Sending venmo to paypal

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'Can you transfer money from Venmo to PayPal?': Not directly, but you can use your bank account — here's how

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  • You can't transfer money from Venmo to PayPal directly, but you can use a bank account to do so.
  • The process requires a few extra steps, and a PayPal Cash or PayPal Cash Plus account, but they're easy to set up. 
  • The transfer from Venmo will take a few days if you want it done for free, but you can pay a 1% fee to transfer your money instantly.
  • Visit Business Insider's homepage for more stories.

There isn't a direct route from Venmo to PayPal when it comes to shuffling your funds from one to the other. 

But it's not a terribly hard thing to make happen either. You'll just need a single bank account linked to each service, and a PayPal Cash or PayPal Cash Plus account to get started. 

Here's how to do it using the Venmo app for iPhone and Android, and the PayPal website or mobile app.

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How to transfer money from Venmo to PayPal

1. Transfer your Venmo balance to your bank using the Venmo mobile app. You can do this on both iOS and Android. The process will take one to three business days if you want it done for free, but if you're in a hurry, you can pay a 1% instant transfer fee for immediate access to your funds.

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Emma Witman/Business Insider

2. Log into PayPal on a desktop, or in the mobile app.

3. PayPal now requires setting up a PayPal Cash or PayPal Cash Plus account to transfer money into your PayPal account. It sounds intimidating, but don't sweat it. If you have a verified account, you're already able to carry a balance and are set up to transfer funds into your balance. 

4. Tap "Add money" or "Transfer money" beneath your PayPal balance.

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Emma Witman/Business Insider

5. Transfer the same amount of money into your PayPal account that you had transferred to the bank from Venmo.

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Emma Witman/Business Insider

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Venmo Vs. PayPal: Which To Use And When

Several mobile payment apps and peer-to-peer payment tools can help you quickly send and receive money. You may be most familiar with Venmo and PayPal, two of the most popular apps on the market. If you’re trying to decide between these two services, it helps to know how they work and the pros and cons of each.

Here’s a closer look at Venmo and PayPal and how these platforms can help you send money, receive money and shop online.

Venmo vs. PayPal: Quick Look

Venmo

About Venmo

Venmo is owned by PayPal and is part of PayPal’s larger family of brands. This mobile payment app allows you to send and receive money quickly. The company describes its service as making sending money “safe, simple and social.” You can also use Venmo to make purchases via the mobile app, online or in person. Venmo has 65 million users.

Who is it best for? Venmo is designed to be a social, consumer-friendly app. If you need to pay a friend for last night’s restaurant bill, or if you need to split the rent payment with your roommate, Venmo is set up to be a quick, no-fee way to make these transactions. Some small businesses also use Venmo to receive payments.

How it Works

Venmo lets you connect your bank account, debit card or credit card and then use the app to make payments or send money and transfer money back to your external accounts. Along with connecting your external bank and card accounts, you can keep money in Venmo as part of your Venmo balance that you can use to spend or send cash.

You can also sign up for direct deposit to have your paycheck go straight into your Venmo account, up to two days earlier than your usual payday. Your Venmo balance is eligible for pass-through FDIC insurance through Venmo’s partner banks, Wells Fargo Bank and The Bancorp Bank, but only if you’ve purchased cryptocurrency or added money to your Venmo account via direct deposit or remote check capture.

Venmo has weekly transaction limits for person-to-person payments, merchant payments and debit card purchases. For person-to-person payments, the maximum is $4,999.99 weekly. It’s $6,999.99 for authorized merchant payments and the same for Venmo Mastercard debit card purchases. The overall combined spending limit each week is $6,999.99. For example, let’s say you spend $3,800 on person-to-person payments within a week. You’ll have $3,199.99 left to spend on authorized merchant purchases and Venmo Mastercard debit transactions in the rolling weekly period.

Pros

  • Easy to quickly send and receive money and shop online
  • Charges few fees, unless you make certain kinds of transactions or receive payment as a small business owner
  • Offers interactive social features and colorful emojis to make payments friendly and fun
  • Offers debit cards and credit cards

Cons

  • Only available in the U.S.
  • Has a $6,999.99 overall combined weekly spending limit for person-to-person transactions, merchant payments and Venmo Mastercard debit purchases
  • Not as widely accepted at businesses as other forms of payment, like debit cards, credit cards or cash
  • Charges a 1.5% fee for instant transfer of money to your external bank account or debit card
  • Privacy settings may be difficult to navigate—transactions may be publically visible to app users

About PayPal

Founded in 1998, PayPal was one of the first digital payments companies. It started as a method for people to send money via email or pay for purchases on eBay. Today, PayPal connects merchants and customers in more than 200 countries, with 392 million consumer and merchant accounts.

PayPal is a publicly traded company (NASDAQ: PYPL) that owns several other brands in the online shopping and payments space, including Venmo, Honey, Xoom and Zettle. This digital payment service is available online and on mobile—it has a mobile app for iOS and Android that allows you to make payments, send money to friends and family, request money and more.

Who is it best for? Compared to Venmo, PayPal has similar features for sending money to friends and family and shopping online, but it offers a more robust range of payment solutions for small businesses. If you need to accept payments from customers in person or online, PayPal could be a better choice than Venmo.

How it Works

PayPal offers several ways to make payments or send and receive money:

  • Buy online. When you buy online with PayPal, you can use your PayPal account without entering your personal financial information.
  • Pay in person. If you’re shopping at a business that accepts PayPal payments, you can pay directly from your PayPal account, such as by using a QR code.
  • Send money to more than 200 countries. If you have a friend or family member in other countries, you can securely send money to them with PayPal.
  • Receive money via your own personal PayPal.me link or QR code. Or, collect money from a group of friends with a Money Pool.

Like Venmo, PayPal allows you to connect your external bank account, debit card or credit card to your account and use that as a source of funds. You can also spend and send money directly from your PayPal account balance.

If you have a verified PayPal account, there’s no limit on the amount you can send from your account in a given time frame. In a single transaction, you can generally send up to $60,000, but it may be limited to $10,000.

Pros

  • Accepted by millions of merchants
  • Available in 200+ countries; PayPal lets you send money worldwide in 25 currencies
  • Robust business tools, offering reliable ways to get paid and make payments more convenient for customers

Cons

  • Fees are complicated: PayPal has a more complex fee structure than Venmo
  • PayPal charges a 1% fee for instant transfer of money to your external bank or debit card
  • User experience is more complex than Venmo

Venmo vs. PayPal: A Deeper Look

Sending Money

PayPal lets you send money to anyone in more than 200 countries and 25 currencies, so long as you have the recipient’s username or email address. Venmo enables you to send money to anyone in the U.S. who has a phone that can receive text messages. If the recipient does not already have a PayPal or Venmo account, they will be prompted to create one. With both services, you can sync your contacts to the app.

Venmo generally lets you send money fee-free, so long as you’re sending money from your Venmo balance, bank account or debit card. If you use your credit card to send money, you’ll pay a 3% fee.

PayPal lets you send personal transactions fee-free if the money comes from your PayPal balance or bank account, but, if you use a credit card or debit card, you’ll pay a 2.90% fee plus an additional fixed fee based on the currency. You’ll also pay fees for international personal transactions.

Receiving and Requesting Money

There is no fee to receive money for personal transactions on Venmo or PayPal (when no currency conversion is involved).

Access

The Venmo app is available in the App Store (rated 4.9 out of 5 stars) and Google Play (rated 4.3 out of 5 stars). The PayPal mobile app is available in the App Store (rated 4.8 out of 5 stars) and Google Play (rated 4.2 out of 5 stars), or you can sign in to your PayPal account online from any browser.

Venmo Fees vs. PayPal Fees

Perhaps the most notable difference between PayPal and Venmo fees for most personal users is that PayPal charges a 2.90% fee for personal debit card transactions, while personal debit card transactions are fee-free on Venmo.

Pay attention to what kind of transaction you are making. Both PayPal and Venmo charge an extra fee (about 1%) for instant transfers when moving money to your external bank account or card account. And both charge for sending money with a credit card: 3% with Venmo, 2.90% on PayPal.

PayPal and Venmo also charge fees for business transactions. So, if you are receiving payments as a business owner, freelancer or entrepreneur, be prepared to pay a fee for those transactions.

Business Features

Venmo has business features that enable small businesses to accept Venmo payments in person or online, using QR codes for point of sale. You can set up a Venmo business profile for your small business and get paid via the app in the same way that people use Venmo to pay their friends.

PayPal offers a more extensive commerce system for businesses, with features and services such as point-of-sale (POS), payments and invoicing, business debit cards, working capital and business loans, shipping and dispute management and more.

Frequently Asked Questions (FAQs)

What security features do Venmo and PayPal offer? 

Venmo uses encryption to protect your account information. You can also work with Venmo to set up multi-factor authentication or create a PIN for your account. PayPal offers similar security protections as Venmo, but it also provides a more robust set of security features for businesses.

Are Venmo and PayPal FDIC insured? 

It depends on how you use your account. Venmo and PayPal are not banks, and keeping money in your Venmo or PayPal balance is not the same as keeping it in an FDIC-insured bank account.

However, if you use direct deposit for Venmo or PayPal, that money is transferred to and held by each service’s bank partner, where the funds are eligible for FDIC pass-through insurance up to the applicable limits. Also, if you have a PayPal Cash Plus account and a PayPal Cash Mastercard, the FDIC pass-through insurance also applies.

If you want the security of FDIC insurance, make sure your PayPal or Venmo deposits are eligible.

Can I withdraw cash at an ATM from my Venmo or PayPal account? 

Yes, if you have a Venmo or PayPal debit card set up for the account. The Venmo Debit Card offers free ATM withdrawals from MoneyPass ATMs within the U.S. The PayPal Cash Card lets you withdraw cash fee-free from 33,000 MoneyPass ATMs worldwide.

 

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Sours: https://www.forbes.com/advisor/banking/venmo-vs-paypal/
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Venmo vs. PayPal: Accessibility

PayPal and Venmo both have their own free apps for iOS and Android, which is where most users will go to use each service. They both also have browser-based desktop versions. However, Venmo payments can only be initiated with the mobile app, whereas PayPal payments can be made through the app or the website.

PayPal can also be used as payment with a wide variety of online merchants, and even for QR code purchases in-store. Though Venmo is working to build up this merchant transaction capability among more retailers, its reach is currently very limited compared to PayPal’s very expansive footprint.

Venmo vs. PayPal: Sending Money

The process to send money to someone is fairly similar across the two apps. Both offer the ability to sync your contacts to the app, enabling it to search for any associated PayPal or Venmo accounts held by your friends and family. But even if the app doesn’t surface the contact you’re looking for, you can send money using their username, email address, or mobile number.

After choosing the recipient and the amount, both PayPal and Venmo will ask you what payment method you’d like to use. If you have a positive balance with either service, you can use those funds for your payment. Otherwise, funds will be drawn from the bank account, debit card, or credit card you identify as your desired payment method for this transaction.

Once you hit send on your payment, the amount will hit the user’s PayPal or Venmo balance within a couple of minutes, often even seconds. With Venmo, you’ll want to make doubly sure you’re sending money to the right contact, since Venmo won’t refund your money if you send it to the wrong person.

Venmo vs. PayPal: Requesting Money

It‘s also possible with both PayPal and Venmo to request funds from someone. This is often done to create a tickler for someone to pay you, or to provide them with easy access to your contact info and the proper amount of the requested payment.

Once the person receiving your request for money acts on it by making a payment, the funds will hit your PayPal or Venmo balance almost instantaneously. From there, you can use those funds to make a subsequent payment (or, with PayPal, a merchant purchase), keep them sitting in your account for later use, or transfer them out to your linked bank account.

If you opt to transfer funds to your bank, both PayPal and Venmo give you the further option of how quickly to complete the transfer. Without a fee, you can choose a transfer that will generally be completed the following day, but can take up to two to three days for either app. If you’re in a rush, you can choose an instant transfer for a small fee.

Venmo vs. PayPal: Fees

Fees for the two services are fairly similar. Both offer free payments from linked bank accounts, and both charge about 3% for payments from a credit card. Where they differ slightly is that Venmo extends its no-fee option to payments made from debit cards, while PayPal only allows free payments directly from a bank account. For debit and credit card payments, PayPal’s fee is technically 2.9% plus 30 cents.

One exception to the fee on payments made with a credit card is on payments made via American Express. Through a very new development, American Express is offering free payments through both PayPal and Venmo, though the payment has to be initiated through the American Express app instead of using the PayPal or Venmo apps. But doing so enables users to pay with a credit card and avoid the roughly 3% fee on that transaction.

How quickly you want to transfer accumulated money from your PayPal or Venmo balance to your bank account also has free options on both platforms. Both Venmo and PayPal allow you to choose a standard transfer speed of one to three days for free, or to upgrade your transfer to take place within seconds for a fee of about 1%. Both services cap the transfer fee at $10, while Venmo additionally stipulates a minimum charge of 25 cents.

When using PayPal as a merchant collecting payments from customers, PayPal offers a number of different pricing options. Though none are free, they are on par with the industry average for digital payment tools. Meanwhile, Venmo is not geared toward merchant business transactions, and expressly prohibits purchase transactions not made with a Venmo-affiliated merchant.

Venmo vs. PayPal: Limits

For those wanting to make very large transfers, PayPal offers a strong advantage. Single payments are generally allowed up to $10,000 each, with a total cap of $60,000. That’s significantly higher than Venmo’s limit of $6,999.99 per seven-day rolling period, including a maximum of $4,999.99 in person-to-person payments. Be aware that an identity verification step is required to access these limits. Until then, the maximum transaction amount is capped at $299.99.

Venmo vs. PayPal: Additional Features

As you can see, the two services present fairly similarly on basic features and fee structures. But there are a few areas in which the two apps differ markedly. For instance, with its strong focus on transactions between people who know each other personally, Venmo hosts a social feed of transactions that have taken place among people you know, as well as those of strangers, if you opt to view the public feed.  

A scroll through the feed of transactions by your Venmo friends will show you who paid who, and with whatever note they shared. The only thing missing is the amount. The feed also supports emojis, which are almost more common than text in the Venmo social feed. When you make your own transactions in the app, sharing them publicly is the default, but you can change this to viewable only by your Venmo friends or only by the recipient, either globally or on a transaction-by-transaction basis.

Where PayPal stands out against Venmo is in its ability to be used by merchant sellers who are accepting payments, as well as shoppers and buyers at online and physical retailers. Originally established as the payments provider for eBay, PayPal excels in enabling transactions between people who don’t know each other, including offering protections for both sellers and buyers that Venmo doesn’t provide.

PayPal also offers international transactions. Covering more than 200 countries and transacting in about 25 different currencies, PayPal is the app of choice for those who want to pay or accept funds from those outside the U.S. In contrast, Venmo can only be used for U.S. exchanges. 

Lastly, both Venmo and PayPal offer their own credit and debit cards, although Venmo’s offering in this area is nascent. By acquiring a debit or credit card, payments to anyone accepting that card type can be charged directly to your PayPal or Venmo account. 

Venmo vs. PayPal: Business Features

Further cementing its reputation as the digital payments app of choice for merchants, PayPal offers a plethora of small business tools that are entirely absent in Venmo’s more person-to-person focused business model.

For instance, merchants who establish a PayPal Business account can use the service to essentially set up the financial transaction side of selling items online, making it easy to accept credit and debit card payments from all over the world. In exchange for this capability, merchants agree to a small percentage fee being subtracted on each transaction.

But PayPal’s support for small businesses goes far beyond accepting payments. PayPal Business also offers help with invoicing, product shipping, and marketing insights. Some services are included in the basic business package, while others are available to those with a PayPal Payments Pro account, which carries a monthly maintenance fee.

Growing businesses looking to scale can also benefit from PayPal’s provision of working capital and business loans up to $500,000, some of which can be accessed without a credit check.

Venmo vs. PayPal: Reviews

On both the Apple App Store and the Google Play store, the Venmo and PayPal apps receive similarly high marks: 4.9 stars on iOS with almost 11 million reviews, and 4.4 stars from about 443,000 Android users. Ease of use is a significant driver in the favorable ratings, with both apps being well-designed and enabling payments and requests with just a few easy clicks.

Venmo vs. PayPal FAQs

What Are Venmo and PayPal?

PayPal and Venmo are both digital payment vehicles, largely operated as smartphone apps. In the same way that writing a check draws funds for a payment from a linked bank account, making a payment with Venmo or PayPal does the same, but with two modern differences. 

First, when making a Venmo or PayPal payment, the user can choose where the funds will be taken from, whether it’s the user’s primary checking account, a secondary savings account, a debit card, or a credit card. Second, the transfer of funds happens essentially instantaneously, unlike checks that must be cashed, and that can bounce for insufficient funds.

PayPal is the pioneer in this field, having been established in the late 1990s and then soon after becoming the payment tool that has facilitated millions of eBay transactions over the last 20 years. Venmo, in contrast, is the new kid on the block, though a popular one. Founded in 2010, Venmo was acquired two years later by Braintree, and then by PayPal in 2013.

How Do Venmo and PayPal Work?

The basic functionality and setup of both services are the same. You create a free account with the service, establishing your security credentials. You then link at least one bank account for transfers and optionally add other payment methods, like additional bank accounts or debit and credit cards.

When you’re ready to pay someone, you enter or search for their contact info, enter the amount to pay, and choose the payment method you’d like to use for the charge. Conversely, both apps include buttons to request funds instead of sending them.

PayPal and Venmo fund your payments by creating ACH transfers to and from your linked bank account, while those opting to use a debit or credit card will see the payment amount added to your statement like any other purchase.

Who Should Use Venmo or PayPal?

For those making primarily personal payments to someone they know and trust, Venmo is the ideal choice. With its social interface, making payments with Venmo and seeing exchanges among your contacts feels like a friendly and personable arena.

PayPal can also be used for paying your friends and family. Whichever platform is best for you will depend on which one more of your contacts are using.

But if you’re selling products, or are regularly paying for online purchases, a PayPal account will serve you much better. Though Venmo has begun to establish a Venmo Business account, it is still a fledgling service.

In contrast, PayPal has been serving merchants and small businesses for more than two decades, and offers the richest menu of merchant supports of any digital payment app.

How We Evaluated Venmo vs. PayPal

To help you understand when each of the two digital payment apps makes the most sense, we delved into PayPal’s and Venmo’s terms on features, payment transaction fees, bank transfer fees, transaction limits, and business/merchant offerings. By laying out a head-to-head comparison on these aspects, it should be easy to see which app will best serve your different needs, or possibly concluding that the best option is to have an account with each.

Sours: https://www.investopedia.com/venmo-vs-paypal-5114030

If you use digital payment apps, you are probably familiar with Paypal and Venmo. Because of similar features, you may have questioned does Paypal own Venmo?

Paypal recently acquired Venmo. Under new leadership, there are discussions to further bridge the applications. So if you are a loyal PayPal user or Venmo user, you could see more sharing capabilities in the future.

But, these dreams may have to wait (for the time being). There is not a direct capability to transfer money from Venmo to Paypal.

But, is there any way around this? How can you Venmo to Paypal?

First, you will need the understand each application's basic features and attributes. Then, you'll be ready to follow these steps to make the transfers you need.

While this process isn't as easy as one-click transfers, it is possible. With just a few extra steps and insights, you can be on your way to connecting Paypal to Venmo.

What is Venmo?

Venmo is one of the most widely used digital payment apps. Paypal recently revealed that Venmo has more than 40 million registered users. Venmo's popularity is because of its easy-to-use free application and quick transfer time.

Users download the free app. Next, users add their bank or card information to make transfers. Then, they find other users to send transfers.

Venmo transfer times are quick and efficient. But for an extra cost, users can choose to send money "instantly." Traditional banks can charge for transfers and accounts don't always accrue attractive interest. For these reasons, a free-to-use app like Venmo is especially appealing.

Unique Features

Venmo has some unique capabilities. For example, you can link your Facebook or contact list to the app. When sending transfers, you can add a special note or emoji.

This note can be public so other users can see your transfer (but not the money amount). Or, you can keep transfers private between users.  

What is PayPal?

PayPal is often considered the "original" digital payment app. The application has more than 346 million active users. Paypal also reported more than 3.7 billion in transactions last year.

Like Venmo, Paypal is a free digital payment app. The app allows users to send and receive transfers. With Paypal, you can connect your bank account. Or, you can link a debit card or credit card to your account. Most transfers are free. But, like Venmo, for "instant transfers," you will need to pay an additional fee.

Unique Features

Besides user-to-user transactions, many businesses benefit from Paypal. If you own an online store, you can use Paypal as a payment option.

Paypal also has different currency options. So if you have clients who pay in multiple currencies, the app will store these funds and provide a daily currency transfer rate.

Paypal offers transaction protection. If there was a transaction fraud, scam, or dispute, Paypal's features can protect sellers and buyers.

Can You Venmo to PayPal?

Now that you understand more about these digital payment apps, it may seem logical to connect them. After all, if the apps are part of the same company, can't we transfer easily? Unfortunately, the answer is almost.

But, don't feel discouraged just yet. There is a creative way to transfer from Venmo to Paypal.

You'll only need your bank account information, a few other resources, and the ability to follow these steps. Read on!  

Your Venmo to Paypal Checklist

Smart Cellphone with Apps

Your phone will need to have both Venmo and Paypal apps uploaded. To begin, you will need to download the Paypal Cash or Paypal Cash Plus app.

Make sure your phone is not due for any software updates. You will need to update the apps to ensure proper functionality.

These apps function on iPhone IOS or Android. If you don't have a smartphone or access to updated versions of these apps, you may not be able to complete the transfer.

Bank Account

Have your bank account information ready. This includes your bank account number and routing number.

Double-check that your bank account is linked and confirmed to both apps. If you want to switch your bank account or link to a new card, confirm this now.

How to Link Venmo to Paypal?

So, how to link Venmo to Paypal? Once you have checked for the correct Paypal account, updated apps, and confirmed bank account information, you are ready. Here are the steps to link Venmo to Paypal. These easy steps can help you make your first transfer!

Step 1: Connect Venmo to Your Bank

Using the updated Venmo app, transfer your Venmo balance to your bank. Remember, that most transfers on Venmo are free. But, if you want a Venmo instant transfer to Paypal, this will incur a small fee.

If you want to avoid paying excess fees, hold tight for a few business days. In one to three business days, your Venmo transfer should arrive in your bank account.

Step 2: Check Your Paypal

Do you have the correct Paypal account and the updated app downloaded? Remember you need the Paypal Cash account or Paypal Cash Plus account to continue with these steps.

Login to your Paypal account and click on "my account." You should see a landing page that will show you your Paypal balance and any recent activity.

Step 3: Load Your Paypal Balance

On the same landing page where you see your Paypal balance, there should be two lines that read " add money" or "transfer money." Click "add money."

You don't want to click transfer money because this will send funds away from PayPal; the opposite goal. Essentially, to transfer your funds from Venmo to Paypal, you want to "add" or grow your Paypal balance. Next, you will be prompted to a screen that will ask you to confirm bank details and select your transfer amount.

Type in the Dollar Amount

You should have your bank details loaded in Paypal. You can manually type in the amount of money you wish to add. Type in the same amount you transferred from your Venmo account.

For example, if you transferred $50.00 from your Venmo balance, type in $50.00 on this Paypal line. This $50.00, through the bridge of your bank transfer, will be "added" to your Paypal balance.

Step 4: Transfer Complete

After manually typing in your transfer amount, click the "Add" button. This transfer can take a few business days to complete. In a few days, you will see the money you transferred from Venmo now loaded into your Paypal account.

These Steps Can Help You Grow Your Funds

There is no magic "Paypal Venmo button" or "transfer Paypal to Venmo card." You now understand that transferring your Venmo balance to Paypal requires a few additional apps and connecting your bank account. These steps can be your guide to easily transfer your Venmo balance to Paypal.

Just remember that these transfers can take a few business days unless you pay the app fees. So, if you need to transfer important funds line rent or emergency money, plan accordingly. Once you have loaded your Paypal balance, you can use those funds to shop online or in stores where Paypal is accepted.

Or, you can withdraw those funds to other bank accounts or cards. These steps can help streamline the transfer process but can also encourage you to grow your money and save. Instead of cashing out your Venmo payments or letting that money sit in the account, transfer it to your Paypal balance Your Paypal can act as a savings fund.

But Are You Looking for Other Ways to Save?

But, are you still looking for other ways to grow your money and save? If you're worried about low bank interest rates or struggle to save money, consider Yotta. Yotta is an app created to help Americans be more financially secure.

Yotta partners with high-value banks to offer more attractive rates. Then, a portion of that interest is combined and offered through weekly prize draws. Yotta takes a portion and pays it to users no matter the circumstances.

But, even in weeks where you don't win, your money is still growing over time. While saving your Venmo or Paypal balance is a best practice, an app like Yotta can help you grow that money over time.

Do More than Venmo to Paypal Transfers. Start Saving and Start Winning!

Can you Venmo to Paypal? You nowknow the steps to do it! While transferring from Venmo to Paypal can be a good way to transfer money and save, consider adding other savings apps like Yotta. Yotta is FDIC insured which means your hard-earned money is protected.

You can download the Yotta app on iPhone IOS or Android. If you want to learn more about Yotta, register and get started.

Sours: https://www.withyotta.com/post/can-you-venmo-to-paypal-a-guide

Venmo paypal sending to

How to Transfer Money From Venmo to PayPal

Byron Mühlberg, writer at Monito.com

Two of the most widely-used online payments services out there, PayPal and Venmo offer speedy and secure payments between hundreds of millions of user accounts combined.

At first glance, transfers between the two might seem like they should be rather straightforward. Both offer mobile apps and websites linkable to your bank account, and both use email addresses to demarcate individual user accounts.

What's more, as the world's largest online payments system, PayPal has over 300 million users across the globe and allows for transfers to and from credit cards, as well as US bank accounts. Similarly, while it's only based in the US, Venmo is used by another 40 million users to transfer funds between user accounts and bank accounts instantly.

However, despite their many similarities between the two services (and although Venmo happens to be owned by PayPal), the two mobile payment systems aren't connected so that they allow direct transfers from one to the other.

Fortunately, it's still possible to send money from Venmo to PayPal, although the speed and convenience you've come to expect from the respective services will no longer apply.

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Monito's Recommendation

While it's possible to send money from Venmo to PayPal, we recommend against it for transfers between different currencies. Among the most expensive ways to transfer money overseas, PayPal charges exorbitant exchange rate margins for international money transfers, and we recommend you explore your alternatives instead.

What You'll Find in This Guide

How To Transfer Money From Venmo To PayPal

Simply put, to transfer money from Venmo to PayPal, you will need to set up a common bank account that's linked to both services. This process can be done either online or over the mobile apps of the respective services. To get started, you will need to (1) already have a PayPal account, (2) have a US bank account in the same name as your PayPal account, and (3) have a Venmo account in the same name as your bank account.

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We recommend you budget two or three days for this process if you don't already have a bank account linked to both Venmo and PayPal. This is because successfully linking a bank account to either service can take some time to process.

  • Step 01

    Link a Bank Account to PayPal and Venmo

    First, the same bank account will need to be linked to both Venmo and PayPal, with the name on all three being the same. To link a bank account to PayPal, select "Link a bank" on the website or "Banks and Cards" on the mobile app. You'll then be prompted to enter your online banking details and make two small deposits (taking three to five business days) to process. To link a bank account to Venmo, you'll need to navigate to "Add a bank or card..." in your payment options settings, after which you can enter your online banking details and verify your account.

  • Step 02

    Transfer From Venmo To Your Bank Account

    Once you're in the Venmo mobile app or website, select "Transfer to Bank," enter your desired amount, and choose whether to send your money using the "Instant" feature for a 1% transaction fee or the "1-3 Biz Days" feature at no cost. Once you press "Transfer," your money will be on its way.

  • Final step

    Transfer From Your Bank Account To PayPal

    To move the money across to PayPal, you'll need to select "Transfer Money" in your PayPal wallet and then select "Add money to your balance". After that, you'll be able to select your already-linked bank account and click "Add". Your funds will then arrive within three to five business days.

Transferring From Venmo To PayPal: What To Avoid

If you're planning on sending money from your Venmo account to your PayPal account in the same currency, then the process should be very cheap, and in most cases, even free. However, if you're planning on making a currency conversion at any point along the way, then things can become a lot more expensive.

To transfer money from Venmo to PayPal in another currency, you'll need to convert the funds into foreign currency once they arrive in your PayPal wallet. At Monito, we generally recommend against using PayPal when exchanging currencies, especially when sending money to a different country and currency. This is because of a highly variable, nontransparent fixed fee that PayPal attaches to every international money transfer in addition to an exchange rate margin fee of anywhere between 2.5% and 4.5%. This quickly makes PayPal one of the most expensive ways to send money internationally and exchange currencies more generally.

Instead, if you're planning on sending money abroad, then we recommend you make an ordinary bank transfer to one of the many international money transfer specialist services out there — most of which allow you to take advantage of fees and exchange rates that come in at a fraction of the cost of PayPal or the high-street banks. Run a search on Monito's real-time comparison engine below to get the job done quickly and easily:

Compare Money Transfer Services

Popular Money Transfer Comparisons on Monito

Sours: https://www.monito.com/en/wiki/transfer-money-from-venmo-to-paypal
✅ Is Venmo Linked To Paypal Account? 🔴

Can You Transfer Money From Venmo to PayPal?

Last Updated: September 1, 2021

Can You Transfer Money From Venmo to PayPal

Want to transfer money from Venmo to Paypal but not sure whether you can transfer the payment or not? And is there any way to send it?

If so, then you’ve landed on the right article!

In this article, you’ll know exactly whether you can transfer money from Venmo to PayPal or not and much more.

Here’s what you’ll learn:

Without further ado, let’s dive right in.

What is Venmo?

Venmo is a social mobile payment service owned by PayPal, allowing users to share and receive money from one another and also make purchases at approved merchants using a mobile app. Its users can make payments using their credit card, debit card, bank account, and existing balance.

It is built especially for friends and family who have to split the bill, maybe for a cup of coffee or dinner.

Venmo operates like a social network where you can like and comment on other people’s payments to see who and what your friends are spending on.

Can You Transfer Money From Venmo to PayPal?

You can’t transfer money from Venmo to PayPal directly because there is no tie-up between them but you can do so by attaching the same bank account on both Venmo and PayPal. Once attached, transfer money from Venmo to the same bank account and add money from that same bank account to your PayPal account.

I know you’re intelligent but if you’re still confused then you should follow these simple steps if you want to send money from Venmo to PayPal:

  1. Attach the same bank account to both Venmo and PayPal.
  2. Transfer your Venmo funds over to your bank account.
  3. Open your PayPal account and then top-up money from your bank account to PayPal.

That’s it!

Currently, this is the only way but maybe in the future, you can transfer money directly.

However, if you don’t know how to send and receive money from Venmo to your bank account watch this video.

And, to know how to add money to PayPal from a bank account watch out this video.

Venmo Fees: Is Venmo Free?

Venmo is popular because everyone is talking it’s free, yes it’s free but there are some fees which you need to pay.

Let’s know what they are.

Venmo is free for sending money from a linked bank account, debit card, or your Venmo balance and receiving/withdrawing money into your account when using a standard transfer to your bank account.

It doesn’t mean that you have to pay monthly or annual fees.

Then what they charge for?

If you’re using credit cards then they charge a 3% fee and also for premium services such as instant transfer for which you have to pay a 1% fee (with a minimum fee of $0.25 and a maximum fee of $10).

Venmo Fees

For more information about Venmo fees, check out this page.

According to Venmo, Standard transfer takes 1-3 business days while instant transfer money is typically available in 1-30 minutes.

Can you do purchasing with Venmo

Whenever you buy a product from online stores, you can either pay with your credit card, Bank account, or PayPal.

But now you can pay with Venmo using PayPal checkout at many websites where there’s a PayPal checkout button but for that, you’ll need to opt-in to make purchases.

How can I opt-in to pay with Venmo?

Well, to checkout using Venmo, you will need to follow these steps:

  1. Tap on the ☰ icon in the upper left corner of the app.
  2. In Settings, there’s a Buying section, In that tap on Enable Mobile Web Purchase or connect the browser of your mobile.
Venmo - Enable Mobile Web Purchases
📝 Note: Purchasing with Venmo currently works with some PayPal merchants and only with these browsers (Safari for iOS or Google Chrome for Android).

Information You Need To Know About Venmo Payments

Here is some information you need to keep in mind about Venmo payments.

  • Both the sender and recipient can create an account to receive the funds.
  • Users can quickly transfer their Venmo balance to their bank account once the bank account is attached.
  • Find friends automatically by syncing their Facebook account or phonebook.
  • The users can make payments by linking their bank account, credit/debit card, or by using their Venmo balance.
  • Transfer money quickly using a friend’s phone number email address or username.
  • Splitting payments with friends and family like a dinner bill, event tickets, or the cost of a trip is one of the most popular uses of Venmo.
  • Venmo has a social feed where the users share their payments and purchases on the with a fun comment.

Final Thoughts

I hope that this guide answers your query  “can you transfer money from Venmo to PayPal?” and got some other important information as well.

Maybe, I missed some questions or if anything is not clear, feel free to reach out to us via the comments below.

Now I’d like to hear from you:

What’s your review on Venmo? Please let me know because I want to know your opinions.

Venmo & PayPal FAQs

Are there any costs to accept Venmo payments?

No, there is no additional cost to accept Venmo payment. You will pay the same fees for Venmo payments as you do for PayPal.

Is Venmo payments available for desktop transactions?

Venmo payments are only available for mobile transactions right now. A desktop transaction may be available in the future.

What does the payment sent to “New User” mean?

It means that the payment you sent went to an email address or phone number that isn’t associated with an active Venmo account.

Can I cancel my Venmo payment?

No, you can’t cancel a payment once it has been sent because sending money through Venmo is so instantaneous. You’ll have to send the user whom you sent the money a request for the amount. If you sent to an email address or phone number that’s not associated with a Venmo account, then you can cancel the payment.

Can I pay someone on PayPal with Venmo?

No, currently it’s not possible to pay someone on PayPal with your Venmo account.

Are Venmo transactions covered by PayPal's Seller Protection Policy?

Yes, PayPal Seller Protection Policy covers your Venmo transactions received through your PayPal account.

How to take back the Payment I sent to an inactive Venmo account?

If you sent the payment to an inactive account and now want to take back the amount.

Follow this instruction:

  1. Tap the “☰” icon in the upper left-hand corner of the app.
  2. Tap “Incomplete.“
  3. Now, tap on the “Payment” tab.
  4. Tap on “Cancel” beneath the payment.

FURTHER READING

Sours: https://www.ecomsay.com/can-you-transfer-money-from-venmo-to-paypal/

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