Last Updated on May 22, 2023
The ability to transfer funds instantly from an electronic wallet into a debit card without waiting for hours or days for it has become realistic thanks to improvements in payment technologies. And Venmo just like its competitors has jumped in on the act, making it possible to transfer money from Venmo to debit card instantly.
Thanks to Venmo’s ‘Instant transfers’ feature allows its users to send money to any eligible U.S. bank account or debit card in a matter of minutes at low costs.
Let’s get started…
How to transfer money from Venmo to debit card
Making instant money transfers from your Venmo to a debit card or bank account is not a big deal. It’s just a 2-step process. You only need to follow due process and you’re done.
So without much ado, here we go:
1. Add your debit card to your Venmo account
- Open the Venmo app on your mobile device and log in to your Venmo account
- Tap on the menu icon (three lines) in the top-left corner of the screen
- Select “Settings” from the menu options
- Tap on “Payment Methods” in the Settings menu
- Choose the option to add a bank account or debit card
- Enter the required information for the bank account or debit card.
- For a bank account: Enter your account number and routing number
- For a debit card: Enter your card number, expiration date, and CVV code (three-digit code on the back of the card).
2. Verify your bank account or debit card
Follow the provided instructions for verification. Verification methods may include:
- Confirming small deposits made by Venmo into your account
- Entering the verification code sent to your associated email or mobile number
- Once the verification is successful, your bank account or debit card will be added and verified on your Venmo account
3. Transfer money from Venmo to debit card instantly
- Navigate to the “Me” tab, usually located at the bottom of the screen.
- Tap on the “Add or Transfer” button under Wallet. This option allows you to add or transfer money from your Venmo account.
- Type in the specific amount you wish to move from your Venmo balance to your bank account.
- Choose the transfer speed: “Instant” or “1-3 Biz Days”. “Instant” transfers have a small fee, while “1-3 Biz Days” transfers are free.
- Select the desired bank account or debit card you want to transfer the funds. Review and confirm the transfer details.
- Double-check the transfer amount, speed, and destination to ensure accuracy.
- Once you’ve verified the details, tap the green “Transfer” button to initiate the transfer.
Read also: funding Venmo account instantly
Is your card eligible for instant transfers on Venmo?
According to Venmo, instant transfers only work with U.S. bank accounts or Visa/Mastercard debit cards that participate in instant transfer services (like Visa Fast Funds or Mastercard Send). You can also find out if your bank account or card is eligible by adding it to your Venmo account.
If your debit card or bank account is listed as a payment method but grayed out when you try to make an instant transfer, then your bank account or in this case; debit card is not eligible. So it’s best to reach out to the bank that issued your debit card to request that they enroll in Venmo’s instant transfer service so you can use that particular debit card or bank account.
What to know about Venmo instant transfer work
Although Venmo’s instant transfers are a convenient feature, there are a few things you need to know and keep in mind when you want to use this feature. Here they are:
a. Error message when you try to transfer money from Venmo to debit card instantly
Sometimes, an instant transfer can be declined due to Venmo’s security measures. Make sure you’re using a debit card that’s registered in your own name and that your Venmo account has your legal first and last name on file.
However, if you still encounter an error despite following these steps, it means that the instant transfer feature isn’t available for you at the moment. You don’t have to worry because even if you’ve used the same card or bank account for instant transfers in the past, occasional limitations can occur.
And, save yourself the stress of contacting Venmo’s support team because they can’t override instant transfer declines.
In situations like this, the best you can do is to opt for a standard bank transfer instead, which is free. It might take a bit longer, but at least you’ll still be able to move your funds.
b. Checking the status of instant transfer
Once you transfer money from Venmo to debit card instantly, keep an eye out for a green check mark. That confirms that the transfer is in progress.
You’ll get a notification in the Venmo app to let you know it’s completed.
But, if you see the transfer status as “pending” on your app, give it about 30 minutes before jumping to conclusions. It might take a little time for the transfer to be completed. After that, you can check your bank account statement to confirm the deposit.
In rare cases where the transfer hasn’t shown up in your bank account, reach out to your bank directly. Call and explain to them that you’re expecting the money to appear as an original credit transaction (OCT) or a real-time payment.
You should let your bank know it’s not a case of a missing ACH/direct deposit to make it easier for them to trace.
Why do standard transfers take longer than instant transfers?
Standard Venmo transfer to debit card takes longer than instant transfers because they use the ACH (Automated Clearing House) banking process, which typically takes 1-3 business days to reach your bank account. While instant transfers, on the other hand, use a different network and typically take around 30 minutes to reach your bank account, making them a quicker option for a small fee.
How much do instant transfers cost?
Currently, Venmo’s instant transfers carry a standard 1.75% fee per transaction. With a minimum fee of $0.25 and a maximum fee of $25 deducted from the transfer amount for each transfer authorized.
How long does Venmo instant transfer to debit card take?
As the name implies, ‘Instant’ transfers are usually instant. Although in some cases they can take up to a maximum of 30 minutes to be completed.
However, this timeframe can be affected by a few things:
- Sometimes, there can be service disruptions that may impact transfers. If Venmo is experiencing any issues, it might affect the speed or availability of instant transfers.
- Just like with any financial service, transfers are subject to reviews by Venmo. During this process, there’s a chance that a transfer could be declined, delayed, or even blocked if any issues are identified.
- Also keep in mind that as part of these reviews, funds might be temporarily frozen or removed from your account until the matter is resolved.
Where can I see my payment methods on Venmo?
- Open up the Venmo app on your phone and head over to the “Me” tab.
- Look in the Wallet section to find a list of all the bank accounts and cards you’ve added to your Venmo account.
Can I change where my Venmo payment is coming from?
No. Once you’ve sent a payment on Venmo, it’s not possible to change the payment method or amount. This is because the funds are authorized to be withdrawn from your selected payment method at the moment of payment.
So, if you have sufficient funds in your Venmo balance to cover the payment, it will be deducted from there; otherwise, it will be charged to your preferred payment method.
However, there is one exception: If you sent a payment via iMessage and it hasn’t been accepted or was sent to a “New User,” then you can still cancel the payment.
Can a bank account be added to two separate Venmo accounts?
Yes, a bank account or card can be added to two separate Venmo accounts. If you and another Venmo user jointly own a bank account or debit card, both of you can use that payment method on Venmo.
However, you should note that a payment method (bank account or card) can only be linked to a maximum of two Venmo accounts at the same time. Any additional users attempting to add the same payment method will be declined.
You must also be aware that this only applies to debit cards as Venmo does not allow one credit card to be used on multiple Venmo accounts.
Can you transfer money from Venmo to any debit card?
No. According to Venmo, instant transfers only work with U.S. bank accounts or Visa/Mastercard debit cards that participate in instant transfer services (like Visa Fast Funds or Mastercard Send).
Why can’t I transfer money from Venmo to my debit card?
Aside from the fact that your debit card might not be eligible for instant transfers. Some other common reasons are that your Venmo account and debit card name don’t match, your Venmo account doesn’t have your legal first and last name on file, or your debit card isn’t registered in your name.
Read also: can you fund Zelle from Venmo?
Conclusion—transfer money from Venmo to debit card instantly
Transferring money from Venmo to your debit card instantly is a breeze. With just a few simple steps, you can have your funds in your bank account in no time.
Whether you need to cover an urgent expense or simply want quick access to your Venmo balance, the instant transfer option is here to save the day.
So go ahead, make those instant transfers with confidence, and enjoy the speed and convenience of getting your money where you need it, right when you need it.
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