How to Transfer Venmo to PayPal
Digital payment apps are now completely standardized in our day-to-day lives.
PayPal, Cash App, and Venmo are just some of the applications that we use on a daily basis.
In the case of Venmo and PayPal, we are talking about two entirely different apps that actually belong to the same company.
Venmo has a more social approach: Venmo users can start splitting payments, send money to others, receive money on their profile, and manage their personal finance easily.
On the other hand, PayPal accounts are meant for more features, such as sending money abroad and managing a foreign currency.
So, can you move funds from Venmo to PayPal? This guide will talk about:
- How to transfer Venmo to PayPal;
- What to know before sending money from Venmo to PayPal balance;
- How to add money to PayPal Cash account through Venmo.
Can You Transfer Money from Venmo to PayPal?
There is no direct way to transfer money from Venmo to PayPal because they are two separate money transfer services.
Both Venmo and PayPal accounts can make online payments, online purchases and more and you don’t need to pay monthly or annual fees at all.
Nonetheless, it is like if you wanted to transfer Venmo yourself - some workarounds are needed in order to achieve that.
You cannot PayPal directly to Venmo and vice versa - your PayPal wallet is one thing, and your Venmo User Profile is another entirely different thing.
Remember that Venmo transactions have a more social approach.
You can find friends automatically to add friends on Venmo, link Venmo to social media, make instant transfers to friends and families, and more, whereas PayPal’s approach is aimed more at international money transfer services.
Can PayPal Customers Pay with Venmo?
The story changes a little bit for customers who want to use their Venmo funds to buy something through PayPal.
According to the PayPal website, it is possible for sellers to accept Venmo payments from users shopping online.
There will be the same fees and exchange rates for both the sender and the buyer, so it works without further problems.
The buyer just needs to connect Venmo before completing the Venmo payment and transfer money quickly through it to PayPal.
Of course, currency conversion might apply if you want to pay with your Venmo balance, so it is important to have this in mind before proceeding.
How to Transfer Venmo to PayPal
There is no such thing as direct Venmo to PayPal transfers, but there’s a little workaround that you can apply to move money from Venmo mobile app to PayPal.
This is what we are going to do to transfer money from Venmo to PayPal: we are going to set your bank account in both Venmo and PayPal account, and move funds within them using traditional banks.
Are you ready? Let’s do it!
Step 1: Set Up Your Venmo Account
First of all, make sure that your Venmo account is set on your mobile phone and ready to use.
You just need to create a new one or recover your inactive Venmo account to complete this step.
Step 2: Get a Linked Bank Account to Venmo
Now, you must link your bank or card information directly on Venmo.
On the main Venmo screen, follow all the steps to add a bank account to your profile on the Payment Options, Settings Menu.
Bank accounts are used on Venmo for moving and transferring funds between them and your Venmo balance.
Step 3: Withdraw Money from Venmo Balance to Your Bank
Now, all the balance you have on Venmo should be moved onto your bank.
Therefore, go to Withdraw Money and select your bank.
You can either move all your existing balance or select the transfer amount before you decide to send money here.
You need to wait for between 1 to 3 business days until the funds successfully appear in your bank account.
Step 4: Link the Same Bank Account to PayPal
You have transferred funds from Venmo to your Bank account - great! Now is the time to send money from your bank account to PayPal.
So, log in to your PayPal account, and add a new Bank Account to it.
The online banking details need to be exactly the same that you linked on Venmo. Otherwise, the process will not entirely work.
Simply add your bank account details to PayPal, and wait until the platform recognizes it.
It is highly probable that the platform asks you to complete a KYC verification process to properly use PayPal from now on.
Step 5: Transfer Funds from Bank to PayPal Account
Now, you need to transfer funds from your bank to PayPal. Simply select “Add Money” on PayPal, select your bank account, and complete on-screen steps.
It is necessary to select how much money you want to move from your bank to PayPal, and then you will need to wait for the balance to be transferred.
You have just transferred money from Venmo accounts to PayPal! Although we would like it to be a little more straightforward, since these are two entirely different platforms, this is the only way to do it.
Get more financial tips here, at GrowFollowing.
FAQ
Does Venmo Allow Desktop Transactions?
No, you can only do mobile transactions on the Venmo app. PayPal, however, does accept desktop transactions.
Will Venmo transactions be covered by PayPal’s Seller Protection Policy?
Yes, PayPal Seller Protection Policy covers Venmo transactions that are processed within the PayPal app. You can learn more about this matter by checking the official PayPal website.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.