How to Transfer Money from Bank to Venmo [Step by Step]

Jim Marous 19 May 2023Last Updated: 19 May 2023

Generally, you can transfer money from bank to Venmo, however, you must have been approved for a Venmo Mastercard Debit Card. If you face bank verification problem but need to use Venmo ASAP, I will advise you make a bank transfer to another Venmo user and have them refund it to your Venmo account. But if you have no issues with your account verification or never tried to verify your bank with Venmo, then this article is your perfect guide.

Table of Contents

How to transfer money from bank to Venmo

The steps are easy. Do the following to transfer money from bank to Venmo:

1. Apply for Venmo Mastercard debit card

First of all, you need to be approved for a Venmo Mastercard debit card. Here’s how you can do it:

Open the Venmo app.
Go to the Cards tab.
Select “Get Started” under the Venmo Debit Card option.

2. Link your bank to Venmo

After receiving your Venmo debit card, follow these steps to link your bank account and transfer money from your bank to Venmo:

To add a bank account to your Venmo profile from a computer:

Click on “Link Bank Account” and follow the instructions on the page.

To add a bank account from Venmo:

Tap your picture or initials to go to the “Me” tab.
Navigate to the Wallet section.
Tap on “Add a bank or card…” and select “Bank.”
Choose your preferred verification method.

When manually adding your bank account, be sure not to enter the check number after your account number. This can cause transfers to fail or be rejected by your bank. Also, keep at least $2 in your bank account to avoid any overdraft or other fees.

3. Transfer from bank to Venmo

Verify your bank account before initiating any transfers to avoid complications. Venmo is not responsible for lost transfers due to incorrect bank credentials.

If you enter the wrong account information, two things may happen:

Your bank may not find your account, and the transfer will fail. The money might be returned to your Venmo account after a few days, but it’s not guaranteed.
If the bank does not return the transfer, the funds may be lost. In such cases, you should contact your bank for assistance.

How to verify your bank to transfer money from bank to Venmo

The two ways include the following:

a. Instant verification

Venmo uses Plaid to verify your bank account information and periodically checks your account balance. If your bank is eligible for instant verification, you’ll be prompted to provide your online banking credentials.

If you face any issues with instant verification, it’s best to contact your bank.

Alternatively, you can choose to verify your bank account manually by selecting “Verify bank manually instead” during the process.

b. Manual Verification (with micro transfers)

When adding your bank account manually, Venmo sends two small deposits and withdrawals (less than $1 each) to your bank account for verification. These amounts should offset each other, resulting in no net change to your account balance. Make sure you have at least $2 in your bank account to avoid fees.

The deposits and withdrawals will appear as separate items on your bank statement within 1-3 business days. To complete the verification process, go to the Me tab, tap on the unconfirmed bank account in the Wallet section, enter the micro transfer amounts, and tap “Verify.”

Once your bank account is verified, you can transfer money from your bank account to Venmo by following these steps:

Access the Me tab.
Select Add or Transfer at the top of the personal transactions feed.
Enter the desired transfer amount and tap Done.
Confirm the linked account from which you want to transfer and tap Next.
Review the details in the summary, including the estimated arrival date.
If everything is okay, select Add Money.

Reasons you get an error when trying to add your bank to Venmo

If you are trying to add your bank account through instant verification, double-check that you’re entering the correct login information. Keep in mind that there’s a limit to the number of times you can try adding a bank account through instant verification in a single day. If you’ve reached this limit, you might have to wait until the next day before attempting again.

Alternatively, you can try adding your bank account through manual verification. However, please note that this verification process typically takes at least one full business day to complete. Until your bank account is verified, you won’t be able to make payments from it.

If you’re in a hurry to send a payment, you can consider adding the debit card associated with your bank account instead.

How long does it take to transfer money from bank to Venmo

The transfer from your bank to Venmo may take 3-5 business days to complete. Please keep in mind the following:

Your bank account may show a completed charge before the funds reach your Venmo account.
The timing can be affected by weekends or holidays.
You can check the status of your transfer in the Venmo app, under the personal transactions feed in the Me tab.

If the funds don’t appear in your Venmo account after 5 business days, contact Venmo Support.

Meanwhile, transferring money from your bank to Venmo is generally considered safe, as both platforms prioritize security measures to protect your financial information. However, it’s important to take precautions and be aware of potential risks.

Can I cancel my transfer to my Venmo balance?

You cannot cancel your transfer once you initiate it to your Venmo balance. The Venmo Support team also cannot cancel this type of transfer on your behalf. If you change your mind, you can transfer the funds back to your bank account once the initial transfer is complete.

Moreover, you can confirm whether the transfer from your linked bank account to Venmo was successful by checking the “completed” or “processed” status. If the transfer is still pending or processing, it may take some time for the funds to be fully transferred.

You can also check your linked bank account statement or transaction history to see if the funds were debited.

Conclusion—transfer money from bank to Venmo

If your transfer to your Venmo balance fails, there could be several reasons behind it. If such a situation occurs, you will receive an email notification informing you about the unsuccessful transfer. Consequently, the funds will remain in your bank account and won’t be moved to your Venmo balance.

References

“Adding Money to Your Venmo Balance.” Venmo

“Verifying Your Bank Account.” Venmo