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Do you use Venmo or PayPal for peer-to-peer payment transfers? If you use both platforms, there might be a time when you need to transfer money between them. Maybe your friend only uses PayPal, but you have cash in your Venmo account to pay for your dinner. Or maybe you’re purchasing from an e-commerce website that accepts PayPal, but not Venmo, as a form of payment.
Although PayPal owns Venmo, you might be surprised to learn that you cannot transfer funds directly between the two services. Fortunately, figuring out how to transfer money from Venmo to PayPal is easy as long as both accounts share the same bank account as a funding source.
How To Transfer Funds Out of Your Venmo Account
The first step in transferring money from Venmo to PayPal is getting the funds out of your Venmo account and into your linked bank account. You can follow these steps to do so.
Open Venmo and click the “You” tab.
Select “Transfer balance.”
Enter the amount you wish to transfer and whether you want the funds transferred instantly or within 1 to 3 business days.
If you choose to instantly transfer, you’ll pay 1.75% of the total transfer amount in fees, up to $25, which will be deducted from the amount you receive in your bank account.
How To Transfer Those Funds Into Your PayPal Account
Once the money has appeared in your bank account, you can transfer the money into your PayPal account. If you choose to transfer instantly, this shouldn’t take more than a few minutes. Here are the steps you should follow:
Sign in to your PayPal app and select “Wallet.”
Click on “Transfer Money.”
Lastly, select “Add Money to Your Balance.”
Be aware that it could take three to five business days for the money to appear in your PayPal account. You can transfer the money instantly, but plan for a fee of 1.75% of the total transfer amount, up to a maximum of $25.
Is Venmo the Same as PayPal?
Venmo and PayPal are very similar services, providing fee-free money transfers for friends and family and an easy way for businesses to accept payments for goods or services. Both platforms offer payment protection for purchases. PayPal has recently added extra features, including a PayPal savings option, where you can earn interest on your money.
Final Take
Learning how to transfer money from Venmo to PayPal is a simple process if both accounts share the same bank account. With just a few steps, you can easily have your funds in the app you need. Just keep in mind that it might take a few days for the money to appear.
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