money out of Venmo into your bank account and do so safely.
In addition, I provide some important information and tips that you should know during the process.
In this Post:
- How Do I Get Money Out of Venmo?
- What Is the Venmo Withdrawal Limit?
- How Do I Increase My Withdrawal Limit on Venmo?
- How Much Does Venmo Charge for Instant Withdrawal?
- Is Venmo Considered a Cash Withdrawal?
- How Long Does It Take for My Funds to Be Available?
- What if I Have Problems Withdrawing Money From Venmo?
- Contacting Venmo Support
- Wrapping Up
How Do I Get Money Out of Venmo?
The process of withdrawing money from Venmo is easy. However, there are two ways to get money out of Venmo, which are;
Instant transfers: These are instant transfers to your bank or debit cards, where you can fund your account with up to $200 per day. You can make purchases, send money to others, or even deposit cash into your account with these funds.
Standard transfers: The second method is through Standard Transfer through ACH (Automated Clearing House), which takes about 5-7 business days. It is recommended to use this method if you want to withdraw more than $2000 per month.
How to do instant transfers (Transfer money to your bank account):
- Step 1: Go to Venmo and open an Instant transfer.
- Step 2: Enter the amount you want to withdraw.
- Step 3: Choose your bank account and click on the green arrow.
- Step 4: Select your bank account and then continue.
- Step 5: Enter your routing number and account number.
- Step 6: Confirm the transaction by clicking on the confirm button.
- Step 7: Wait for the confirmation mail to arrive in your inbox.
- Step 8: Download the confirmation page from your bank website.
- Step 9: Sign in to your bank account and verify the transaction.
- Step 10: Your money should appear in your bank account within 24 hours.
- Step 11: If you did not receive any confirmation email, don’t hesitate to get in touch with your bank.
- Step 12: To withdraw money from Venmo, go back to the app and click on the ”withdraw” tab.
- Step 13: Enter the amount you want to withdraw and press ”Submit”.
- Step 14: The money is transferred to your bank account after 48 hours.
How to do standard transfers:
- Step 1: Open the app and log in.
- Step 2: Click on ”settings” and then ”accounts”.
- Step 3: Click on ”transfer”.
- Step 4: Scroll down to find ”ACH” and click on it.
- Step 5: Fill in the required fields and submit the form.
- Step 6: Wait for the money to be deposited into your bank account.
- Step 7: Once the money is deposited into your bank account, you can withdraw the money using your bank account.
It is crucial to note that to transfer money to their bank accounts; they must first have a verified bank account. In addition, the difference between Instant transfers and Standard transfers is that with Instant transfers, the money is directly withdrawn from Venmo, whereas with Standard transfers, the money is transferred to your bank account via ACH.
Also, instant transfer collects a fee of 0.25%, while the standard transfer does not charge any fees.
What Is the Venmo Withdrawal Limit?
Venmo allows users to withdraw up to $400 per calendar day. It means that if you withdraw $1000 every week, you will only be allowed to withdraw $40,000 per year. You can also withdraw up to $10,000 per month, but you need to pay a service fee of $5.
However, there are some exceptions. For example, if you are under 18 years old, you cannot withdraw more than $100 per month. In addition, if you are withdrawing money from your account, you can withdraw up to $50,000 per year.
If you are withdrawing money from another person’s account, you can withdraw as much as you like, but you will be charged a flat rate of $5 for each transaction.
If you are withdrawing money from a business or organization account, you can withdraw no more than $1,000 per month. However, you can still use Venmo to make payments to other businesses or organizations.
It would help if you did not use that when you exceeded your withdrawal limit. Venmo will automatically deduct $5 from your account for each transaction after reaching your maximum withdrawal limit. So if you reach your maximum limit, you will need to contact customer support to remove the extra fees.
However, you can avoid these charges by choosing one of the following options:
- Transfer money to yourself instead of someone else. This way, you won’t incur any additional charges.
- Make small withdrawals rather than large ones.
- Use Venmo’s free service called Venmo Express, which allows you to transfer up to $10,000 per month.
How Do I Increase My Withdrawal Limit on Venmo?
You can increase your withdrawal limit by contacting customer support. You can call them at 1-855-VENMO (852-6437) or send an email to [email protected]. They will ask you to provide proof of identity, such as a driver’s license or passport. After this, they will review your request and approve it.
Note that once you reach your maximum withdrawal limit, you will no longer be able to withdraw unless you get permission from Venmo.
How Much Does Venmo Charge for Instant Withdrawal?
The cost of transferring money through Venmo varies depending on the payment method used. If you transfer funds using PayPal, the charges are $0.25 per transaction. On the other hand, if you transfer funds using Apple Pay, the charges are $2.00 per transaction.
The charges vary based on the card issuer for transactions made using credit cards. Some issuers charge a flat rate of $3.95 per transaction, while others charge a percentage rate of 2%. The amount you will be charged depends on how many times you make the same transaction.
For example, if you make 10 withdrawals in a single day, you will be charged $39.50. However, if you make 20 withdrawals in a single day, you will be charged $78.00.
If you are making multiple withdrawals within a short period, you may want to consider paying for a monthly subscription so that you don’t have to worry about the costs.
Instant transfers are fast and take only 30 minutes to complete. But before you start sending money to your friends, you should know that the process is irreversible. Once the money has been sent, it is not retrieved. Also, there is the deduction of a minimum fee of 0.25% and a maximum of15% of the total amount transferred.
Is Venmo Considered a Cash Withdrawal?
Venmo is a peer-to-peer payment platform. You can use it to pay people directly without involving banks or financial institutions. However, you can withdraw your Venmo cash using MasterCard, Visa, Amex, but with an extra fee.
When you transfer money via Venmo, you transfer money to another person’s bank account. When you receive money from your bank account, you technically withdraw it.
It means that you are withdrawing cash from your bank account. In most cases, when you withdraw cash from your bank account, there is no fee involved. However, some banks impose fees on cash withdrawals. For instance, Bank of America charges $5.00 per withdrawal.
How Long Does It Take for My Funds to Be Available?
Once you set up your account, the funds should be available immediately after confirming the transaction. It usually takes around one hour for the funds to be available in your bank account.
However, it could take longer than expected due to network delays. Contact customer service to find out more information about how long it takes for your funds to arrive.
As discussed above, if you use the instant transfer to your bank, the process is immediate, but it could take up to 30 minutes for the funds to appear in your bank account. It is because of the verification process which requires the recipient to verify their identity. On the other hand, the standard transfer via ACH (Automated Clearing House) takes 3 business days to reach your bank account.
What if I Have Problems Withdrawing Money From Venmo?
In case you experience any issues while trying to withdraw money from Venmo, here are some steps that you can follow:
- Contact customer support. If you have trouble accessing your funds, you can call customer support at (855) 812-4430
- Try again later. Sometimes, the problem persists even after contacting customer support. In this case, try again later.
- Fill out the Venmo support web form.
- Change your password. Your password must be strong enough to prevent unauthorized access.
- Check your email. Make sure that you check your email regularly. If you do not see any messages regarding your withdrawal request, you need to resend the message.
- Use a different device. If you are still experiencing difficulties, try using a different device such as your phone rather than your computer.
- Contact your bank. Some banks charge a fee for processing cash transactions. In this case, you will need to contact your bank to find out what they charge.
Contacting Venmo Support
If you have any questions about how to withdraw money from Venmo, you can contact them through this method;
- Customer Service Phone number
- Venmo Customer Support
- Email Address:[email protected]
- Live Chat
- Toll Free Number: 1-855-VENMO (843-6683)
- Web Form
- Social media; Instagram, Facebook, Twitter
However, before calling them, you can go try to troubleshoot first.
How to troubleshoot?
You can troubleshoot yourself by doing some steps below.
- First, you should log in to your Venmo account.
- Then click on the “help” button located in the top right corner of your screen.
- Click on “troubleshooting.”
- Follow the steps and solve the issue.
- After solving the issue, you can close the browser window.
- Now, you can call customer service.
- They will guide you step by step.
- Finally, you can follow all the steps and solve the issues.
In summary, withdrawing money from Venmo is easy, but sometimes we face some issues while withdrawing money from Venmo. So, if you face any problems, you can easily contact the Venmo customer support team. They will help you to resolve your issues.
Hope this article helps you to withdraw money from Venmo every time. Venmo is a great app that allows us to transfer money between friends and family members. It’s very simple and user-friendly.