Venmo and PayPal are good financial apps that let you send and receive money online without hassle. Transferring money from Venmo to PayPal will let you manage your funds in a more flexible manner and easily pay for goods and services wherever PayPal payments are accepted.
You can use Venmo to send and receive money from your friends. Venmo is a social payment app that allows you to pay your friends when you owe them money but don't want to deal with cash.
PayPal works like Venmo but has some slight advantages over Venmo in that — it is widely accepted and available in many countries other than Venmo which is only available to US residents. In addition, you can use PayPal to pay for goods and services on any merchant that accepts PayPal payments.
Venmo though an independent money transfer platform, it is owned by PayPal. However, PayPal cannot be integrated into Venmo or the other way round which makes it a tricky process to transfer money from Venmo to PayPal.
To transfer money from Venmo to PayPal, you will need to link your bank account to both accounts and use it as a bridge. You'll first have to withdraw funds from your Venmo account to PayPal and then add money to your PayPal account via your bank account.
Kind of tricky isn't it? Don't worry, we got you covered. In this article, I will show you how to transfer money from Venmo to PayPal without hassle.
Is there an Integration between Venmo and PayPal?
Venmo and PayPal do not currently have an integration. Venmo payments, including Venmo-funded payments made from a PayPal account, are treated the same as regular PayPal transactions.
Answered questions on both apps from Atimeforcash shows what you can do with both apps.
Can I Transfer Money from Venmo to PayPal?
Despite the fact that PayPal owns Venmo, there is no direct money transfer feature between the two mobile payment apps.
The only way to transfer money from Venmo to PayPal is by using a linked bank account. This means, you can send money to your friends Venmo account from your PayPal account. You'll need a PayPal Balance account to do it (formerly called PayPal Cash and PayPal Cash Plus).
If you have a verified PayPal account, you can already carry a balance and transfer funds into it.
What to Know When Transferring Money from Venmo to PayPal
Cross-currency transfers are one of the most important things to watch out for when transferring your money. You don't need to be worried if you're sending money from Venmo to your PayPal account in the same currency. The process will be very cheap, if not completely free.
However, if you intend to make a currency exchange, it may become more costly. Let's say you wish to use the money in a different currency than it was in when it was in your Venmo account. Once the funds have arrived in your PayPal wallet, you'll need to convert them.
How to Transfer Money from Venmo to PayPal Using a Linked Bank Account
While you can't link your Venmo to PayPal and transfer funds between both accounts directly, you can still transfer money from Venmo to PayPal using your bank account as a bridge.
Here is how to do it.
1. Add Your Bank Account to Venmo
The first thing you will want to do is to link your bank account to your Venmo account. If you have already done so, you can skip this steps otherwise, here 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
The next thing you will have to do is to withdraw funds from your Venmo account directly to your bank.
Venmo let you transfer money to your bank account in two ways. You can transfer funds using the standard transfer option which will take up to 3 business days or using the instant transfer option which will be done instantly. However, the instant transfer will cost you a fee of 1.5% (with a minimum fee of $0.25 and a maximum fee of $15) of the total amount to be transferred.
Instant transfers are only possible with U.S. bank accounts or Visa/Mastercard debit cards that support the service (like Visa Fast Funds or Mastercard Send).
By adding your bank account or credit card to your Venmo account, you may see if it is eligible. When you try to make an instant transfer, your bank account or debit card is offered as a payment option but greyed out. This means that your bank does not currently participate in an instant transfer service.
Follow the steps below 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
You will have to link the bank account to which you transferred funds from your Venmo account to your PayPal account.
To add a bank account to PayPal, follow the steps below:
- 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
Finally, the last thing to do is to transfer the money from your bank account (received from Venmo) to your PayPal.
It is similar to adding funds to your PayPal balance from your bank account.
Here is how to do it.
- 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".
The transfer usually takes 3-5 business days to complete. It is free and can be done at any time. You'll receive an email once the transfer is complete.
How to Transfer Money from Venmo to PayPal Without Bank Account
A bank account serves as a bridge to transfer money from Venmo to PayPal and without it, such a transfer can't be possible.
This means, to transfer money from Venmo to PayPal without bank account, you will still need to use a bank account but the account must not be yours. You can use a friend's account to complete the transfer.
- How to Transfer Money from Chime to Cash App
- How to Transfer Money from Cash App to Chime
- How to Transfer Money from Debit Card to Prepaid Card
- How to Transfer Money from Debit Card to Another Debit Card
- How to Transfer Money With Only Card Number and CVV
- How to Transfer Money from Bank Account to Prepaid Card
- How to Transfer Money from ReliaCard to Cash App
- How to Transfer Money from ReliaCard to Bank Account
Final Thoughts
Both Venmo and PayPal are fantastic apps when it comes to moving money from one account to another without fees. Though PayPal owns Venmo, they are not compatible in that, you can't integrate one app into the other.
This makes it very tricky to transfer money between both apps. The only way to transfer money from Venmo to bank account is to use a linked bank account. This article shows you a complete process on how to complete the transfer without hassle.
References:
https://help.venmo.com/hc/en-us/articles/209690058
https://help.venmo.com/hc/en-us/articles/235399967-Standard-Bank-Transfers-FAQ
https://help.venmo.com/hc/en-us/articles/115015844068-Instant-Transfers-FAQ
https://wise.com/us/blog/venmo-to-paypal
https://www.businessinsider.com/can-you-transfer-money-from-venmo-to-paypal