How to Transfer Crypto from Venmo to a Bank Account?

How to Transfer Crypto from Venmo to a Bank Account?

Venmo has become a popular platform for sending and receiving money, and now it also supports cryptocurrency transactions. However, if you hold crypto on Venmo and wish to transfer it to your bank account, you might be wondering how to do it. This guide will walk you through the exact steps to convert and move your cryptocurrency funds seamlessly.

How to Transfer Crypto from Venmo to a Bank Account Online

The easiest way to transfer your crypto from Venmo to a bank account is by selling it for fiat currency. Follow these steps:

  • Open the Venmo App – Ensure your app is updated to the latest version.
  • Navigate to Crypto – Tap on the "Crypto" section in your Venmo app.
  • Select the Cryptocurrency – Choose the crypto you want to convert.
  • Sell Your Crypto – Click "Sell" and enter the amount you wish to sell.
  • Confirm the Sale – Review the transaction and confirm.
  • Transfer the Money to Your Bank – Once the funds appear in your Venmo balance, tap "Transfer to Bank."
  • Choose Instant or Standard Transfer – Instant transfers incur a small fee, while standard transfers take 1-3 business days.

    • By following these steps, you can easily liquidate and transfer your cryptocurrency holdings into your bank account.

    How to Transfer Crypto from Venmo to a Bank Account Without Fees

    Venmo charges a fee when you sell cryptocurrency or transfer money instantly. However, there are ways to minimize costs:

    • Use a Standard Bank Transfer – Opt for the free standard transfer instead of the instant one.
    • Time Your Transactions Wisely – Crypto prices fluctuate, so selling when the price is high can offset fees.
    • Utilize Third-Party Exchanges – Some users prefer transferring crypto to an external wallet first before selling it on an exchange with lower fees.

    How to Transfer Crypto from Venmo to a Bank Account via External Exchange

    If you do not want to sell directly on Venmo, you can move your cryptocurrency to another exchange before cashing out. Here’s how:

  • Send Crypto to Another Wallet – Withdraw your crypto to an external wallet or exchange like Coinbase or Binance.
  • Sell on the Exchange – Convert the crypto to fiat currency on the chosen platform.
  • Withdraw to Your Bank Account – Transfer the fiat balance to your linked bank account.

    • This method often provides better exchange rates and lower transaction fees compared to selling directly on Venmo.

    How to Send Bitcoin on Venmo to Another Wallet

    Venmo does not currently support direct transfers of cryptocurrency to external wallets, meaning you cannot send Bitcoin on Venmo to another wallet outside of the platform. Your options are:

    • Sell your crypto and repurchase it on another platform.
    • Keep it within Venmo’s ecosystem.

    However, Venmo is gradually expanding its crypto capabilities, so this feature may be available in the future.

    How to Transfer Money from Venmo to a Bank Account

    If you already sold your crypto and have a Venmo balance, transferring it to your bank is simple:

  • Tap on “Manage Balance” in the Venmo app.
  • Select “Transfer to Bank”.
  • Enter the amount and choose between Instant Transfer (fee applies) or Standard Transfer (1-3 days, free).
  • Confirm the transaction and wait for the funds to reach your bank account.

    • Can You Send Bitcoin from Venmo to Blockchain?

    Currently, you cannot send Bitcoin from Venmo to blockchain wallets or other external crypto wallets. Venmo restricts cryptocurrency transactions within its platform, limiting users to buying, selling, and holding crypto in their Venmo accounts.

    Venmo Crypto Transfer Not Working Today

    If you're experiencing issues with crypto transfers on Venmo, consider these troubleshooting steps:

    • Check for App Updates – Ensure you’re using the latest version of the Venmo app.
    • Verify Your Account – Some transactions require additional identity verification.
    • Confirm Network Stability – A weak internet connection can cause delays.
    • Review Transfer Limits – If you exceed the Venmo Bitcoin transfer limit, your transaction might fail.
    • Contact Venmo Support – If the issue persists, reach out to Venmo customer service.

    Venmo Bitcoin Transfer Limit

    Venmo has specific limits on crypto transactions:

    • Weekly Crypto Purchase Limit: $20,000
    • Maximum Annual Purchase Limit: $50,000
    • Bitcoin Withdrawal Limit: Currently, withdrawals to external wallets are not supported.

    These limits may change, so check Venmo’s official policies for updates.

    Conclusion

    Transfer cryptoy from Venmo to your bank account is straightforward but comes with restrictions. While Venmo allows users to buy, sell, and hold crypto, it does not yet support withdrawals to external wallets or blockchain transfers. Selling your crypto and transferring the funds to your bank is the most efficient way to access your money.

     

    FAQs

    1. Can You Withdraw Bitcoin on Venmo?

    No, you can only buy, sell, and hold Bitcoin within Venmo. Direct withdrawals to external wallets are not available.

    2. How to Send Crypto on Venmo?

    Currently, you cannot send crypto to external wallets. Venmo only allows users to buy and sell within its platform.

    3. What Is the Venmo Bitcoin Transfer Limit?

    Venmo has a weekly purchase limit of $20,000 and an annual limit of $50,000 for crypto transactions.

    4. Can I Send Bitcoin from Venmo to Blockchain?

    No, Venmo does not support direct transfers to blockchain wallets.

    5. Why Is My Venmo Crypto Transfer Not Working?

    Ensure your app is updated, check transfer limits, verify your identity, and contact Venmo support if needed.