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Venmo has made it easy for users to manage cryptocurrency transactions alongside their everyday digital payments. However, transferring cryptocurrency from Venmo to a bank account involves several steps, including selling the crypto and withdrawing the converted cash. This guide will walk you through the process and provide solutions to common issues you may encounter.
How to Send Crypto on Venmo to Bank Account Online
While Venmo does not support direct crypto-to-bank transfers, you can convert cryptocurrency to cash within the app and then withdraw the cash to your bank account. Here's how:
The steps to transfer funds from Venmo to a bank account are the same on iPhone as on other devices:
The process of transferring money from Venmo to your bank account involves these steps:
If your crypto transfer or withdrawal is not working, here are common issues and solutions:
Sending Bitcoin from Venmo to an external wallet is straightforward:
Venmo makes it easy to manage cryptocurrencies and transfer funds to a bank account. While it doesn’t offer direct crypto-to-bank account transfers, converting your crypto to cash within the app and withdrawing it is simple. With these steps, you can ensure smooth transactions and avoid common pitfalls.
How to Send Crypto on Venmo to Bank Account Online
While Venmo does not support direct crypto-to-bank transfers, you can convert cryptocurrency to cash within the app and then withdraw the cash to your bank account. Here's how:
- Log into Venmo: Open the Venmo app and ensure your account is verified.
- Access the Crypto Tab: Tap the "Crypto" section on the Venmo home screen.
- Sell Your Crypto:
- Select the cryptocurrency (e.g., Bitcoin, Ethereum) you wish to convert.
- Tap "Sell" and enter the amount of crypto to sell.
- Confirm the sale. The converted amount will appear in your Venmo balance in USD.
- Transfer to Bank:
- Tap your Venmo balance on the home screen.
- Select “Transfer to Bank” and choose your linked bank account.
- Confirm the transfer. Standard deposits take 1–3 business days, while instant transfers may incur a fee.
The steps to transfer funds from Venmo to a bank account are the same on iPhone as on other devices:
- Open the Venmo App: Log in to your account using your iPhone.
- Ensure You Have a Linked Bank Account: Navigate to the "Settings" tab and confirm your bank account is linked.
- Transfer the Funds:
- Tap your Venmo balance.
- Select “Transfer to Bank.”
- Choose the amount and transfer speed (standard or instant).
- Confirm the transaction and wait for the funds to appear in your bank account.
The process of transferring money from Venmo to your bank account involves these steps:
- Verify Your Account:
- Ensure your Venmo account is fully verified to avoid delays.
- Add and verify your bank account in the settings section.
- Initiate the Transfer:
- Open the Venmo app and tap your Venmo balance.
- Select “Transfer to Bank.”
- Choose the amount and transfer type (standard or instant).
- Complete the Transfer:
- Review the details and confirm the transaction.
- Monitor your bank account to verify receipt of the funds.
If your crypto transfer or withdrawal is not working, here are common issues and solutions:
- Network Congestion:
- Delays can occur during peak times. Wait and try again later.
- Outdated App:
- Ensure your Venmo app is updated to the latest version to avoid glitches.
- Account Verification:
- Incomplete account verification may limit transactions. Verify your identity through the app.
- Technical Issues:
- Restart the app or your device to resolve temporary bugs.
- Contact Venmo support if the issue persists.
Sending Bitcoin from Venmo to an external wallet is straightforward:
- Navigate to the Crypto Tab: Open Venmo and access the cryptocurrency section.
- Choose Bitcoin: Select Bitcoin from your list of holdings.
- Tap "Transfer":
- Choose “Send to Wallet” or a similar option.
- Enter the recipient’s wallet address or scan their QR code. Double-check the address to prevent errors.
- Review and Confirm:
- Confirm the transfer details, including fees.
- Submit the transaction. Blockchain network confirmation times may vary.
- Fees and Limits:
- Selling crypto incurs transaction fees, which are displayed before confirmation.
- Venmo has limits on crypto purchases and sales: $20,000 weekly and $50,000 annually.
- Processing Time:
- Crypto sales are processed almost instantly.
- Bank transfers may take 1–3 business days, with an option for instant transfers at an additional fee.
- Supported Cryptocurrencies:
- Venmo currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Venmo makes it easy to manage cryptocurrencies and transfer funds to a bank account. While it doesn’t offer direct crypto-to-bank account transfers, converting your crypto to cash within the app and withdrawing it is simple. With these steps, you can ensure smooth transactions and avoid common pitfalls.