How to Transfer Money from Venmo to PayPal
PayPal and Venmo are two of the most popular platforms used by many people to conduct online transactions. So I'm guessing that many people who use both platforms on a daily basis wonder if it's possible to transfer funds from PayPal to Venmo. This article will teach you everything you need to know about transferring money between Venmo and PayPal.
I am sure that anyone who is used to online transactions is familiar with PayPal and Venmo, but despite the fact that the two apps have similar features and functions, they do not work in the same way.
Most people now use Venmo to send and receive money between friends and family. On the other hand, it has a much larger reach as it allows businesses to receive payments from customers. PayPal is also used to pay vendors by numerous freelancing platforms such as Upwork and Writer Access, as well as by other businesses to purchase goods.
What is Venmo?
Venmo is without a doubt one of the most widely used digital payment apps today, and PayPal now owns this widely used app. So, if you already have a Venmo account, you can easily transfer money from your phone to your Venmo account. Venmo has an easy-to-use interface that allows users to navigate the app quickly, but others prefer Venmo because of its quick transfer time.
How does Venmo Works?
- You can Download the Venmo app for free on your Android or iPhone
- You are able to add your bank card information so as to send money
- You can also invite other Venmo users so as to send money directly to them
- You are able to send money instantly but this will require some charges
- Venmo also allows you to send money to your bank account
Venmo has distinct capabilities that set it apart from other apps of its kind. For beginners, you can integrate it with your Facebook or contact list to easily invite them. Furthermore, depending on your preferences, you have the option of making your transaction public or private.
What is PayPal?
When it comes to quick and secure digital payments, PayPal is at the top of the list because almost everyone knows about it and only a few people have had a bad experience with it. The reason why over 346 million people trust PayPal.
PayPal is also available as a free digital app that can be accessed via mobile phone, laptop, or browser. Furthermore, PayPal allows you to accept payments into a business PayPal account using Visa, MasterCard, American Express, and Discover branded credit and debit cards. PayPal is one of the most secure online shopping options because it protects your sensitive data from hackers.
How PayPal Works?
- You can setup your account by visiting PayPal's website and click on the sign up button and create a free account.
- Once you have already chosen the type of account that you want, either Personal or business account, you will have to verify your account.
- Then from here, you will have to add your name, email address and password, and then click continue.
- Once you confirm your account, you are now ready to enjoy quick , safe and secured transfers with PayPal.
PayPal has an integrated high - tech technology that will help keep all your transactions safe and secure as any information stored on your credit card or bank account is safe during a financial payment.
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Can you transfer Funds from Venmo to PayPal?
It is obvious that the question that prompted you to read this article is How to Transfer Money from Venmo to PayPal. So I'll answer your question in the simplest way possible. Venmo and PayPal are two of the most popular platforms, both of which are owned by PayPal. So, while it is possible to transfer money from Venmo to PayPal, you cannot do so directly from any of the apps, which is why you must be creative.
Although you cannot directly transfer funds from Venmo to PayPal, you can do so by connecting Venmo and PayPal to a common bank and using this bank as a mediator of your transactions.
Before I begin explaining the procedures, please ensure that you have downloaded Venmo and PayPal on your mobile device.
Step 1 - Link a Bank Account to your PayPal;
The first step is to connect a bank account to both PayPal and Venmo, with the same name on all three accounts. To link a bank to PayPal, go to the PayPal app or website and select the "Link bank" option. You will then be prompted to enter your online banking information and make some small deposits
Similarly, if you want to link your Venmo account to a bank, go to the Venmo app and then click on Add Bank or Card in your Payment option settings, after which you can add a bank or card and then verify your account..
Step 2 - Transfer Money from Venmo to your Bank account
Now that you have already linked your Bank account to Venmo and PayPal, you can start making your transfers and the first transfer that you will have to make is the one from Venmo to PayPal.
In order to transfer funds from Venmo to PayPal, You have to go to the Venmo app or website and then select "Transfer to Bank" and then enter the amount that you want to transfer, From here you will have to choose between the Instant transfer feature for a 1% transaction fee or better still you can take "1-3 Biz days feature that cost nothing and once you tap on transfer, your money will already on its way to your Bank account.
Step 3 - Transfer From your Bank account to PayPal
When the money arrives in your bank account, you will need to transfer it to your PayPal account, which is supposed to be its final destination. On the PayPal wallet, select "Add money to your balance," and then select your previously linked bank account before clicking "Add." Your money will then be delivered within 3 to 5 business days.
Once you have followed these 3 steps properly, then you are ready to make more and more transactions but you should note that unfortunately, it is not possible to use Venmo to send money internationally as the service is only available in the U.S.
Things to Take into Consideration when Transferring Money from Venmo To PayPal
Now that you already know how to go about transferring money from Venmo to PayPal, there are still some very important things that you need to know before making transactions so as to avoid some regrets, or unwanted expenditures.
1. You have to Know your currency
One of the most important things to consider anytime that you want to make a transaction from Venmo or PayPal to an international bank account is currency. It will be of great help to you if you know the exchange rate. So you are making use of PayPal, then you should expect to pay a late fee of 5% typically, an extra 4% is added to the transaction as well.
2. Make sure your accounts are properly setup
Surely if your account is not well setup, then it will be impossible for you to shuffle funds from PayPal Venmo. You have to verify both of the apps and then for PayPal, you need a PayPal Cash account in order to transfer funds.
3. The Number of days taken for your funds to pop up
It is preferable to consider the day you will need the money so that you can begin your transaction right before the day, as normal transactions can take 3 to 5 business days. However, if you really need the money right away, it is preferable to use the Instant transfer feature, even if you will have to pay fees.
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