If you’re wondering about the time it takes to finalize Venmo transactions, continue reading to know all about this topic.
How Long Do Venmo Transactions Take – Sending money from one Venmo account to another is immediate. However, to transfer money to a bank account, you can use the standard or instant transfer method. While the standard method takes from 1-3 business days, the instant one takes 30 minutes.
Venmo is now a well-known online service for money transfers, which is managed and run by PayPal. Venmo users can use it to pay for everything you’d think of, like rent, utilities, restaurant bills, or babysitters.
You can send money from your Venmo account to another Venmo user, and you can send it to a bank account. You can also transfer funds from your bank account to your Venmo balance to use your Venmo Debit Card. In each of these cases, there are different durations for the transfer to be finalized.
In this article, we’ll go through everything related to the durations of Venmo transactions. So, keep on reading.
In addition, if you own a Venmo Debit Card, you can transfer money from your bank account to your Venmo balance. In that case, it’ll take from three to five business days for the transaction to be completed.
Now, let’s explain each method in detail.
How Long Do Venmo Transactions Take to Be Completed?
As we mentioned before, each type of transaction has its own arrival time; not all transfers are immediate.
1. Venmo to Venmo
In the case of sending money from your Venmo account to another, funds would go directly to the recipient’s Venmo account.
After receiving the money in your Venmo account, you can either keep it there or choose to send it to your bank account.
2. Bank Account Transfer
You can always send funds from your Venmo account to a bank account. And you can do so using two methods with different transfer times.
In this method, the whole process usually takes from one to three business days.
Note that the length of time it takes to complete a transfer is determined by the time of transfer. Here are some tips that’ll help you predict when your transfer will be successfully done.
- Weekday transfers received before 7 p.m. Eastern Time may arrive the following business day or up to three business days later.
- Weekday transfers after 7 p.m. Eastern Time won’t be initiated until the following business day, which is at least two days later.
- Weekend transfers must wait until Monday to arrive on Tuesday.
- Bank holidays necessitate an additional business day.
If you’re wondering why transactions take several days to be finalized, the short answer is the use of ACH payments. The Automated Clearing House network provides the mechanism used for ACH transfers. It’s a very reliable and stable method, but it often takes days to complete its transactions.
If you want to deposit your money into your bank account earlier than the mentioned 1-3 business days, you can use the instant transfer method.
The instant transfer usually takes up to 30 minutes to arrive at the bank account. And since it isn’t done via ACH, it won’t depend on the day you make the transfer.
However, there’s a fee to benefit from this option, which is 1.5% of the transferred amount. But, of course, there are limits on the fees required; the minimum payment is $0.25, and the max is $15.
3. Using Venmo Debit Card
Suppose you’re a Venmo user and have already been approved for getting a Venmo Mastercard Debit Card. In that case, you’d have the option to transfer money from a verified and linked bank account directly to your Venmo balance.
You can add the money from the Venmo app by following these steps explained by the Venmo help center to manage your balance successfully.
Transferring money from your bank account to your Venmo balance usually takes from three to five business days. In addition, the payment from that transfer wouldn’t be available unless the transfer is completed. Note that the time needed to complete your transfer can be affected by various factors, such as weekends or holidays.
If the money doesn’t reach your Venmo account after five business days, you should contact the Venmo help center.
Venmo is one of the quickest and easiest online options to send and receive money for users within the United States. You can transfer money using Venmo in different scenarios, and each one has its own transaction time.
For instance, if you’re sending money from your own account to another Venmo account, the funds will be immediately reflected in the recipient’s account.
And if you want to send money from your Venmo account to a bank account, you can use either the standard or instant transfer method. While a transaction takes one to three business days when using the standard method, it takes only 30 minutes if you choose the instant one.