Venmo Transfer Money To Yourself: How, Fees, and Limits

I need to have some clarification on your intention here because the title can be misleading a bit. What this post explains is not how to transfer money between the two Venmo accounts you have. As a matter of fact, Venmo does not allow you to have two or more accounts at a time.

This post explains how to transfer money from your bank account to your Venmo account and vice versa. By using this way, you can add money to your Venmo account or withdraw money from your Venmo account to send it to your bank account.

Transfer money from your bank account to Venmo

A prerequisite to money transfer from your bank account is you should have a linked bank account. To link, check this section otherwise keep going.

There are two ways to add money to Venmo.

Use Venmo app

If you have a Venmo card, using the Venmo app can be simpler. If you haven’t downloaded the app, you can download it either from Apple App Store or Google Play Store.

  1. Go to the Venmo app.
  2. Select the menu icon (three stacked horizontal lines) at the top left corner.
  3. Find and tab “Manage Balance” that is at the top of the menu.
  4. Select “Add Money”
  5. Put in the amount you want to add to your Venmo account.
  6. Tap “Done”
  7. Check the bank account that you will use to transfer money.
  8. Tap” Next”
  9. Confirm the transfer information and finally “Add Money”.

The transfer can take three to five business days. Please note that as mentioned, this feature is available only for those holding a Venmo card.

There is another way to load money using the app. If you have linked your credit card, you can add money using it. If you haven’t, check this section to add your credit card. But, please note that using a credit card to reload will charge you with a 3% fee while using your bank account doesn’t incur a fee.

Transfer money from Venmo to bank account

Transferring from your Venmo account to your bank also requires a linked bank account. If you haven’t, check this section otherwise you can continue.

  1. Go to the Venmo app.
  2. Select the menu icon (three stacked horizontal lines) at the top left corner.
  3. Find and tab “Manage Balance” that is at the top of the menu.
  4. Select “Transfer to Bank”.
  5. Put in the amount you want to add to your bank account.
  6. You can select either “Instant” or “1-3 Biz Days”. The instant option will charge you a small fee while the latter option doesn’t charge you.
  7. Select your bank account.
  8. Check the transfer details and tap “Transfer”.
  1. Go to the Venmo app.
  2. Select the menu icon at the top left corner.
  3. Select “Settings” and “Payment Methods”.
  4. Tap “Add a Bank or Card” and select “Bank”.
  5. Select your preferred verification method.
  1. Go to the Venmo app.
  2. Select the menu icon at the top left corner.
  3. Select “Settings” and “Payment Methods”.
  4. Tap “Add a Bank or Card” and select “Card”.
  5. Enter your card details.
  6. Tap “Add Card”.

After these steps, you may have to go through additional verification process.

Transfer fees

A transfer fee is different depending on your use case. Venmo explains the fee structure as below.

The following cases don’t charge a fee.

  • Transferring money from your linked bank account, debit card, or your Venmo account.
  • Receiving money into your Venmo account or using Venmo’s standard transfer to your bank account.
  • Venmo does not have a monthly or annual fee.

There are two cases that incur a tranfer fee.

  • If you use your credit card for transfer, there will be a 3% charge.
  • If you choose the instant transfer option, there will be a 1% charge.
    • $0.25 minimum / $10 maximum

Transfer limits

According to Venmo, when you sign up but haven’t had your identity confirmed, your sending limit is capped at $299.99. When you have your identity confirmed by Venmo, the limit is risen to $4,999,99.

Conclusion

We learned how to transfer money to your Venmo account and to your bank account. The steps are not difficult. To have the best transfer experience with Venmo, link your bank account and debit card. Also try to make a transfer in advance to avoid the instant fee.

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