Cash Flow For Dummies
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Venmo is a mobile app that lets you easily pay your friends and family. How does it work? By syncing your bank account or a credit card, you can use this PayPal service to split an Uber or a meal without needing cash or checks.

Syncing a bank account to your Venmo account

Before you can transfer funds from Venmo into your bank, you need to add a bank account. Follow these steps:
  1. Tap the icon in the top left corner.This appears as three horizontal lines (☰).
  2. Choose Transfer to Bank from the menu.

    transfer to bank venmo

  3. Tap the Link Bank Account button.

    link bank account to venmo

  4. Choose your bank from the existing list.
  5. Enter your login credentials.

    If your bank does not appear, choose Other at the bottom. If you choose this option, you will need to add your routing number, and account number.

  6. Verify your bank account.
    • Some banks are approved for instant verification. If your bank qualifies, simply enter your bank credentials and it will verify your account.

      instant verification with venmo

    • If your bank is not approved for instant verification, you can verify by confirming microtransfers. Simply add your account information, then visit Venmo’s Bank Verification page and enter the amounts of the transfer.

      link bank to venmo

Now you can transfer money to your bank from Venmo.

If you have verified your identity, you can transfer up to $19,999 each week with Venmo. Transfers to your bank account normally take one full business day to fulfill and are usually appear in your account as a deposit by something similar to “VENMO-0 CASHOUT.”

When making purchases, Venmo will automatically use your Venmo balance unless otherwise specified. If the amount does not fully cover your purchase, Venmo will withdraw the full amount from your connected account.

Transferring money from your Venmo account

To transfer money, follow these steps:
  1. Tap the icon in the top left corner.

    This appears as three horizontal lines (☰).

  2. Choose Transfer to Bank from the menu.
  3. Choose the amount that you want to transfer.
  4. Tap the Transfer button.
  5. Once completed, select the Confirm Transfer to Bank button.

    Look for the amount to appear in your bank account within one full business day.

Now, for the fun part. Time to spend!

About This Article

This article is from the book:

About the book authors:

John A. Tracy, CPA, is professor of accounting, emeritus, at the University of Colorado in Boulder. Tage C. Tracy is principal, owner, and founder of TMK & Associates, an accounting, financial,and strategic business planning consulting firm.

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