Need a quicker way to get the money from your Venmo account into your bank account? We’ve got it.
· by Ny Vo, Product Manager
[EDITOR’S NOTE: This post has been updated since original publishing on January 22, 2018]
Having money in your Venmo account is an awesome feeling- it makes paying friends and family that much easier. We also know that sometimes you need other ways to access that money. This week, we’re excited to announce another way for you to instantly access your funds!
This may sound familiar- and it is. Last year we launched Instant Transfer via debit card, allowing users to transfer the money in their Venmo account to their eligible Visa and Mastercard debit card within minutes for a 1% fee (minimum fee $0.25, maximum fee $10). We’ve seen a great response from the Venmo community, so we’re thrilled to now offer Instant Transfer to your bank account within minutes for the same small fee. We also will continue to offer our free standard bank transfer which typically takes 1-3 business days.
The new transfer option begins rolling out today and will be widely available in the coming weeks so make sure to update your Venmo app!
Transfer speed depends on your bank and could take up to 30 minutes. Transfers are reviewed which could result in delays or funds being frozen or removed from your Venmo account.