With just a few simple steps, we'll demonstrate how to achieve it in this post. Given the popularity of both platforms, we wanted to make it simple for you to transfer funds between them. Let's get going.
What Is Venmo?
A digital wallet called Venmo enables you to send and receive payments from loved ones. Money transfers are free to anyone with a US bank account.
All you need is their phone number or email address. You can use Venmo to pay for goods and services at some companies, and there are no costs associated with sending or receiving money.
How does Venmo work?
You must register for a Venmo account and link your debit card or bank account to it before you can use the service.
You can begin sending and receiving payments from friends and family after your account is set up. You won't have to wait long for your money to show up in your account because payments are handled promptly.
You only need to know the recipient's phone number or email address in order to submit payment. To remember what a payment is for, you can also include a message with it. For instance, you can add a comment that says "dinner" if you are splitting the cost of a meal with pals.
Paying out is as simple. All you have to do is tell the individual sending you the money your phone number or email address. You will receive a message as soon as the payment enters your account letting you know it has done so.
After that, you can decide whether to send the funds to your bank account or retain them in your Venmo account.
A practical digital wallet app for sending and receiving money from friends and family is called Venmo.
What Is PayPal?
One of the first companies to offer electronic payments was PayPal, which was founded in 1998. PayPal was first used by customers to send money via email or to complete purchases on eBay. PayPal operates in more than 200 countries and 25 different currencies today with 429 million consumer and commercial accounts.
Users of PayPal can send and receive money, buy things online, and even donate to organizations. You must register for a free account with PayPal in order to utilize the service.
You can use your bank account or credit card to add funds to your balance after creating an account. As an alternative, you can get paid by other PayPal users.
PayPal charges either no or very little fees for sending or receiving money. However, some transactions come with costs, such as when you use your credit card to make a purchase or when you transfer money from your PayPal balance to a bank account.
A quick and secure method of online money transfer is PayPal. It's crucial to keep in mind that you should never send money to somebody you don't know or trust. It is always preferable to get in touch with the individual or business directly if you have any questions about a transaction before giving any money.
PayPal makes it simple to send money to friends, family, and businesses abroad as well as domestically.
Can You Send Money From Paypal To Venmo?
No, you Cannot Send money from Venmo to PayPal, to give you a quick answer. Despite PayPal owning Venmo, there is no direct connection or interaction between Venmo and PayPal accounts.
How Can You Connect Your PayPal and Venmo Accounts to Your Bank?
You may move money between Venmo and PayPal with ease if you connect them to your bank account. The fact that it is totally free is the finest part! A working email address and a bank account that is linked are all you need.
You can transfer funds from Venmo to PayPal and vice versa using the same bank account as long as it is linked to both of your Venmo and PayPal accounts.
Here is our step-by-step guide on how this works:
Step 1: Connect your bank account and PayPal account: After logging into your account with PayPal, simply select the "Add card or bank" option on the right-side panel. Another choice is to press the "Connect a card or bank" button on the top left after selecting the "Wallet" link from the top menu. In order to connect your bank account to PayPal, follow the instructions.
In another article, we went into great depth on how to link your bank account to PayPal. When you have finished following the directions in that blog, come back here for the next stages.
Step 2: Connect your Venmo and bank accounts: Similar steps are taken to link your bank account to Venmo. Just sign in to your Venmo account, go to the Settings section, and select the Payment Methods link. Next select Bank from the "Add bank or card" menu.
Make sure to select the identical bank account that you used to link your PayPal account.
Step 3: Verify your bank account. Next, either use the automated Plaid integration that offers rapid verification or use the manual process to link your bank account to Venmo.
Step 4: Make a bank account transfer from Venmo: Now, transfer the money from your Venmo account to the associated bank account. Tap "Transfer" after selecting your preferred transfer option (either Immediate or 1-3 business days).
Step 5: Make a bank account for PayPal money transfer: Go to your PayPal account and select "Transfer Money." Next, select "Add money to your balance" from the "Money in" menu. Click "Next" after choosing your bank account, entering the desired amount, and then. Click "Add" after making sure everything is in order. Your PayPal balance will be increased with your payment.
I'm done now. Your Venmo funds will be accessible in your PayPal account once both transactions have cleared.
With a linked, shared bank account, sending money from Venmo to PayPal is quick and simple.
When sending money with Venmo, are there any fees?
Venmo is one of the most widely used solutions for money transfers in the US. What about Venmo fees, though? Is PayPal free?
The quick response is that Venmo is free. On Venmo, sending or receiving money is free1 as long as you are aware of the circumstances that result in charges. In order to prevent any potential fees, there are a few considerations to bear in mind when using Venmo.
You will be assessed a 3% fee if you finance your transactions with a credit card (other than the Venmo credit card).
With no fees for many situations, Venmo is incredibly cost-effective. To avoid being taken by surprise, be aware of when fees apply.
In general, using Venmo to send and receive money is fairly inexpensive. By choosing to send money to your associated bank account and selecting the normal transfer to avoid incurring the Immediate transfer fee, you can completely avoid paying any Venmo fees.