How to Delete Venmo Account (Quickly)

how to delete venmo account

Are you dissatisfied with Venmo and want to know how to close your Venmo account? You’ve come to the right place. Here’s the short answer:

Go to settings in your Venmo app and choose “Account” under “Preferences”. Here, you’ll find the option to “Close Venmo Account”. Deleting your personal account will also close your business profile. 

Keep on reading to find out what you need to do before you delete your Venmo account.

How to Delete Venmo Account

Deleting or closing a Venmo account is rather straightforward and can be done with a couple of taps on your smartphone. 

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Unlike traditional banks, most digital banks don’t charge a fee for closing your account. You’ll be happy to know that it’s also free to close your Venmo account. Here’s how to do it:

  1. Open the Venmo app
  2. Open the “You” tab (the single person icon)
  3. Tap on the Settings gear in the top right 
  4. Under “Preferences”, choose “Account” 
  5. Tap on “Close Venmo Account”
  6. If you transferred any remaining money from your Venmo account and have downloaded your most recent statement, tap on “Next”
  7. Confirm by tapping on “Close Account”

Or, if you prefer doing this on your computer:

  1. Sign in to your Venmo account
  2. If prompted, enter the code sent to your phone
  3. Select “Settings” from the menu on the left 
  4. Click on “Close my Venmo Account” at the bottom of the page
  5. If you transferred any remaining money from your Venmo account and have downloaded your most recent statement, click on “Next”
  6. Confirm by clicking on “Close Account”

close venmo account

READ NEXT: Can Someone Hack Your Cash App With Your Name? (Explained)

How to Close Venmo Business Account

If you have a business account, closing your personal account will close and delete your business profile as well. 

However, you can close your business account without it affecting your personal Venmo account. In this case, you can still use Venmo for personal use. 

To close only your business account, you’ll have to contact Venmo. 

A couple of things to note here. Once you delete your business account, you won’t be able to reactivate it. It’s final.

how to close venmo business account

The company also won’t let you create a second business profile associated with your personal account. 

Before Closing Your Venmo Account

Although it’s easier to close your Venmo account than it is to close a traditional bank account, there are a couple of things you need to do beforehand.

First thing is to transfer any funds from your Venmo account to your bank account. This is to avoid the hassle of contacting their customer support because all funds that remain in your Venmo account at the time of account closure won’t be obtainable to you without contacting them.

READ NEXT: How to Get Money From Venmo Without Bank Account (Guide)

How to Transfer Money to Bank

If you’ve never done it before, here’s how to transfer money to your bank account.

  1. Open the Venmo app
  2. Open the “You” tab by tapping the single person icon 
  3. Tap the “Add or Transfer” button
  4. Enter the amount you’d like to transfer to your bank account
  5. Tap “Instant” (for a small fee) or “1-3 Biz Days” (free) 
  6. Select your chosen bank account or debit card
  7. Confirm your transfer details
  8. Tap the “Transfer” button

If you need to add a bank account to Venmo, here’s how:

  1. Go to the “You” tab 
  2. Tap the Settings gear
  3. Tap “Add a bank or card…” 
  4. Select “Bank”
  5. Select the instant verification method
  6. Select your bank
  7. Provide the username and password you use for online banking

You can also add a debit card to Venmo. The process is very similar. 

Read also our post Can You Send Money From Venmo To PayPal? [and vice versa] to find out if you can send your money to PayPal. 

How to View And Download Transaction History

It’s also recommended to check and download your complete transaction history before closing the account. To do this, you’ll have to log in to your Venmo account from a web browser (not the Venmo app). Click on “Statement”.

You can download your whole transaction history by clicking the “Download CSV” button.

But what about your tax documents? Will you receive them when you close your Venmo account? 

If you received enough payments to reach the reportable thresholds before you closed the account, you will receive tax documents for that activity in the mail.

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READ ALSO: Cash App vs Venmo: What Is Better For Mobile Payments?

Venmo Credit Card

If you also have a Venmo Credit Card, you can’t close your Venmo account unless you first close the credit card and pay off its entire balance.

Why Aren’t Some Venmo Users Happy With The App?

why aren't some venmo users happy with the app

Unfortunately, most digital banks and financial apps in general, lack one thing – good customer support. 

Is it because they’re growing so rapidly that they can’t keep up with hiring and training new staff, or is customer service just an afterthought for them, we’ll never know, frankly. 

What we do know is that some (many?) users are dissatisfied with Venmo. Some of the discontent comes from not understanding how digital banks work (transactions are usually final), or how many scammers there are that are targeting these apps.

On the other side, there are many complaints that are warranted and have a footing in real world issues like unresponsive customer support members.  

customers comments

Venmo Alternatives

If you decided to leave Venmo for good, you might be looking for alternatives. You can find the best digital bank accounts here or continue reading about our recommendations. 

Current 

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  • Free to sign up
  • 30-day free trial
  • Early Direct Deposit
  • Free $100 overdraft 
  • Cashback
  • Instant Current to Current transfers
  • Cash deposits at 60k locations
  • Free ATM withdrawals
  • Gas hold rebates
  • Mobile check deposits
  • Teen Banking

Current has been around for more than six years already. It has doubled the number of users in 2021, and for good reason. 

Not only is its marketing on spot with Gen Z, but it also has the products that are desired by them and by other users.

Current is, in fact, a competent checking account that has many benefits including almost no fees and having fee-free ATM withdrawals, an excellent cashback program, faster direct deposits, etc.

There are two account types – a free and a Premium account. The paid account is relatively inexpensive and will set you back only $4.99 per month. 

However, it has the added benefit of going into overdrafts up to $200 with no fees. To avail of this offer, you’ll have to receive a qualifying direct deposit and turn on Overdrive. 

Aspiration

aspiration
  • No minimum balance
  • Plant trees by spending money
  • Get up to 5% APY on your savings with Aspiration Plus
  • Get paid two days early
  • Offset your carbon footprint when you buy fuel
  • 55k+ fee-free ATMs
  • No big bank fees
  • No money for fossil fuel projects

Apart from being a solid checking account that also has an excellent interest rate, what sets Aspiration apart is that it doesn’t invest money (your money!) into oil and gas companies and their projects.

With the growing concern about global climate change, that might make you happy. Most other banks are, in fact, using your money to fund big oil. 

If you don’t want to support big oil lobbies and companies, Aspiration is a digital bank for you.

Apart from being an eco-friendly digital bank, Aspiration also has a more than average savings interest rate (3-5% APY), early deposit, more than 55k fee-free ATMs, PayPal-like purchase protection for items that are damaged or stolen within 90 days, and much more.

There are two types of Aspiration accounts:

  1. Free account, and 
  2. Plus account ($7.99 per month). 

Contrary to the free account, the Plus account has a 5% APY and 10% cashback on qualifying purchases.

Make sure to check out all the major digital banking players in our 20 Best Digital Banks In The USA overview. 

Conclusion

Venmo isn’t the best financial for some users and for that reason, we showed you how to close your personal and business Venmo account. We also suggested some solid alternatives if you’re in the market for a new bank account. 

Whatever your reason may be for wanting to close your Venmo account, make sure to transfer all the money left in your Venmo balance to your bank account or to someone else.

Additionally, be aware that closing your personal Venmo account will terminate your business account as well if you have one.  

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Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.
topmobilebanks logo

Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.