Transferring money from PayPal to Venmo is easy if you know the steps. PayPal and Venmo are key tools for many in the U.S. This PayPal to Venmo transfer guide makes it simple for you.
To begin, open the transfer service in the PayPal app. Ensure your app is up-to-date for the latest features. PayPal’s Visa+ lets you move money across platforms easily. Also, setting up a Venmo Payname is key for smooth transactions.
Over 75 million have used Venmo, and it’s 19% more likely to complete purchases than traditional methods. It’s fast, secure, and great for splitting bills and social networking. Our guide helps you transfer money easily and enjoy digital financial transactions.
Methods to Transfer Money from PayPal to Venmo
It’s important to know the different ways to move money from PayPal to Venmo. Here are the three main methods to transfer money effectively:
- Using Visa+: This is a simple way to send money from PayPal to Venmo. Both accounts need to have Visa+. You’ll need to enter your payname and confirm details like the last 4 digits of the recipient’s phone number. But, not all PayPal users can use this feature, so you might need to try other ways.
- Linking and Using a Bank Account: If Visa+ isn’t an option, you can link a bank account to both PayPal and Venmo. First, move money from PayPal to your bank account. Then, transfer it from your bank account to Venmo. This method is fast, often taking less than 30 minutes. For a detailed guide, check out this step-by-step guide to transfer money.
- Utilizing the PayPal Debit Card: You can also use the PayPal Debit Card. Add this card to your Venmo account to move funds. This method might take 7 to 10 business days. Remember, currency conversions can have extra fees, as explained on the Wise blog.
Guide to Send Money from PayPal to Venmo
Moving funds from PayPal to Venmo is easy and convenient. This guide will show you how to transfer money between these two platforms smoothly.
First, link your PayPal and Venmo accounts to the same bank account. This makes transfers simpler and avoids extra bank checks. Log in to both apps and add a bank account as instructed.
- Link Your Accounts: From PayPal, go to ‘Settings’ and add your bank account. On Venmo, select ‘Add Bank Account’ in settings.
- Set up Payment Methods: Choose your bank account as the main funding source on both platforms.
- Verify the Fund Transfer: Double-check the transfer details, like amount and recipient, before sending.
Here’s a table to show you the transfer process and options:
| Transfer Method | Processing Time | Fees | Recommended Use |
|---|---|---|---|
| Instant Transfer | Minutes | 1.75% fee | For urgent transfers |
| Standard Transfer | 1-3 Business Days | No fees | For routine transactions |
Start the transfer in the PayPal app by choosing ‘Transfer to Bank Account’. Enter the amount and select your transfer option. Then, move the funds to Venmo from your bank account.
This guide ensures your money moves smoothly. Double-check each step for security and accuracy. For more info, see this quick guide.
Always check the recipient’s info and the amount before you send. This helps avoid mistakes and extra fees when moving money between PayPal and Venmo.
Limitations and Fees You Should Be Aware Of
Transferring money from PayPal to Venmo comes with its own set of rules and costs. It’s key to know the fees involved to avoid surprises and make smooth transactions.
PayPal charges different fees for online and in-store purchases in the U.S. Online purchases cost 2.9% + $0.30, while in-store purchases are 2.7% + $0.30. International transactions are much pricier, with online fees at 4.4% + $0.30 and in-store fees at 4.2% + $0.30. There’s also a 2.5% currency exchange fee on top.
Venmo has its own fee structure. Instant transfers to a bank or debit card cost 1.75%, up to $25. Using Venmo for business or financial moves is important to understand these fees. Venmo also charges a 3% fee for credit card transfers and a 2.99% fee for “goods and services” transactions.
PayPal to Venmo transfer limits can also be a problem. PayPal’s instant transfers are limited to $25,000 per transaction. Venmo’s unverified accounts have weekly limits that increase after verification. Knowing these limits helps avoid account restrictions and ensures smooth financial operations.
