Venmo and PayPal are both very popular digital wallets that support online money transfers, much similar to your physical wallets
Venmo has become the most popular app among millennials for online money transactions. With a huge majority of people using Venmo on different platforms, there is a question that is very frequently asked: “Can you transfer money from Venmo to PayPal?”. “If so then how?”
I’m going to answer this most asked question as well as many more related to Venmo and PayPal. Continue reading!
We will cover the following main topics in the article:
What is Venmo and How does it Work?
As I mentioned earlier, Venmo in simple terms is a digital wallet. It is used by millions of people to send and receive money between their friends, family, and certain approved business owners. Venmo use is limited to just in the United States.
Not many of you would know this, Venmo was acquired by PayPal back in 2012. So, Venmo is actually a Paypal company. It now supposedly has over 40 Million users and is showing a good growth volume year on year.
It is similar to PayPal in many ways, but has its own unique features like :
- It has a built in feed, similar to a social media feed, where users can make their transactions public, or also view transactions of their friends and family members. So, no wonder it’s a hit among the millennials.
On PayPal you can send money without actually having an account with PayPal, Venmo works differently where it is necessary to have an account and Venmo is most suitable for sending and receiving money between people you are familiar with.
Can you Transfer Money from Venmo to PayPal?
The simple answer to this question is “NO”. So far there isn’t any direct method by which you can send money from Venmo to PayPal. Although PayPal owns Venmo, at the moment they haven’t provided any option in the app to transfer funds between the two wallets.
There is a workaround for this, which is very easy to do. Let’s see “How to transfer from Venmo to PayPal”
How to transfer from Venmo to PayPal
You will need a single bank account, the one that will be linked to both Venmo as well as PayPal. You will also need an active Venmo account as well an as active PayPal cash/PayPal cash plus account. In case you haven’t downloaded the apps, they are available both on the Android play store and the iOS App Store.
First, you will have to transfer money from Venmo to your bank, then from your bank to PayPal. In case you have trouble doing this, follow the below steps to get the job done.
Note: To be able to transfer money it’s a must and need that your Venmo account is linked to your bank account, if it isn’t linked follow the below steps to link it.
How to link bank account to Venmo account
- Tap the hamburger icon at the top left corner of the App.
- Go to “Settings” -> “Payment Methods”.
- Select “Add a bank or card”.
- Select “Bank”.
- Select your preferred verification method.
Once you have linked your bank account, follow the below steps to transfer money Venmo wallet to your bank account.
Step 1 : Send money from Venmo to your bank account
- Log in to your Venmo account.
- Next, to send money from Venmo to your bank account. Click on the Hamburger icon at the top left corner of the App.
- Tap on “Transfer To Bank“.
- Tap on “Select card or Bank“. Here you will have two options, you can either do an instant transfer which will reflect in your bank account in a matter of seconds and you will be charged a 1% fee or you can choose the standard transfer which may take somewhere between 1-3 business days and is free of cost.
Step 2 : Send money from Bank account to PayPal
- Log in to your PayPal account.
- On the Home screen, you will see a box containing your “PayPal Balance“. Click on this box.
- Next, at the bottom of the screen, you will see two options: “Add Money“, “Transfer“.
- Tap on “Add Money” -> “Add from your Bank“.
- Type in the amount you want to transfer. Then, tap “Next“.
- Tap on “Add to your balance“.
- Once you confirm you will receive an email from PayPal confirming that the transaction is in process.
- It usually takes around 3-4 business days for the transfer to complete successfully.
That’s it, you have successfully transferred money from Venmo to PayPal. Simple isn’t it.
How much does Venmo Charge to send money?
Venmo is not completely free, but the basic features are mostly free.
Venmo does not charge you for sending money from a linked bank account, debit card, or your Venmo balance. There is no annual or monthly fee as well.
Some of the features in Venmo incur a minimum fee.
|Sending money to friends or people you are connected with via credit card||3%|
|Sending money through Venmo purchase program||3%|
|Instant withdrawal from your account||1% (minimum $0.25)|
Find detailed fee structure on the official Venmo site.
Does eBay accept Venmo?
No, eBay does not use Venmo as a payment method.
Venmo is mainly used for transactions between friends and family. Since eBay involves interactions with people you may have never met, Venmo is not very suitable for this platform. However, eBay does allow the use of PayPal as a payment method.
How to make Venmo payments private?
You can either make each transaction private or change the default privacy setting itself which will apply to all transactions that you make.
Follow the below steps to change the default privacy setting:
1. Tap on the hamburger icon on the upper left corner of the App.
2. Tap on Settings -> Privacy.
3. Choose Private from privacy settings., this will be your default privacy setting.
How long does it take to transfer money Venmo to PayPal?
If you want the entire transaction to be done at zero cost then it will take anywhere between 3-4 business days.
To speed up this transaction to happen in a matter of seconds you can opt for instant transfer, where to transfer funds you will have to pay a transaction fee of 1%. So, if you want to transfer say $10 your transaction fee would be $0.1.
Can Venmo payments be reversed?
To reverse a payment contact Venmo support. The payment can be reversed by Venmo support only when the recipient of the funds has given explicit permission and the funds are still available in their account.
In case you have made a payment to a phone number/email that is not registered with Venmo, then you can cancel that transaction and recover the amount from the “Incomplete” section of the Venmo App.
Are Venmo payments safe?
Venmo advises not to make transactions with people whom you do not know personally. If you make a payment to an unknown person for some product that you didn’t receive, then Venmo does not take responsibility for that transaction and you will end up losing your money.
How to delete Venmo transaction history
You cannot clear your Venmo transaction history, but you can make your transactions private, by doing this the transaction can be viewed on by the sender and receiver.
Venmo limits per transaction?
When you have just signed up you have a limit up to $299. Once your identity is confirmed, the maximum limit per transaction is $4,999. The maximum spending limit per week is also $4,999.
As we discussed, we see that there is no direct way to transfer money from Venmo to PayPal. Since PayPal has acquired Venmo, let’s hope that the feature of linking the two comes soon so that we can send money directly and avoid the multiple steps. Till then this is the way to go!
Thanks for reading the post. If you have any questions apart from what I have covered let me know and I will definitely answer it.