How Much Will Venmo Take Out of $500?
If you are dealing with a transaction size of $500, knowing the exact net amount you will receive is crucial for budgeting.
If you are dealing with a transaction size of $500, knowing the exact net amount you will receive is crucial for budgeting. The question "How much will Venmo take out of $500?" depends entirely on what you are doing: are you moving money to your bank account instantly, or are you receiving a payment for goods and services?
Venmo applies different rates for withdrawals versus merchant transactions. Below, we break down the specific math for a $500 transaction so you know exactly what hits your bank account.
Fee Calculation Table: $500 Transaction
This table compares the three most common scenarios where Venmo might process a $500 amount.
| Transaction Type | Fee Rate | Amount Taken Out | Amount You Keep |
|---|---|---|---|
| Standard Bank Transfer (1-3 Days) | Free | $0.00 | $500.00 |
| Instant Transfer (to Debit Card) | 1.75% | $8.75 | $491.25 |
| Selling Goods (Purchase Protection) | 1.9% + $0.10 | $9.60 | $490.40 |
| Business Profile Payment | 1.9% + $0.10 | $9.60 | $490.40 |
| Receiving Personal Payment (Friends) | Free | $0.00 | $500.00 |
Withdrawing $500 (Instant Transfer)
If you have $500 sitting in your Venmo balance and you need it in your checking account immediately, you will likely choose the Instant Transfer feature.
Venmo charges 1.75% for this speed. For a $500 withdrawal, the math is straightforward:
- $500.00 x 0.0175 = $8.75 Fee.
- Net Deposit: You will receive $491.25 in your bank account within minutes.
Tip: If you can wait 1-3 business days, choose the Standard ACH Transfer (Row #1 in the table) to keep the full $500.
Receiving $500 for Goods (Seller Fee)
If you are selling an item (like a laptop or furniture) or performing a service, and the buyer tags the payment as "Goods and Services," Venmo automatically deducts a seller transaction fee.
The current rate is 1.9% plus a fixed $0.10 fee. Here is how much Venmo takes out of a $500 sale:
- Percentage: $500 x 0.019 = $9.50
- Fixed Fee: + $0.10
- Total Fee: $9.60
- Net Balance: $490.40 is added to your Venmo wallet.
Summary
When asking "How much will Venmo take out of $500?", the answer is usually roughly $9 to $10 if you are utilizing premium features like instant speed or purchase protection.
However, for standard personal transfers between friends or standard bank withdrawals, Venmo takes $0.00, allowing you to keep the full $500.