Can you Transfer Venmo to Savings Account

Do you want to know if you can add a savings account to your Venmo account?

If yes, you are on the right page.

In this post, we have explained all you need to know about using bank accounts on Venmo and how to withdraw money out of Venmo with and without a bank account.

So, let’s get started.

Can you use a Savings Account with Venmo?

No, you cannot use a savings account with Venmo. If you want to transfer funds to or from your Venmo account, you should use a checking account instead of a savings account.

Savings accounts aren’t usually designed or intended for transactions. They’re meant for long-term storage of money. Federal law sets limits for withdrawals from savings accounts. The law is known as Regulation D.

On the other hand, having a checking account allows you to withdraw as many times as you like. With a checking account, you can write checks, use your debit card, set up electronic bill payments, or withdraw funds at an ATM as easily and many times as you wish.

At the same time, these types of transactions are limited to six per month from savings accounts as per Regulation D limits.

So, that’s the reason why you won’t be able to use a savings account with Venmo.


If you try to add a savings account to Venmo, you might get an invalid account error. So, better to use the checking account to withdraw or deposit funds from or to your Venmo account, respectively.

Workarounds to transfer money from Venmo to Savings Bank Account

However, there are workarounds to achieve your goal:

1. Transfer to a checking account first:

Link your checking account to Venmo by following the steps below:
  1. Open Venmo App and log in
  2. Tap on the Menu button
  3. Tap Settings
  4. Tap on Payment Method
  5. Tap on Add Bank or Card

Initiate a transfer from your Venmo balance to your checking account. This is a free and standard option, though it takes 1-3 business days.

Once the money reaches your checking account, you can transfer it to your savings account through your bank’s online platform or mobile app by following the steps below:

  1. Open the Venmo app.
  2. Tap the three lines menu in the top-right corner of your screen.
  3. Select “Transfer to Bank” or “Transfer Money” (you may have to first select “Manage Balance,” depending on your device).
  4. Enter the amount you would like to transfer to your bank
  5. Tap “Instant” (for a small fee) or “1-3 Biz Days” (for no fee), and select your preferred bank account or debit card
  6. Confirm your transfer details, and tap the green “Transfer” button.

2. Use a debit card linked to your savings account:

  • Some savings accounts come with debit cards that allow a limited number of transactions per month.
  • If your savings account has a debit card, link it to Venmo as a payment method.
  • Make sure to stay within the transaction limit allowed by your savings account to avoid potential fees or restrictions.

Remember, Venmo charges a 1.75% fee (with a minimum of $0.25 and a maximum of $25) for instant transfers to any destination, including checking accounts.

How to get Money from Venmo without Bank Account

You can take money out of your Venmo account without a bank account, but for that, you must have a Venmo debit card.

If you have a Venmo debit card, you can easily use it at any ATM to withdraw cash. You can also use your Venmo debit card to withdraw money over-the-counter.

Well, do note that the daily withdrawal limit of the Venmo debit card is $400.

If you don’t have a Venmo debit card, you will need to order one for yourself to take out money from Venmo without a bank account.

Disclaimer: This content is for educational purposes and explains specific Venmo settings; it is not a substitute for professional financial advice. Consult a financial advisor or Venmo Support for guidance.

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