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How to Transfer Money From Venmo to Chime: Your Definitive Guide

Transferring funds between digital platforms is a staple of modern finance, and moving money from Venmo to Chime is a common task for many users. The process is straightforward, but understanding the steps and potential nuances ensures a smooth and efficient transfer. Here’s the definitive guide on how to do it:

How to Transfer Money From Venmo to Chime involves essentially linking your Chime account to your Venmo account as a verified bank account. Once linked, you can initiate a transfer from Venmo, selecting your Chime account as the destination.

Connecting Your Chime Account to Venmo

The crucial first step is establishing the link between your Chime Spending Account and your Venmo account. Here’s how to accomplish that:

Step 1: Gather Your Chime Account Information

Before diving into the Venmo app, you’ll need your Chime routing number and Chime account number. You can find these within the Chime app itself. Typically, they are located under the “Settings” or “Account Information” section. Don’t confuse your savings account details with your spending account information – the spending account is what Venmo requires.

Step 2: Navigate to the Bank Account Settings in Venmo

Open your Venmo app and navigate to the settings. This is usually found by tapping the three horizontal lines (hamburger menu) in the top left or right corner, then selecting “Settings.” Within the settings menu, locate and select “Payment Methods” or “Bank Accounts & Cards”.

Step 3: Add Your Chime Account

Tap the option to “Add a bank account” or a similar phrase. Venmo will likely present two options: instant verification using a service like Plaid, or manual verification.

Instant Verification (via Plaid): This is usually the faster method. If Chime is listed, select it. You’ll be prompted to enter your Chime login credentials (username and password). Plaid will then securely verify your account information.
Manual Verification: If Chime isn’t listed or you prefer not to use Plaid, select the manual verification option. You’ll be prompted to enter your Chime routing number and Chime account number that you gathered earlier.

Step 4: Verification Process

Venmo will verify your Chime account. If you used Plaid, the verification is usually instant. If you opted for manual verification, Venmo will deposit two small trial deposits (usually a few cents each) into your Chime account within 1-3 business days.

Step 5: Confirm the Trial Deposits

Once you receive the trial deposits in your Chime account, note the amounts. Return to the Venmo app and enter the exact amounts of the deposits when prompted. This confirms that you have access to the Chime account and that the information you provided is accurate.

Transferring Money from Venmo to Chime After Linking

Now that your Chime account is linked, transferring money is a breeze.

Step 1: Initiate the Transfer

In the Venmo app, tap the three horizontal lines (hamburger menu) again and select “Transfer to Bank” or a similar option.

Step 2: Enter the Transfer Amount

Enter the amount of money you wish to transfer from your Venmo balance to your Chime account.

Step 3: Select Your Chime Account

Choose your Chime Spending Account from the list of linked bank accounts. Double-check that you’re selecting the correct account to avoid errors.

Step 4: Choose Your Transfer Speed

Venmo usually offers two transfer options:

Instant Transfer: This is the faster option, usually taking just minutes to arrive in your Chime account. However, it typically comes with a fee (usually a percentage of the transfer amount).
Standard Transfer: This is the slower option, typically taking 1-3 business days. However, it’s usually free.

Step 5: Confirm and Submit

Review all the details of the transfer, including the amount, the destination account (your Chime account), and the transfer speed. Once you’re satisfied, confirm the transfer.

Troubleshooting Common Issues

While the process is generally straightforward, issues can sometimes arise. Here’s how to troubleshoot some common problems:

Incorrect Account Information: Double-check your routing and account numbers. A single digit error can prevent the link from succeeding.
Insufficient Funds: Ensure you have sufficient funds in your Venmo balance to cover the transfer amount and any applicable fees.
Verification Issues: If you’re having trouble verifying your Chime account, contact Chime support to ensure your account is in good standing. Similarly, if you’re having trouble with Venmo’s verification process, contact Venmo support.
Transfer Limits: Be aware of Venmo’s transfer limits. Exceeding these limits can prevent you from transferring the desired amount.
Outdated App: Ensure you’re using the latest version of both the Venmo and Chime apps. Outdated versions can sometimes cause compatibility issues.

Frequently Asked Questions (FAQs)

Here are 12 frequently asked questions related to transferring money from Venmo to Chime:

1. Is there a fee to transfer money from Venmo to Chime?

Standard transfers are typically free, but instant transfers usually incur a fee, typically a percentage of the transfer amount. The exact fee will be displayed before you confirm the transfer.

2. How long does it take for money to transfer from Venmo to Chime?

Standard transfers usually take 1-3 business days. Instant transfers, as the name suggests, usually take minutes.

3. What are the transfer limits for sending money from Venmo to Chime?

Venmo has weekly sending limits that apply to all transfers, including those to Chime. These limits can vary depending on your verification status. You can find your current sending limit within the Venmo app settings.

4. Can I transfer money from my Venmo balance to my Chime Credit Builder Secured Visa® Card?

No, you generally cannot directly transfer funds from Venmo to a credit card, including the Chime Credit Builder Secured Visa® Card. Transfers are typically limited to checking (spending) accounts.

5. Why is my Chime account not showing up on Venmo?

Ensure you’ve correctly linked and verified your Chime account in the Venmo app. If it’s still not showing up, try removing and re-adding the account. Also, make sure you’re selecting the correct Chime account type (spending account).

6. What should I do if my transfer from Venmo to Chime is delayed?

First, check the estimated delivery time provided by Venmo. If the transfer is past its expected arrival time, contact Venmo support for assistance. You may also want to contact Chime to see if there are any issues on their end.

7. Can I cancel a transfer from Venmo to Chime after it’s been initiated?

Once a transfer is initiated, it may not be possible to cancel it, especially if you chose the instant transfer option. If you need to attempt a cancellation, contact Venmo support immediately.

8. Is it safe to link my Chime account to Venmo?

Venmo uses encryption and security measures to protect your financial information. However, it’s always important to practice good security habits, such as using strong passwords and being cautious of phishing scams.

9. What is Plaid, and why does Venmo use it to link bank accounts?

Plaid is a third-party service that securely connects financial apps like Venmo to bank accounts. It streamlines the verification process and reduces the risk of errors when entering account information manually.

10. How do I unlink my Chime account from Venmo?

In the Venmo app, navigate to “Settings,” then “Payment Methods” or “Bank Accounts & Cards.” Find your Chime account and select the option to “Remove” or “Delete” it.

11. Can I use my Chime savings account to transfer money to Venmo?

Yes, you can use your Chime Savings Account to transfer money into Venmo. However, when receiving money from Venmo, only the Chime Spending Account can be used.

12. What happens if I enter the wrong Chime account number on Venmo?

If you entered the wrong account number, the transfer may be rejected, or it could potentially be deposited into someone else’s account. Contact Venmo support immediately to report the error and attempt to recover the funds. Contacting Chime may also be beneficial.