Having a Venmo account, I’m part of a digital payment world with over 83 million users1. I often need to move money to my PayPal account. This requires using a bank account linked to both services.
PayPal connects 429 million people across the globe1. This makes transferring money between services a key task for me.
To ensure smooth transfers, I keep my Venmo and PayPal linked to the same bank1. This allows me to transfer up to $7,000 every week from Venmo.
If I need cash fast, Venmo’s 3% credit card fee for instant transfers is worth it1. While Venmo works only in the U.S., PayPal lets me send money in 25 different currencies1.
I focus on transferring money smoothly and hassle-free. PayPal lets non-verified users send up to $4,000 at once, sufficient for regular needs1.
Verified PayPal users can send more, up to $60,000, though limits can vary1. Understanding both platforms’ fees prevents surprise charges1.
Understanding the Venmo to PayPal Transfer Process
If you use digital payments a lot, it’s key to know how to transfer money between Venmo and PayPal. Even though you can’t transfer directly from Venmo to PayPal, there’s a workaround. By linking the same bank account to both your Venmo and PayPal accounts, you can smoothly move your money.
Start by linking your bank account to both payment platforms. Once that’s done, you can move your money from Venmo to your bank account. Venmo lets you transfer up to $299.99 weekly to friends, but this can go up to $60,000 after you confirm your identity2. You can choose an instant transfer which takes under 30 minutes2, or a standard transfer which is free but takes 1 to 3 days2.
After the transfer to your bank, you just need to move the money to PayPal. PayPal works in over 200 countries and lets you transfer as much as $60,000 per transaction2. It’s important to remember the 2.9% plus 30 cents PayPal charges for domestic transactions using a credit card. This fee is common across many digital payment services23.
Digital platforms like these are not only secure but also convenient for sending money abroad. There’s also a 5% fee for PayPal’s international transfers. This shows that fees and limits vary a lot for global transactions2.
- To summarize my findings, for a Venmo to PayPal transfer:
Comparing Venmo, PayPal, and other digital payment services has been quite revealing:
| Service | Transfer Limit | Transfer Time | Fees | Market |
|---|---|---|---|---|
| Venmo | $299.99-$60,000/week | Instant – 30 min; Standard – 1-3 business days | 3% for credit cards; No fee for other methods | U.S. |
| PayPal | $10,000-$60,000/transaction | Usually instant | Domestic: 2.9% + $0.30 for credit cards, No fee for other methods; International: 5% | 200+ countries |
| Cash App | Varies | Instant to debit card; 1-3 business days to bank | 3% for credit cards; No fee for other methods | U.S., U.K. |
| Google Pay | $5,000/7 days | Minutes to 5 business days | No fees | U.S., India |
| Zelle | Varies; $500/week with standalone app | Within minutes | No fees (bank fees may apply) | U.S. |
From my experiences, it’s important to look at transfer limits, timings, and fees, especially with credit card use. Services like PayPal, Venmo, and Cash App charge a 3% fee for credit cards23. It’s also wise to monitor your credit utilization to protect your credit score3.
In summary, while you can’t transfer directly from Venmo to PayPal, a linked bank account makes it easy. This way, the digital payment world feels more interconnected.
Avoiding Common Pitfalls in Money Transfer Between Venmo and PayPal
When moving money from Venmo to PayPal, going with the standard transfer is best. This way, I steer clear of Venmo’s 1% charge for quick transfers. It helps me save my money4. Venmo has over 83 million users and PayPal connects 429 million people worldwide1. This makes it super important to be careful when transferring money between them. Since Venmo and PayPal charge different fees, being careful is key1.
It’s crucial to have the same usernames on Venmo, PayPal, and my bank accounts. This makes transfers smooth and keeps my accounts safe. I also stay alert for scams, like fake customer support or too-good-to-be-true money-making offers on Venmo5. When converting money in PayPal, watching out for fees is important. These can range from 2.5% to 4.5%. I look at Monito’s advice to find cheaper and better options than PayPal for moving money internationally4.
I use Venmo’s $7,000 weekly limit for big payments1. Before I make a move, I research on Monito. It’s used by almost 8 million people each year for financial tips4. This careful planning helps me avoid mistakes and makes transferring money between Venmo and PayPal smooth, safe, and cheap.
Source Links
- https://www.forbes.com/advisor/money-transfer/venmo-vs-paypal/
- https://www.marketwatch.com/guides/money-transfer/best-ways-to-send-money/
- https://www.latimes.com/compare-deals/credit-cards/guides/how-to-transfer-money-from-credit-card
- https://www.monito.com/en/wiki/transfer-money-from-venmo-to-paypal
- https://www.avast.com/c-how-to-avoid-venmo-scams
