Venmo supports various payment methods, from banks to debit/credit cards. You can pay for items in your favorite stores/apps through your funding source or send and receive funds between your family and friends. However, when it comes to moving your funds out of the Venmo, a debit card or bank account is the most preferred option.
However, many people don’t know how to transfer money from Venmo to a debit card, so that this article would help them.
What is Venmo?
It is one of the best money transfer apps that allows you to send and receive cash instantly between your family and friends. In addition, you can buy stuff at your favorite stores/Apps using a QR code. With Venmo, you can use your bank accounts, debit, credit, and even prepaid card to deposit, send and receive Money. The platform is available in the U.S, garnering more than 83 million people across 23 states.
How does it work?
To get started with the app, you must sign up and verify your account through your email or phone number registered with your bank. Once you can access the app, link and verify your payment method to be able to send and receive cash.
You can also reload your balance via your payment source and use it as your secondary funding source to move funds or make payments online or at in-stores.
Reload your account
Before moving funds from Venmo to your card, you have to have some balance in your account. To refill the balance, you can use your funding source or request Money from your contacts or friends. There is no fee when you use a bank or a card, but you will be charged a 3% fee whenever you use a credit card.
First, add a payment method.
- Open the app.
- Tap a three-line horizontal icon on the screen’s top right.
- Tap Settings.
- Access Payment Methods.
- Add a new bank or card (Follow the prompts).
Add Money to Venmo
- In the app, click the hamburger icon or the me tab.
- Tap Manage Balance under your profile picture.
- Click Add Money from the pop-up options.
- Add Money that you want to deposit in the balance.
- Select your preferred bank account or card.
- Review and hit the green button.
(It may take 1-3 days to reflect the amount to your balance.)
How to Transfer Money from Venmo to debit card?
Once you have a balance in your account, it is quite easy to move funds out. All you need is a Visa/Mastercard debit card issued in the United States under your name and phone number.
Also, your account must be in good condition to use the app. For example, if it is facing any lawsuit or any other problem, you’ll be unable to make any payment or send or receive Money, unless an issue gets resolved. On the other hand, your card or bank account needs to be active to be able to successfully cash out or reload cash.
Transfer Money from Venmo to debit card
- Launch the application.
- Click the menu icon located on the top right corner of the screen.
- Tap the Manage balance option.
- Now select Transfer to Bank.
- Put your amount and choose the Instant or standard (1-3 days) option.
- Next, choose your preferred payment method.
- Hit the green Transfer button.
(When you go for an Instant option, you have to pay a 1% fee ($.25 min & $10 max). The fee could be double if you use a credit card, which is not our intent considering this article)
How to add a debit card to Venmo?
If you are starting with the platform and have recently signed up for it, the next step will be to add your payment method. You can make a payment at your favorite store, send cash or withdraw your balance with the payment method you add to the app. So having your payment method linked to the app is crucial if you want to take your fund off the app.
- Tap Settings, and tap Payment Methods.
- Scroll down, and tap add bank or card.
- In the options, select Card.
- Add card details (number, Expiry date, Zip code, and Security code), and tap on the blue button “Add.”
Now you’ll be able to withdraw funds or reload your balance using your card.
Transfer funds from debit/Credit card to Venmo
This is an optional step if you want to reverse the process of transferring Money. You don’t need to take any additional action if you’ve already been successfully able to withdraw cash from the app. This is the same as the reloading account method we discussed at the beginning of the article.
However, this method is helpful if you want to reload your Venmo account via your card. It’s worth noting that you require a Visa/Mastercard debit or credit card to initiate a transaction successfully. Also, there is a 3% fee for using a credit card to make a payment or send money.
- Click the hamburger icon.
- Access Manage balance.
- In the options, select “Transfer to Venmo.”
- Choose your card and Add Money.
Transfer funds from Venmo to prepaid or Gift card
Venmo also supports prepaid cards or network-branded American Express, Visa, Mastercard, and Discover cards. A prepaid card is a type of payment system where you can store your Money without any financial institution or the help of a bank account. Instead, the Money is reloaded to the card itself via any retail location, another prepaid card, or reload pack.
So, if you’ve such a stored-value card, you can link to Venmo and use it to shop, transfer or withdraw funds. There are strings attached to using such a payment method: You may be charged a fixed monthly fee by the card issuer for using a prepaid or Gift card.
- Access Manage balance in the me tab menu.
- Select Transfer to bank.
- Choose your prepaid card.
- Enter your Money in digits, and review your details.
- Hit the green button.
(You can pick an Instant (1% fee) or a 1-3 biz days transfer option.)
Frequently Asked Questions (FAQs)
Can you transfer cash from Venmo to debit card?
Yes, the platform accepts all styles of Visa/Mastercard debit card payments. The only thing to consider is the card must be issued under your name, and you’re a citizen of the U.S.A. Once you verify your card details, you can withdraw your balance to any linked funding method. However, the platform incurs a fee for using an instant transfer.
Why am I unable to transfer funds to my cards?
If the app throws an error or cancels your payment or transfer, an issue may be with your financial institution or bank. First, ensure your bank has no server issues on its end. If your bank has server issues, you must wait until the servers are up and normal again.
Another reason why the app nullified your transfer is that you’ve exhausted your daily withdrawal limit or used the wrong card details. If so, you’ve to reconfirm your card and try again.
How much cash can I transfer from Venmo to my card?
The withdrawal limit is capped at $400 per day. You can use any sort of payment method: Bank account, Debit/Credit/Prepaid card. However, if you’re a holder of a Venmo card, you can cash out via any MoneyPass’s ATMs for free. But out-of-network ATMs may waive a fee per withdrawal.
Wrapping it Up
We’ve compiled a few crucial steps for transferring money from Venmo to a debit card. If you pay attention to what we’re saying, you won’t bump into any problems with the app All the points are easy to follow through the step-by-step methods.