Can I transfer money from Venmo to Paypal directly?
No, you can’t move funds directly from your Venmo account to Paypal. However, if you’re using the same bank account for both apps, you can transfer money from your Venmo account to the linked bank account, then move it to your PayPal account.
PayPal is the parent company of Venmo, you might think it’s possible to transfer money between the two apps directly.
We’re talking about two of the best online banking platforms.
For P2P transactions and payment purposes, PayPal is well-accepted Internationally, while Venmo is very popular in the US and its territories.
But the truth is, you can’t directly move money from one app to the other. That doesn’t mean you can’t transfer money from Venmo to PayPal, no. It’s just that, it can only be done through a linked bank account.
That’s where the puzzle comes up. There are a few steps you’ll take before you can Successfully send funds from Venmo to Paypal.
Now, let’s see how it can be done.
You can’t link Venmo and Paypal together. This means it can’t be possible to move money freely from one app to the other. But it is not completely ruled off. You can indirectly send money between both apps. To do this, link a common bank account to both Venmo and Paypal.
How to Transfer Money From Venmo To PayPal
Can you transfer money from Venmo to PayPal directly? No.
Can you transfer money from Venmo to PayPal indirectly? Yes.
To move money successfully between the two apps, you’ve to link the same bank account to the apps. Again, make sure the bank account name is the same as the one on your Venmo and PayPal accounts.
Now that you’ve understood how it works, let’s proceed to the next stage which is, linking your bank account to PayPal.
How to link your bank account to Paypal
- Open your PayPal and log in to your account
- Navigate and choose “Link a Bank” if you’re using the official website, or “Banks and Cards” if you’re on the app
- Fill in your bank account details, verify, and complete the process.
After you’re done with this, head on to Venmo and link the same bank account.
How to link your bank account to Venmo
- Open your Venmo app
- Click on the “Me” tab
- Click on the “Settings” icon
- Click on “Payment Methods“
- Under the “Add Bank or Card” option, select “Bank”
- Finally, provide the bank account details for verification. You can verify your account manually, or through Instant Bank Verification powered by Plaid.
How to transfer Funds out of your Venmo account to bank account
Now that you’ve executed these two steps, the next thing is to move money from your Venmo balance to the linked bank account.
This is a comprehensive article regarding everything you need to know about Venmo Balance.
Follow the steps below to do that
- Open your Venmo app
- Click on the “Me” tab
- Under the “Venmo Balance“, click on “Transfer Balance”
- Enter the amount of money you’re sending
- Choose either “Standard Transfer” or “Instant Transfer“.
The standard transfer is free, but you’ve to wait 3-5 business days. The instant transfer comes with a 1.75% fee. (maximum of $15.00)
- Choose your bank account, and click on the “Transfer” button to complete the transaction.
How to transfer the Funds back to your PayPal account
immediately the money lands in your account, depending on the transfer method you used, head on straight to your PayPal account,
- Log in to your account
- Tap the “Wallet” icon, and select “Transfer Money”
- Tap on the “Add Money to your Balance” tab
- Choose the same bank account, enter the amount of money you’re moving, and tap “Add”
Finally, you’ve successfully transferred money from Venmo to PayPal.
your money will show in your PayPal balance within 3-5 business days.
What Is The Venmo to PayPal Fee?
It might interest you to know that Venmo to PayPal is free. There’s no fee attached to it.
However, you may incur a fee when transferring money from Venmo to your linked bank account. If you select “Instant Transfer” as the transfer method, you’ll be charged a fee of 1.75% (which is about $0.25 – to – a maximum of $25.00) per transaction.
Here is another thing you should know. Inter-currency transactions are a bit expensive. It has a high fee rate.
Things To Avoid When Transferring Money From Venmo To PayPal
There are things to avoid when initiating payment between the two apps.
- For a Fee free transaction, use the Venmo Standard Transaction method. But, you’ll wait for 3-5 working days for the money to reflect in your bank account.
However, in a situation where you have an urgent payment to make using your PayPal, how do you go about it? In this case, Instant Transfer is the best method to use. With this method, your money will show within some minutes in your bank account.
I guess you’re not expecting it to be free, there’s a minimum 1.75% fee per transaction
- The second thing is, Make sure the name on your Venmo account, corresponds with the one on your PayPal account. Also, link a common bank account to both apps.
- Lastly, avoid inter-currency transactions. For example, if you’re sending USD, to be withdrawn as EUR, you are going to incur a high fee rate and lower exchange rate. But the same currency transfer is completely free.
Does Venmo work directly with PayPal?
Because there’s no direct button to perform such a task in both app.
But you can do that indirectly, by linking a common bank account to both Venmo and PayPal.
Does Paypal own Venmo or Zelle?
PayPal owns only Venmo. It was acquired from “Braintree” in the year 2013 for $800M.
Zelle is not owned by PayPal. The “Early Warning Service, LLC. owns Zelle. The company is co-owned by seven of the largest banks in the United States.
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Can You Transfer Money From Venmo To Cash App?
The same applies to Cash App. You can’t transfer money directly from Venmo to Cash App. But it can be done indirectly.
This article will guide you on how to do that.
With the help of this post, I’m sure you can now transfer money from Venmo to PayPal.
Please, try and avoid anything that can complicate issues when processing the transaction. Like, linking incorrect bank accounts or linking different bank accounts on both apps.
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