Wondering if it's possible to transfer funds from PayPal to Venmo? In this article, we'll cover everything you need to know regarding transfering money between Venmo and Paypal.
Any regular user of digital payment apps should be familiar with Paypal and Venmo. While the two applications have similar features, they don't work the same.
Most people use Venmo to send and request money between friends. On the other hand, Paypal has a broader reach, allowing businesses to receive payments from customers. Or sometimes even to pay vendors. Freelance platforms such as WriterAcess, and Upwork use PayPal to pay their vendors, while other businesses use it purchase goods. So there is no limit to who you can pay via PayPal.
Example: Lucia is a freelance copywriter on WriterAccess. She has been a freelance copywriter for the past seven years. Every month, Lucia receives a payment to her PayPal account from WriterAccess. This way, she can withdraw the proceeds at any time and transfer them to her bank account. But the big question is, can she transfer her funds to Venmo?
Yes, there is a creative way to do this, and this article we highlight some of the ways.
But before we can take you through the steps of connecting your Venmo with Paypal, first things first:
Venmo is one of the most widely used digital payment apps today. Paypal now owns this widely used application. If you are a Venmo account holder, you can transfer funds to accounts from your mobile phone. As of 2018, Venmo handled $159 billion in transactions. Now, that is impressive!
Most Venmo users love it for its easy-to-use interface. While others prefer Venmo for its quick transfer time. Whatever reason you choose it for, it makes sending money easy. Think of it as an interceder between the two bank accounts of the two users transacting.
Example: Jim wants to sell his car Lawrence for $2000. Instead of transacting with Jim's bank account, Lawrence decides to send money to Jim using Venmo.
How it works
Venmo comes with unique capabilities that make it stand out from other money transfer apps. For starters, you can integrate it with your Facebook or even contact list. What's more, you have an option to make your transfer public or private. Or transfer funds with a special note or an emoji, which is awesome.
Can you use Venmo to pay for your online purchases?
Yes! Everyone loves shopping online can use Venmo. Online stores taking Venmo include CVS, Hulu, Uber Eats, Boxed, and many others.
PayPal leads the pack when it comes to quick and safe digital payments. Almost everyone knows PayPal, and only a few people had a bad experience of using it. That's why PayPal is trusted by more than 346 million people. As of 2018, PayPal reported more than 3.7 billion in transactions.
It is also a free digital app that you can use on your mobile phone, laptop, or browser. PayPal allows you to accept payments using Visa, MasterCard, American Express, and Discover branded credit cards and debit cards into a business PayPal account.
Shopping online with PayPal is also safe and secure. PayPal keeps all your sensitive data safe from hackers.
How Paypal works
PayPal comes with high-tech technology that will keep all transactions safe and secure. Any information stored in your credit card or bank account is safe during a financial payment or purchase transaction. PayPal is also a resolution mechanism that protects both the buyer and the seller.
Can You Transfer Funds from Venmo to PayPal?
Transferring funds from Venmo to PayPal is the question that brought here right? Okay, here it goes: Venmo and PayPal are like cousins; they are both owned by PayPal. It's possible to transfer money from one platform to another. But you need to be creative,
While you can't transfer money from Venmo to PayPal directly, you can do so by attaching the same bank account on both Venmo and PayPal. Sounds like too much work? Not a bit. And here is why: Venmo and PayPal are easy to set up and link with your bank. We'll use an example to illustrate this.
Example: Leo uses both Venmo and Paypal. He also owns a Citibank account, so he wants to link his Venmo and PayPal accounts.
Step 1: Leo uses Venmo to connect to his Citibank account.
Step 2: Leo connects to his Paypal; he needs the Paypal Cash account or Paypal Cash Plus account.
Step 3: From there, Leo can load his Paypal balance. He can "add money" or "transfer money." by clicking "add money.
Step 4: At this stage, Leo is ready to transfer funds. He has to type in his transfer amount; he clicks the "Add" button.
Use this checklist to see if your Venmo to Paypal accounts are good to go:
Currency is one of the things to consider when you transfer money from your Venmo or PayPal to an international bank account. It would help if you knew the exchange rate. If you use PayPal, expect to pay a late fee of 5%. Typically, an extra 4% is added to the transaction as well.
2. Make sure your accounts have a proper setup.
It will be impossible to shuffle funds from PayPal Venmo if you don't set up accounts right. Put differently; you need to verify both versions. With Paypal, you need to have a PayPal Cash or PayPal Cash Plus account to transfer funds.
3. How many days does it take for funds to reflect?
Money! Money! Money! You need it fast. It would be best if you considered how many days it will take to receive it. Typically, it may take 3 to 5 business days.
Shuffle Your Money From Venmo To PayPal
Use the below instructions to transfer funds from Venmo to PayPal:
Use the following steps transfer from Venmo To Your Bank Account:
All You Need To Know About Venmo and PayPal transfers
As much as PayPal owns both digital payments, PayPal is by far the more robust, secure, and safe platform for processing online payments. Yet, if you want to transfer money to a friend or family member, Venmo is the better choice.
Transferring money from Venmo to PayPal and vice versa may sound complex, but it is still a safe, secure and fast option. If someone requests money in a Venmo email, you can still use the steps we mentioned above to send money. But always ensure that you only transact with people you trust. Also, avoid leaving a large amount of money on your Venmo account.
If your customers pay you via Venmo only, add other payment options for them. This way, you'll avoid being penalized by banks when there us a delay of funds.
Your customers can also use a Venmo debit card. They can withdraw money from their Venmo balance and pay you. Venmo is the best way to send and receive money between friends and families, but it is not as safe as a traditional bank.
If you send money to the wrong person, don't expect any help from Venmo. The only solution for you is to ask the person to pay it back. On its website, Venmo states, "We cannot guarantee we'll be able to help recover the money."
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