Peer-to-peer payments are the savior when it comes to splitting a bill or paying rent on the last date. Venmo and Cash App are the most popular P2P mobile payment services and people are now wondering if it possible to transfer money from Venmo to Cash App.
Can We Transfer Money From Venmo to Cash App?
There is no direct answer to this, it is both yes and no.
Venmo allows you to send money to other account like PayPal but you won’t find an explicit button or option for “send money to Cash App” in Venmo, it is still possible to transfer money. There are two methods of doing this:
Both the sender and receiver should be based in the US for the transfer to work.
Direct Transfer From Venmo to Cash App Account
In order to do a direct deposit, you need to know the account number and routing number of your Cash App account.
- Open the Cash App on your phone and tap on the dollar sign ($).
- Tap the Cash button on the screen.
- Go to Direct deposit option and tap on the Get Account Number button.
- A pop up will appear after this, tap on the Enable Account button.
- Under the account information tab, a Copy Account Details button will be present.
- Click on it to copy the account number and don’t forget to copy the routing number as well.
Now you can initiate a direct deposit into your Cash App account.
- Open the Venmo app and look for a button with 3 horizontal lines at the top of the page.
- Click on this button to open the Settings.
- Navigate to Payment Methods and tap on the Add bank or Card button.
- Afterwards, when prompted, select Bank.
- Add the Cash App account and routing number in the required fields.
That’s it! You have successfully linked your Cash App account to your Venmo account. Now you can transfer funds.
You can also link Venmo and Cash App via Debit Card.
You won’t have to setup direct deposit on your Cash App if you use your Cash Card instead.
- Open Venmo and go to Settings
- Tap on Payment methods.
- Tap on the Add a Bank or Card button. Then select Card in this case.
- Enter your card details manually or by scanning it from your camera.
Transfer Money from Venmo to the Bank Account
Link the bank account to your Venmo by following the steps already mentioned above. Afterwards follow the steps given below:
- Open Venmo and tap the button with three horizontal lines.
- Find and select Transfer to Bank or Transfer Money option. If you cannot find any of these options, then navigate to Manage Balance and check there.
- Enter the amount you want to transfer.
- You can choose Instant transfer or 1-3 business days option.
- Afterwards, add your bank details, review the information, and confirm the transaction by pressing Transfer.
The instant option will make the transfer within 30 minutes but a small fee ($1) will be charged.
Now the funds will be added to your bank account. After receiving them, you can transfer them to your Cash App account as follows:
- Open Cash App and tap on Add Cash option.
- Enter the amount, ensure that it is same as the one you transferred into the bank account.
- Tap Add.
- Enter your Pin or touch ID to confirm the transfer.
Congratulations! You have successfully transferred funds.
Are there any Transaction limits?
Yes, there are transaction limits and it all depends on whether you have verified your information with Venmo or not.
An unverified user can only send $299.9 per week from their Venmo account while a verified user can transfer $2999.9 per week.
So, in short, getting yourself verified will benefit you greatly while using Venmo.
You can get yourself verified by going to Settings and tapping on Identity Verification. You will need to submit the following information to get verified:
- Full name
- Contact number
- Zip code
- Social security number
- Date of birth
What About The Money Transfer Fee?
Venmo charges 1% transaction fee or 25 cents (the lowest) when the payment is made via a linked bank account, debit card or your Venmo account but a 3% fee is charged when money is sent from a linked credit card.
Venmo and Cash App are two competing peer-to-peer payment companies that are very popular.
If you use both the apps, then you can learn a thing or two about how to transfer money from Venmo to Cash app for a more convenient use.
Hope all your questions on how to make transfers between them have been answered. If not, then feel free to drop your queries down in the comments.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.