Holding Cryptocurrency on Venmo (2024)

FAQs

How long does it take for crypto to settle on Venmo? ›

Crypto transfers to other Venmo users happen right away. If you are sending crypto to an external wallet, it can vary from a few minutes to a few hours depending on the blockchain used and network congestion – the app will give you an estimated completion time when you initiate the transfer.

Cryptocurrency transactions are only available for personal Venmo profiles. They aren't available on business profiles or charity profiles.

Venmo Crypto is a legitimate service for buying cryptocurrencies. In our Venmo Crypto review, we learned it's a good option for those new to digital assets. If you're an avid user of the Venmo app, you'll enjoy the simplicity and ease of use when making crypto trades.

When you sell your crypto, the proceeds will go to your Venmo account. From there, you can use the funds to make payments or purchases, or you can transfer the funds out of Venmo.

You'll receive a gains and loss statement from Venmo if you sold cryptocurrency using the platform. Regardless of what platform you use to sell crypto, your profits are subject to capital gains taxes.

Bank transfers typically arrive within 1 to 3 business days. You can check the estimated arrival date in your personal transactions feed after initiating a transfer. Transfers are reviewed, which may result in delays or funds being frozen or removed from your Venmo account. Learn more here.

You will be charged a network fee in order to send Crypto Assets to an external digital wallet. If the amount of Crypto Assets in your Cryptocurrencies Hub is less than the applicable network fee, you will not be able to transfer your Crypto Assets.

There may be a restriction on your Venmo account that is preventing the transfer. Learn more about your frozen account. Your debit card or bank account may not be eligible to process the instant transfer. The information you entered when linking your bank account doesn't match what your bank has on file.

Usually, these error messages indicate you're trying to do something in the Venmo app that isn't possible or isn't allowed. If you're trying to send a payment or bank transfer, make sure you haven't reached your limits by visiting our articles on payment limits and bank transfer limits.

This is reflected as “Total Return” in the Crypto tab of your Venmo app. We calculate Total Return by finding the difference between the original purchase price of your crypto including fees, and the price it's selling for right now. The Total Return is an estimate and will not be used for tax reporting.

Is it too risky to invest in crypto? ›

While not all cryptos are same, they all pose high risks and are speculative as an investment. You should never invest money into crypto that you can't afford to lose. If you decide to invest in crypto then you should be prepared to lose all your money.

Thus, you can spend no more than $2,999.99 per purchase and no more than $3,000 on purchases for one day (with an overall weekly purchase threshold of $7,000). Venmo transfer limit per day for ATM cash withdrawals is $1,000.

What are the Venmo Limits on Crypto? Venmo also supports cryptocurrency transactions, with users able to buy, hold, and sell cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The crypto transaction limits are up to $20,000 per week and $50,000 per year.

User reports indicate no current problems at Venmo.

For example, if a closing crypto trade was placed on Wednesday before midnight then funds would be settled Friday morning (two days from the trade date).

In general, Bitcoin transactions usually take from one to one and half hours to complete. On occasion, a high volume of transactions taking place on the Blockchain could lead to transaction delays.

However, it can take around 30 days for Venmo to dispute the chargeback and up to 75 days for a final decision. Keep in mind that during this process Venmo passes the information to the card issuer and has no control over the outcome.

Instant transfer may show as pending. It can take around 30 minutes for the transfer to complete. It's also best to check the last 4 digits of the bank or card used for the transfer, so you can confirm where the funds were sent. Standard transfers can take up to three business days to arrive in your bank.