Why Can't I Withdraw Venmo Money?
The Venmo app and debit card have different rules and withdrawal limits, so users might encounter various problems with each type of withdrawal. Some issues are best resolved by your bank, so it's important to identify which problems can be addressed by Venmo. This article describes common reasons you may be unable to withdraw Venmo money and includes some tips on resolving your concerns.
It can be frustrating to realize you're unable to withdraw Venmo money from the app or debit card, but problems are often easy to identify once you're aware of Venmo's terms of service. Withdrawal issues also vary between the app and Venmo Mastercard debit card because the debit card has to comply with additional guidelines from The Bancorp Bank.
Using The Venmo App
Common reasons you may be unable to withdraw Venmo money include:
- Your bank doesn't participate in instant transfer.
- Your debit card is not a Visa or Mastercard, so it doesn't support instant transfer. If this is the case, you'll see the card is grayed out and you're unable to select it as a withdrawal method.
- You've reached your weekly rolling Venmo withdrawal limit of $999.99 for unverified accounts or $19,999.99 for verified users.
- You cannot withdraw more than $2,999.99 to your bank in a single transaction.
- If it's been over four days since withdrawal to a bank account or more than 30 minutes since an instant transfer, your bank may be holding the funds.
- The Venmo withdrawal is being reviewed by the company in order to follow federal regulations and prevent fraud. Typically, security checks will be cleared within 48 hours. If Venmo needs more information to process the transaction, it will email you to request details.
- If Venmo closes your account due to suspected fraud or for breaking the terms of service, it will review which transactions were legitimate and place those funds in an abandoned funds account within six months to a year.
Using The Venmo Debit Card
In addition to Venmo's rules, the Venmo Mastercard debit card has its own terms and conditions. If you are unable to withdraw money at an ATM or bank counter, there are a few potential reasons:
- You need to activate the debit card within the app and set up a pin to use for withdrawals. To begin the process, select "Venmo Card" and "Activate" in the main menu and follow the prompts.
- Similarly to the Venmo app, the debit card has withdrawal limits. It has a $400.00 daily withdrawal limit, which resets at midnight CST.
- You may have less money than you thought in the Venmo account. Every ATM withdrawal costs $2.50, not including the bank's fees. Bank counter withdrawals can also cost $3.00 per transaction.
- Users cannot withdraw Venmo money while overseas.
Overall, if you're having trouble with withdrawing money from Venmo, it's always worth it to review the terms and conditions, reach out to Venmo, or ask your bank about the funds. Most problems can be resolved fairly quickly.
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