Can you Transfer Money from Venmo to Cash App? CashApp and Venmo are two popular payment app to transfer money to someone or receive on your wallet. They are both quite similar in that regard that it allows you to easily pay your friends and family.
With the peer-to-peer payment services, you can instantaneously pay a friend, family or vendor for services with a few taps of your fingers.
Venmo allow you to transfer funds from Venmo to your bank, but Can you transfer money from Venmo to your Cash App?
If you’re looking for a tutorial on how to quickly send money from Venmo to Cash App, then continue reading…
How to Transfer Money from Venmo to Cash App
There are two ways to transfer Money from Venmo to your Cash App
- Set up a direct deposit for your Cash App account.
- Using a bank account that is linked to both your Venmo and Cash App.
Venmo Overview: A Closer Look
Similar to Cash App, Venmo is an app available for both Android and iOS that allows you to request money from or send money to another person through the Venmo app via email, phone numbe and even iMessage.
Venmo is free to sign-up and use, unless you use a credit card for your transactions where it deduct a fee of 3% per transaction.
At the moment, Venmo only allows U.S. customers and both the payment sender and receiver need to be in the US to complete the transaction process.
Related read: How to Add Money to Cash App Card in Store at Walmart
What makes Venmo unique is that it is kinda like a social network for payments where you can send fun messages and emojis along with your payments and can even check out your friends’ activities.
But you still have the option to show or hide your payments and transactions in a public feed or keep it private.
Requirements to Send money on Venmo
A few pre-requisites are required to start sending money on Venmo.
You need to link a U.S. bank account, debit card, prepaid debit card, or credit card to your Venmo Account.
At the moment, Venmo only allows you to withdraw money to a bank account or debit card.
How to Transfer Money from Venmo to Cash App?
As mentioned above, there are two methods for the process, so, let us discuss each in detail.
Set up a direct deposit for your Cash App account
Since Venmo only allows you to withdraw money to a bank account, you basically have to treat your Cash App account like a bank account and set up a direct deposit for your Cash app account.
You can find your Cash App account and routing numbers only if you have a Cash Card associated with your Cash App account.
How to Find Your Cash App Routing and Account Numbers
- Open the Cash App on your device
- To access the “My Cash” tab, select the dollar sign on the app.
- Click on the “Cash” button that has a dollar sign right next to it.
- Locate the “Direct Deposit” section and select the “Get Account Number” button.
- From the pop-up screen, click on the “Enable Account” button.
- Right under your account information, select the tab “Copy Account Details”
Your Routing Number and Account Number will be displayed. Note it down or “Copy Routing Number” and “Copy Account Number.” to copy onto your device’s clipboard and paste it on your notepad.
Head to Venmo and Add Your Account and Routing Numbers
Follow the below steps to connect your Cash App card to your Venmo account:
- On the Venmo app and select the three horizontal lines
- Select “Settings”< “Payment Methods”.
- Click on “Add bank or card” < “Card”.
- Input your Cash App card details
Alternatively,
- Open Venmo App and at the top section of the app, select the three horizontal lines.
- You will be directed to the “Settings” < “Payment Methods” < “Add a Bank or Card”.
- Select “Bank” < Enter the required fields
You will be asked to provide your preferred verification method.
Transfer Money from Venmo to Cash App
Now that you have finally added your Cash App Account and routing numbers, or connect your Cash App card to your Venmo account, you can now deposit money directly from your Venmo balance to your Cash App account.
Using a Bank Account That Is Linked to Both Venmo and Cash App
Another method to transfer money from your Venmo account to your Cash app account is by transferring your funds to a mutual bank account that is linked both to your Venmo and Cash app account.
Note: You need to have the same bank account linked in both Venmo and CashApp to transfer the funds.
Transfer Money to your Venmo to Bank Account
- Tap the (☰) icon located in the top left corner.
- Tap on Transfer to Bank from the menu option
- Enter the amount that you want to transfer.
- Choose between the Instant (small fee applies) or “1-3 Business Days” (no fees)
- Select either from your bank account or debit card
- Tap the Transfer button and select Confirm Transfer to Bank button.
Note: The Standard Venmo transfers are free and the money will be available on your account in one to three business days. However, Instant Venmo transfers usually take a few minutes for the money to be credited to your account and cost 1%, with a minimum fee of 25 cents and a maximum charge of $10.
Transfer money from your Bank to your Cash App Account
Once your Venmo funds arrive in your bank account, follow the below steps:
- Open the Cash App on your Phone.
- From the Cash App home screen, select the “My Cash” tab
- On the “My Cash” page, select “Add Cash” and input the amount of money that you wanna load on your Cash App
- Next, click add.
- Use the Touch ID or enter your Pin to Confirm the transaction.
Once confirmed, your will see the money transferred to your bank account and loaded on your Cash App.
Venmo: Sending and Receiving Limits
When you just open your account, before your identity is verified, Venmo limits the maximum amount of money you can send and receive per week to $299.99. The transfer limit per transaction from Venmo to your bank account is set at $999.99.
To verify your Venmo identity, the app requires you to submit:
- Your Name,
- Physical address
- Date of birth and
- Social Security number (SSN/ITIN)
- Zipcode
Once you have submitted the following data, they will compare the information to data collected from a national database.
You can transfer upto $19,999 per week from Venmo to your bank account once you are verified.
After your Identity is verified, the sending funds limit is also extended to $2,999.99 weekly, and for authorized merchant payments and Venmo card transactions, there’s a separate limit of $2,000.
Venmo Payments and Fraud Protection
Venmo allows you to set up a PIN code to add an extra layer of security.
But Venmo advises users to accept payments only from people you trust. Unfortunately, Venmo does not offer buyer protection, so you have no recourse if you get scammed or receive counterfeit products.
Venmo Pros and Cons
Pros:
- Instant payments to Friends and family.
- The platform functions like a social network that allows you to see other transaction, other people’s activities and post emojis
- Provides Customer service support via phone, live chat, or email
- Offers Free ATM withdrawals when you use MoneyPass network
Cons:
- You have to verify identity to send more than $299 weekly
- You cannot cancel transactions unless the person you sent the payment to doesn’t have a Venmo account
- Standard bank transfers can take up to at least 3 days
- $2.50 out-of-network ATM withdrawals
- 1% fee for instant bank transfers
Conclusion:
The process to transfer money from venmo to cash app can be a bit tedious but it’s not that complicated. Hope this guide helps you to move your funds between the two apps.
But if you got any questions or know other ways to transfer the money, let us know in the comments below!
