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Venmo and PayPal are amazing financial apps that allow you to send and receive money online without any hassle. Knowing how to transfer money from Venmo to PayPal will help you enjoy more flexibility of your funds such as easily paying your bills or buying goods and services wherever PayPal is accepted.
You can make use of Venmo when you have to send and receive from your friends or loved ones. Venmo is a social app that lets you make payments to friends or family members when you owe them some money but also do not want to deal with cash.
PayPal and Venmo are similar apps since they function in a similar manner but the main difference between the 2 is that PayPal is widely accepted and available in many countries other than Venmo which is only made available in US residents. More to that, you can use PayPal to pay for goods and services on any merchant that accepts PayPal payments.
Despite being a separate money transfer service, PayPal owns Venmo. However, Venmo and PayPal cannot be connected, making the process of moving money from Venmo to PayPal challenging.
In order to transfer money from Venmo to PayPal, you will have to link your bank account to both accounts and use it as a mediator for the transfer.
Want to transfer money from Venmo to PayPal? stay glued to this article as I will show you how to make a successful transfer from Venmo to PayPal.
Table of Contents
What is Venmo?
Venmo is a mobile Payment service that comes from PayPal and it allows people to send an receive money using a smartphone application. Venmo also allows merchants to receive payments from people using the service.
What is PayPal?
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders.
Do Venmo and PayPal Integrate?
Even though Venmo is an app that comes from PayPal, the 2 apps do not actually integrate. Venmo payments which are made from a PayPal account are treated in the same way as a regular PayPal transaction.
Can I Transfer Money From Venmo to PayPal?
Even though PayPal owns Venmo, there is no direct way to transfer money between the 2 money transfer platforms.
So the only way you can transfer money from Venmo to PayPal is by using a linked bank account as a mediator between the 2 apps. This means that you are able to send money to your friends Venmo account from your PayPal account.
How to Transfer Money From Venmo to PayPal Using a Linked Bank Account
Since making use of your bank account as a mediator is the only way for you to transfer money from Venmo to PayPal. Below are the steps to follow in order to make a successful transfer.
1. Add Your Bank Account to Venmo
The very first thing that you have to do is to link your bank account to your Venmo account and if you have already done this, then you can scroll this step but if not, below is how to add your bank account to Venmo:
- Open your Venmo app.
- Go to the "You" tab by selecting the profile icon.
- Tap the Settings gear in the top right then "Payment Methods".
- Tap "Add a bank or card..." and then select "Bank".
- Select your preferred verification method.
2. Transfer Funds From Venmo to Your Bank Account
Once you have linked Venmo to your bank account, the next thing you will have to do is to transfer funds from Venmo directly to bank account.
Venmo offers two options for transferring money to your bank account. You have two options for transferring money: normal transfer, which can take up to three business days, or rapid transfer, which happens right away. However, a fee of 1.5 percent of the total money to be transferred (with a minimum price of $0.25 and a maximum fee of $15) will be charged for the instant transfer.
Only U.S. bank accounts or Visa/Mastercard debit cards that enable the service allow for instant transfers (like Visa Fast Funds or Mastercard Send).
Below are the steps to follow when you want to transfer money from Venmo to your bank account:
- Open your Venmo app.
- Go to the "You" tab by tapping the profile icon.
- Select "Add or Transfer" button located just below your profile picture.
- Select "Instant" (1.5% fee, minimum of $0.25 and maximum of $15.00) or "1-3 biz days" (no fee).
- Finally, tap "Transfer".
3. Add Your Bank Account to PayPal
Now that the funds are already in your bank account, you will have to link the bank account having the funds to your PayPal account.
Below are the steps to follow in order to link your bank account to PayPal:
- Go to Wallet.
- Click "Add a card or bank account".
- Click "Add a bank account".
- Enter the "Sort Code" and "Account Number".
- Review your information and click Agree and add.
4. Transfer Money from Bank Account to PayPal
Now the last thing that is left for you to do is to transfer the money from your bank account to your PayPal. Belo is how to go about this:
- On your PayPal dashboard tap "Wallet".
- Click "Transfer Money".
- Click "Add money to your balance".
- Select the bank you used to receive funds from Venmo and enter the amount you want to transfer.
- Finally, tap "Add".
Once you have correctly done all these steps, the transfer will take 3 to 5 business days to complete. Th transfer is free of charge and can be done at any time. As soon as the transfer is complete, you will receive an email.
How to Transfer Money from Venmo to PayPal
Due to the fact that Venmo and PayPal do not integrate, a bank account is needed as a bridge to transfer money from Venmo to PayPal and without it such a transfer is not possible.
In other words, even though you need a bank account to transfer money from Venmo to PayPal, the account you use must not be your own. To finish the transfer, you can utilize a friend's account.
What to Consider When Transferring Money From Venmo to PayPal
Before making any transfer from Venmo to PayPal or vice versa, there are certain things that you have to know first so as to avoid any surprise that might cause you to loose any hassle or may be cause you to loose your funds.
One of the most important things to look out for when transferring your money, is cross currency transfers. You do not need to be bothered if you are sending money from Venmo to your PayPal account in the same currency as the process will be very cheap if not totally free.
Wanting to make a currency exchange will become more costly. Imagine you want to use the funds in a different currency from the one they were in when they were in your Venmo account. You must convert the money as soon as it reaches your PayPal wallet.
Final Thoughts on How to Transfer Money from Venmo to PayPal
Venmo and PayPal are amazing financial apps that allow you to send and receive money online without any hassle. Knowing how to transfer money from Venmo to PayPal will help you enjoy more flexibility of your funds such as easily paying your bills or buying goods and services wherever PayPal is accepted.
Since PayPal and Venmo do not integrate, the only way to transfer money from Venmo to PayPal is to make use of a bank account and above in this article, I have outlined all the necessary steps to help you make a successful transfer.
Frequently Asked Questions
How do I get my money out of Venmo?
Step 1: Go to Venmo and open an Instant transfer. Step 2: Enter the amount you want to withdraw. Step 3: Choose your bank account and click on the green arrow. Step 4: Select your bank account and then continue.
How long does it take for Venmo to transfer to debit card?
Bank transfers typically arrive within 1 to 3 business days. You can check the estimated arrival date in your personal transactions feed after initiating a transfer. Transfers are reviewed, which may result in delays or funds being frozen or removed from your Venmo account.
What cards work with Venmo instant transfer?
All United States-based Visa and Mastercard debit cards that take part in the Visa Fast Funds service or the Mastercard Send platform can be used with Venmo Instant Transfer.