Chime and Venmo are two very popular non-traditional banking companies. Both companies offer banking services with low fees and bundled into sleek apps. Folks looking to move away from traditional banks, or have negative marks on their checking account history, are starting to use non-traditional banking companies as their primary bank. This is especially true of the younger generation who is enjoying the low fees, convenience, and digital capabilities of these financial tech companies.
If you are asking, “Can I link my Chime account to Venmo?” the answer is certainly yes. You should be able to send money to and from your Chime account to your Venmo account. This can be accomplished simply by adding your Chime debit card to your Venmo account. Then you will have the ability to send money back and forth between the two companies.
What is Chime?
Hundreds of thousands of customers register for a new Chime account each month. Chime is the country’s fifth-largest bank, with a total of 8 million customers that use the company as their primary bank.
Chime keeps its product offerings simple; they offer only one checking account (with a debit card), one savings account, and one secured credit card. These three products are nicely bundled inside of their mobile app.
Chime customers receive FDIC protection because Chime’s banking services are actually provided by Bancorp Bank. Chime is the financial technology (fintech) company that designs the app.
The Downside to Chime is its Pay Friends P2P Service
Peer-to-peer payment systems allow you to send and receive money with friends and family. Chime’s P2P product is called “Pay Friends”. Unfortunately, to use Pay Friends, both parties in the transaction must be Chime customers.
Your friends and family may have traditional bank accounts and be hesitant to open a Chime account. They may be accustomed to using the P2P service provided by their traditional bank (e.g. Zelle) or they want to use an independent P2P provider (e.g. Venmo).
4 Steps to Create an Account with Venmo
We’ll assume you already have a Chime account. Now you need to create a Venmo account because that is the system your friends and family are on. Creating an account with Venmo is easy, which is one reason they have so many customers.
1. Download the Venmo app for iOS or Android, or visit their website.
2. Enter your email or phone number; depending on which you prefer to use.
3. You will get an alert email or text with a code. Enter that code.
4. Skip the step when asked to enter information for your debit card. You can come back to complete this step later. More information about linking your Chime account to Venmo will be provided later in this article.
That’s it. You should be able to log in now to the site and mobile app.
How to Link a Chime Debit Card to Venmo?
A Chime customer cannot send money to someone via Chime Pay Friends unless the recipient is also a customer of Chime. This fact forces many Chime customers to continue using a third-party peer-to-peer service such as Venmo.
Follow these steps to learn how to connect Venmo to Chime by using a Chime Debit Card. This tutorial will assume you are using the Venmo mobile application.
Note: We recommend linking to Chime via debit card, and not by a bank (using Chime routing and account numbers) because debit card transfers are instant whereas bank transfers can take up to 5 business days.
1. Open the Venmo app and log in.
2. In the top right corner, click the three little bars to bring up the side menu.
3. Select Settings
4. Select Payment Methods
5. Select Add a bank or card.
6. Select Debit or credit card
7. Now enter your Chime debit card information (number, CVV, expiration, etc) and hit Add
That’s it. Your Chime account should now be linked to your Venmo account.
We suggest testing this connection by pulling $1 in from your Chime account to Venmo (hit the Pay or Request button in the Venmo app). This will confirm you know how to transfer money from Chime to Venmo.
Once successful, send the $1 back from Venmo into Chime (hit the Manage balance option in the Venmo app). This will confirm you know how to transfer money from Venmo to Chime.
How to Transfer Money from Chime to Venmo without a Debit Card?
If you are a Chime customer and friends or family want you to send them money via Venmo, you will need to link your Chime and Venmo accounts together.
Follow these steps to link your Chime and Venmo accounts together without using a Chime debit card. This tutorial will assume you are using the Venmo mobile application.
Note: We recommend linking to Chime via debit card, and not by bank (using Chime routing and account numbers) because debit card transfers are instant whereas bank transfers can take up to 5 business days.
1. Open the Venmo app and log in.
2. In the top right corner, click the three little bars to bring up the side menu.
3. Select Settings
4. Select Payment Methods
5. Select Add a bank or card.
6. You will now be asked to enter your Chime routing number and Chime account number.
In case you are wondering: How do you find your Chime routing and account numbers?
A. Log in to your Chime Account via the Chime mobile app.
B. Go to the Move Money section then select Direct Deposit.
C. The Routing Number and Spending Account Number will be listed
That’s it. Your Chime account should now be linked to your Venmo account.
We suggest testing this connection by pulling $1 in from your Chime account to Venmo (hit the Pay or Request button in the Venmo app). Once successful, send the $1 back from Venmo into Chime (hit the Manage balance option in the Venmo app).
Related: Does Chime work with Zelle?
How long does it take to transfer money from Chime to Venmo?
With your Chime and Venmo accounts now linked, you may be wondering how long it takes for the money to move from Chime into Venmo. The answer depends on whether you have linked your accounts via debit card or via bank link (routing and account numbers).
If linked via Chime debit card: Transfers into Venmo are practically instant.
If linked via Chime bank account: Transfers into Venmo take up to 5 business days.
Given the above, it is obviously better to link via debit card as the transfers of money into Venmo are super fast.
How long does Venmo Take to Transfer to Chime?
If you have cash sitting inside Venmo, you may be wondering how you can withdraw that money and get the cashback over to your Chime account. The answer depends on whether you have linked your accounts via debit card or via bank link (routing and account numbers).
If linked via debit card: You will be given two options. Pay a 1.5% fee for an instant transfer or choose the free option that takes 1-3 business days.
If linked via bank account: Instant transfer is not an option. You will need to wait 1-3 business days for the transfer to appear in your Chime account.
Given the above, it is obviously better to link via debit card as the transfers of money out of Venmo are super fast, if you are willing to pay the 1.5% fee.
Related: How to Withdraw Cash from Chime Without a Card
What is Venmo to Chime Instant Transfer?
If you have a balance in your Venmo, you can transfer that money over to your Chime account.
If you linked your accounts via debit card, you will be given to transfer out options:
1. Instant Transfer takes just seconds for the transfer to occur, but you have to pay a 1.5% instant transfer fee.
Or
2. Standard transfer, which will take 1-3 business days for the transfer to occur, but is free.
If you linked your accounts via bank accounts, you will not have a 1.5% Instant Transfer option. The only option you have is the standard transfer of 1-3 business days.
What is the Chime to Venmo Transfer Dollar Limit?
If you are dealing with large dollar amounts, you should be aware of the transfer limits that exist inside Chime and inside Venmo.
Venmo limits: Transfer out up to $20,000 per week. Transfer in is limited to $1,500 per week.
Chime limits: Transfer out up to $2,500 per day. Transfer in is unlimited.
If you need to transfer sums larger than the above, you may need to split the transfers across multiple days.
Does Chime Credit Builder Work with Venmo?
Credit Builder is Chime’s secured credit card product. You can use the card just like any other credit card.
Yes, you can use this card in Venmo. When linking accounts, just choose the Link Credit Card option.
Related: Cash App to Venmo: How to Transfer Money from Cash App to Venmo
