It seems you have a payment to complete but need to fund your Venmo balance to proceed. No worries because you can transfer money from bank to Venmo – either instantly (which comes with a fee) or following the standard transfer option which is free.
But there is more to Venmo app and your bank account. After from funding your Venmo balance, you also want to know if it’s advisable (since some people prefer adding their debit/credit card instead) to add your bank account to Venmo. We’ve discussed this and other aspects such as why your bank won’t link to Venmo.
Can I move money from my bank into Venmo?
If you have a Venmo Mastercard Debit Card, you can transfer money from bank to Venmo. Moreover, you can choose to complete the transfer instantly or select the standard option which can take more than 3 days.
Meanwhile, your bank account is just one of the ways to add money to a Venmo account instantly.
But first, you need to be able to verify and add your bank account to your Venmo. This will require your bank to be a checking account and not a savings account. You will then provide the ACH details such as your routing number and the account number to link your bank account to Venmo.
How to transfer money from bank to Venmo
The first step is to link your bank account to Venmo. So, the question: how do I link my bank account to Venmo?
- Tap your picture or initials and tap the Me tab
- Go to the Wallet section
- Tap Add a bank or card…
- Select Bank
- Select your preferred verification method
Now, you can set up the Instant Add Money transaction to transfer money from bank to Venmo:
- Go to the Wallet section of the Me tab
- Tap Manage Balance
- Tap Instant and the money will be added to your Venmo account immediately
However, this transaction will appear in your bank statement will after a few days, generally between 3 to 5 business days. You can only fund your Venmo from your bank with $500 per week.
Unfortunately, once the transaction is underway, you can’t change or cancel it. Not even Venmo can cancel the transaction.
How do I transfer money from bank to Venmo instantly?
When you’re ready to transfer money to your Venmo, select Instant Add Money to receive funds to your Venmo balance right away.
Note that Venmo can sometimes refuse to provide the Instant Add Money feature for security reasons.
This feature is only accessible to active Venmo Debit Card holders. If you are unable to use Instant Add Money, consider the Standard Add Money or enable reloads, if available.
How long does it take to transfer money from bank to Venmo?
If you select the Instant Add Money, the bank to Venmo transfer will typically be completed instantly. The Standard Add Money takes longer, even up to a few days.
For the Instant Add Money, Venmo makes it such that when you are next in line at checkout and discover that your Venmo balance is insufficient, you get the funds immediately to fix the situation. However, due to the processing methods of these transfers, your bank statement won’t reflect the debit immediately. It typically takes 3-5 business days to process.[ez-toc]
Why can’t I use my bank account with Venmo?
When your bank account is marked invalid on Venmo, Venmo is facing problems while trying to withdraw funds from your account. You will be sent an email providing details about the problem. This typically happens due to several reasons, including:
- Exceeding the account’s transaction limit, or a hold on the funds.
- Failure of micro transfers used for manual bank verification because of an incorrect routing or bank account number.
- The account you provided is incompatible with electronic/ACH transactions, a situation often arising from attempting to add a savings account.
- A notification from your bank indicating an inability to locate an account with the details you supplied.
The solution is to get in touch with your bank to verify the following:
- The accuracy of your account number and routing number.
- The absence of restrictions on electronic or ACH transactions on your bank account.
If there is no error in your account number or routing number, try adding your bank account again with the correct data.
In some cases, such as temporary bank account limitations (like a lifted freeze on your bank account). If that’s the case, use an alternative bank account on Venmo. Note that this error also affects joint account holders. So, if one holder is affected, the other is also affected.
Frequently Asked Questions
Does Venmo work with all banks?
Venmo accepts credit, debit, and prepaid cards, including major brands such as American Express, Discover, MasterCard, and Visa, registered in your name for payments. It’s compatible with any US bank.
Should I link Venmo to my bank account?
Although Venmo allows for the linking of checking or savings accounts, linking a credit card is generally safer due to stronger theft and fraud protections. However, be aware that a 3% transaction fee applies.
Can you link a foreign bank account to Venmo?
Venmo operates exclusively within the United States. To create a Venmo account, you need to be in the US, possess a US bank account in USD, and have a local US phone number. Transfers can only be made to other Venmo account holders within the US, as international transfers aren’t supported.
That’s it, the simple way to transfer money from bank to Venmo, either instantly or through the standard option.
- Instant Add Money FAQ. Venmo FAQs
- Invalid Bank Account. Venmo Help Center
- Adding Money to Your Venmo Balance. Venmo Wallet
- Adding a Bank Account. Venmo Help Center