Venmo is an app for iOS and Android that enables simple and quick transfer between individuals. It is generally used to pay friends. And typically marketed worldwide as an easy way to reimburse friends for rides, split bills, or pay roommates for half the rent.
Since the Paypal Company owns both PayPal and Venmo, you might wonder where to keep your money. While Venmo is primarily for peer-to-peer transactions, Paypal is for business purposes. So, you might want to know how to transfer money from Venmo to Paypal or vice versa.
Read this article till the end to learn how to transfer your money from Venmo to Paypal and the other ways.
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How to send money from Venmo to PayPal?
As you all know, Paypal and Venmo are very similar in many ways, but when you try to find a way to transfer funds from one account to the other, you will find no direct way to do the same.
Still, transferring your funds from Venmo to PayPal is not a big task. You will need your bank account details, some other resources, and the ability to follow these few simple steps that are listed below:
- Cell phone with both the apps
Your phone must have both Paypal and Venmo apps downloaded. To start with, you will have to download the Paypal Cash Plus or the Paypal Cash app.
Be sure that your phone must not be due for any software updates; if so, update the apps beforehand.
These apps work only on iOS or Android. So, if you do not have one, you may not be able to transfer from one account to the other.
- Bank Account
Have all the information about your bank account ready, including your routing and bank account numbers. If you want to switch to any other account or link a new card, then confirm it now.
- Link Venmo to PayPal
Now, it is time to link your Venmo account to Paypal. For that, follow these steps:
- Connect Venmo to your Bank
Using the Venmo app, transfer the entire Venmo balance to your Bank. Suppose you want to transfer your money instantly. In that case, you will have to incur a small fee, else wait for a few business days, and your Venmo transfer will arrive in your bank account.
5. Check Paypal
Log in to your Paypal account and click on ‘my account.’ You can see a landing page showing your Paypal balance and recent activities.
6. Load the Balance
On the same landing page where you will see your Paypal balance, there will be two lines reading ‘add money’ or ‘transfer money. Click on the button ‘add money.
Remember not to press on ‘transfer money because you don’t want to transfer funds away from your Paypal account. So, to make a Venmo instant transfer to PayPal you will have to click on ‘add money or grow your Paypal balance. Next, you will be forwarded to a screen that will ask for your confirmation of your bank details and select the transfer amount.
7. Enter the dollar amount.
You must have your bank details loaded into your Paypal account. You have to type in the amount of money you want to add—type in the amount you transferred right before from your Venmo account. E.g., if you transferred $60 from Venmo, type in $60 on this Paypal line as well. Thus, this $60 will get added to your Paypal balance via the bridge of your bank transfer.
After manually typing in the transfer amount, click on the ‘Add‘ button. This transfer may take a few business days to finally complete. In a few days, you can see the money that you have transferred from Venmo now loaded into the Paypal account.
Using these simple steps, one can transfer Venmo funds to PayPal.
Also Check:- How to Recover & Unfreeze Venmo Account?
How to transfer money from Venmo to PayPal without a bank account?
You might wonder if you could transfer Venmo funds to PayPal without a bank account.
The clear-cut answer to this simple question is NO. To transfer money from Venmo to Paypal, you must set up a joint bank account linked between the services.
To sum it up in a few points of how to transfer Venmo money to PayPal:
- Open the Venmo app on your mobile phone.
- Go to you tab and then tap on Transfer balance.
- Enter the required amount you want to transfer, then choose between 1-3 business days or instant. Instant transactions will take charge of up to 1.5%.
- Select your specific bank account and select the green Transfer button.
- Next, log in to Paypal.
- Click the Wallet tab and then select Transfer Money.
- Click on the option ‘Add money to your balance.
- Select the bank account, enter the total amount of money you want to transfer, and click Add.
Like this, you can make Venmo Instant transfer to Paypal.
How to transfer money from your PayPal to Venmo?
It’s time we know how Paypal users can transfer funds from Paypal to Venmo.
When it comes to such transfers, one has three options to choose from it. First up, if both parties move over to the same platform or if you want to send money to yourself, then you have to use a joint bank account that will bridge Venmo and Paypal. One can also use the PayPal debit card to add to Venmo.
Option 1:
Using the Same App
Using the same App is the most straightforward way to transfer money from someone having Paypal to the other having Venmo. This method is possible in 2 ways. First, you set up a Venmo account, then deposit the money there or else ask the other person to download Paypal and make an account there to receive the payment. Both options are free of cost, and the process of signing up is very simple.
Option 2:
Making transfers to a Common Bank Account
Using the mobile App or the online website, one can transfer the money from Paypal to Venmo using a joint bank account as a bridge. To do so, one needs a Venmo and a Paypal account in the same name mentioned in your bank account. Then you have to link the bank accounts to both services, transfer the sum from Paypal to your respective bank account, and finally to the Venmo app.
Option 3:
PayPal Debit Cards
The final option is to make the transaction using a PayPal debit Mastercard, which you can use as a bridge between the Venmo and PayPal accounts. This option is useful if you have a Paypal debit card, but it is not an efficient solution for instant transfers if you do not have the card.
If you go for this method, you will need to pay some service fees and a fee if your Mastercard is being funded through any foreign currency bank account or a credit card.
What should be avoided when sending money from PayPal to Venmo and vice versa?
As you saw above, there are some costs that you might get to encounter while making payments from Paypal to Venmo. There are even some extra fees. if you use any bank account in a foreign currency or if you hold a PayPal balance in anything other than USD. Simply because traditional banks and PayPal charge some fees for currency conversion. The costs include markups added to the rate or upfront admin fees. These charges are responsible for a push-up in the overall price of converting currencies.
E.g., if you are holding a PayPal balance in takas, and you want to send it to your friend using the Venmo app. The payments in Venmo can only accept in USD, so one will have to convert your money to dollars to pass it. One way to solve the issue is to, Convert the balance in your Paypal account before sending it to the linked account. Before using it to send to Venmo using the PayPal card. In the latter case, you will have to pay a 3% charge.
The indirect transfer is not much of a problem in this case. However, dealing with these small exchange fees makes it difficult for people to transfer money from Venmo to PayPal.
Conclusion:
Thus, there is no direct way to make a transfer from Venmo to Paypal or vice versa. To make such a transfer in payments, you must have a bank account and have to follow the steps stated above to make it simpler for you.
FAQs
How long does it take to transfer money from Venmo PayPal?
If you want to transfer your money instantly from Venmo to PayPal, you will have to incur a small fee. However, if you are willing to wait for a few days (2-3 business days), then the transfer is free. And within this period, your Venmo transfer will appear in the bank account linked to the App.
Can I transfer money to PayPal from Venmo?
No, if you are asking about the direct transfer, you will not be able to make such transfers from Venmo to Paypal. However, there is an indirect way of transferring money from Paypal to Venmo and vice versa using your bank account. One has to transfer the money to their linked bank account, and then they can transfer it to their Paypal account.