Venmo lets you instantly transfer money to a linked debit card, and this is only possible if the debit card is eligible for an instant transfer.
There's usually a 1.75% fee for transferring money from Venmo to a linked debit card, and if you aren't willing to cover these fees, you'll need to use a standard transfer to your debit card, which completes within 48 hours.
How to Transfer Money from Venmo to Debit Card Instantly
If you have a debit card linked to your Venmo account, you can instantly transfer money from your Venmo balance to your debit card at a 1.75% cost of the total amount to be transferred instantly.
To do so:
- Go to the Me tab on the Venmo app.
- Tap the Add or Transfer button under "Wallet" (some users may see Manage instead).
- Enter or edit the amount you want to transfer from Venmo to your bank.
- Select the "Instant" transfer method and take note of any fees applied.
- Confirm your transfer details by tapping the green "Transfer" button.
Once you tap the transfer button, you will receive the money almost instantly on your debit card.
This 1.75% fee can turn out to be heavier than you might be thinking, especially when it concerns higher transfer amounts. Say you want to make an instant transfer of $500, you'll have to pay an $8.75 fee and receive $491.25 on your debit card. What if you needed this complete $500 to pay your tuition cost or a bill? You'll be cracking your head just to make up for what you lost on fees.
I don't know about you, but these fees are really significant, and thankfully, there's a way to escape these fees. You just need to plan this properly.
Venmo doesn't charge fees for withdrawals to a debit card if you select the standard transfer option and unlike transfers to banks, standard transfers to a debit card take approximately 48 hours according to Venmo. So what you need to do here is just plan on withdrawing your money two days ahead of the actual day.
Say you need money by Wednesday; you just need to initiate the transfer on Monday, and by maybe Tuesday evening (latest Wednesday morning) you should be getting your money.
Final Thoughts
Venmo is one of the best P2P apps that let you conveniently send and receive money. Venmo lets you withdraw money to your debit card instantly by using the instant transfer option, which will cost you 1.75% of the total amount.
The instant transfer may, however, be delayed if your account has issues.
