Transferring money between Venmo and PayPal can be a bit tricky since there is no direct way to send funds from one platform to the other. However, there are workarounds to achieve this. This guide will walk you through the steps needed to transfer money from Venmo to PayPal and vice versa.
Can You Transfer Money From Venmo to PayPal?
Can you transfer money from Venmo to PayPal directly? Unfortunately, as of now, there is no direct way to transfer money from Venmo to PayPal. However, you can use your linked bank account as an intermediary to transfer funds between these two popular payment platforms.
Step-by-Step Guide to Transfer Money from Venmo to PayPal
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Transfer Money from Venmo to Your Bank Account:
- Open the Venmo app.
- Tap on the menu icon (☰) in the top left corner.
- Select ”Transfer to Bank.”
- Enter the amount you wish to transfer and choose either ”Instant” (with a fee) or ”1-3 Biz Days” (free).
- Confirm the transfer.
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Wait for the Transfer to Complete:
- If you chose the free option, the transfer might take 1-3 business days to reflect in your bank account.
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Link Your Bank Account to PayPal (if not already linked):
- Open the PayPal app or go to the PayPal website.
- Go to ”Wallet.”
- Click on ”Link a bank” and follow the instructions to add your bank account.
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Transfer Money from Your Bank Account to PayPal:
- Once your bank account is linked, go to your PayPal wallet.
- Click on ”Transfer Money.”
- Select ”Add money to your balance.”
- Enter the amount you transferred from Venmo and confirm.
Can You Send Money from PayPal to Venmo?
Similar to the Venmo to PayPal transfer, there is no direct method to send money from PayPal to Venmo. However, you can use the same workaround by utilizing your bank account.
Step-by-Step Guide to Transfer Money from PayPal to Venmo
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Transfer Money from PayPal to Your Bank Account:
- Open the PayPal app or website.
- Go to ”Wallet.”
- Click on ”Transfer Money.”
- Select ”Transfer to your bank” and follow the prompts to transfer the desired amount.
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Wait for the Transfer to Complete:
- The transfer usually takes 1-3 business days if you choose the standard option.
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Add Money to Venmo from Your Bank Account:
- Open the Venmo app.
- Tap on the menu icon (☰) in the top left corner.
- Select ”Manage Balance.”
- Tap ”Add Money” and enter the amount you transferred from PayPal.
- Confirm the transfer.
Venmo vs. PayPal
When comparing Venmo vs. PayPal, it’s important to understand their primary differences:
- User Base: Venmo is popular among individuals for personal transactions and splitting bills, while PayPal is widely used for both personal and business transactions.
- Fees: Both platforms charge fees for instant transfers and certain types of transactions, but their fee structures can differ.
- Functionality: PayPal offers more robust features for online shopping and business transactions, whereas Venmo focuses on social transactions among friends and family.
Can You Send Money from PayPal to Venmo Directly?
No, you cannot send money from PayPal to Venmo directly. As outlined in the steps above, you need to use your bank account as a bridge to transfer funds between the two platforms.
Conclusion
While direct transfers between Venmo and PayPal are not possible, using your bank account as an intermediary allows you to move money between these platforms. This process involves transferring money from Venmo to your bank account, then from your bank account to PayPal, and vice versa.
By understanding and utilizing these steps, you can effectively manage your funds across both Venmo and PayPal, making the most out of each platform’s unique features.
FAQs
Can you transfer money directly from Venmo to PayPal?
No, you need to transfer money to your bank account first and then to PayPal.
Is there a fee for transferring money between Venmo and PayPal?
Fees may apply for instant transfers; standard transfers are usually free but may take a few days.
How long does it take to transfer money from Venmo to PayPal?
It typically takes 1-3 business days for each transfer step.
Are there any limits on how much I can transfer between Venmo and PayPal?
Each platform has its own transfer limits which you should check before making large transfers.
Why can’t I link my Venmo and PayPal accounts directly?
Currently, these platforms do not support direct linking due to their independent operational policies.