Are you looking to transfer money from your Venmo account to your PayPal account? The good news is that this is incredibly easy to do. At PayByPhoneBillCasino.uk, we have created a step-by-step guide that you can follow showing exactly how to complete this process.
Carry on reading to find out how to deposit cash into your PayPal account from Venmo today.
What are Venmo and PayPal?
Venmo is one of the top e-wallet services in the United States. The service is used by over 70 million people and allows you to transfer cash to your peers for free. It was first launched in 2009 and since 2012 it has been owned by PayPal.
If you have a PayPal account, you will easily be able to use Venmo as it works similarly. People can deposit and withdraw cash from their Venmo accounts in a reliable, fast and low cost way.
Both of these e-wallets can be connected up to bank accounts and can have debit cards attached to them. However, PayPal offers more as it has business financing options and credit cards available to connect. Users should also be aware that Venmo transactions can only be made via their downloadable iOS or Android mobile app while PayPal transactions can be made through the app or their website.
How to Transfer Money from Venmo to PayPal
Although PayPal owns Venmo, the two companies are not integrated. Unfortunately, you cannot directly fund your PayPal account with Venmo. While this will be disappointing for many people to hear, there are ways to go around this so you can still use the cash in your Venmo account to deposit into your PayPal account. This involves setting up a bank account that links both of these e-wallets.
Here’s how you can make this transfer step by step:
- The first step is to set up a bank account that is linked to both your Venmo and PayPal account
- You can link your PayPal and bank account by logging into PayPal and selecting the ‘link a bank option’ or ‘banks and card’ if you do this via the PayPal mobile app. Enter your banking information and follow the instructions to set up the link
- Then, head on over and log into your Venmo account. In the settings area, you can hit the ‘payment methods’ button and choose to add a bank or card. You will also need to select your preferred verification method
- Now, stay with your Venmo account and hit the ‘transfer to bank’ button. Here, you can enter how much you want to transfer to your linked bank account and whether you want this to happen instantly or in up to three business days
- Go back to your PayPal account and select the ‘transfer money’ option where you can transfer money from your linked bank account to your PayPal account
- Follow the instructions to complete this transaction and the money will be transferred to your e-wallet in three to five business days
To make your payments between these e-wallets even easier, be sure to download each of their respective apps on your mobile device. This will ensure your transactions are just one touch away.
Can I Make Transfers from Venmo to PayPal Instantly?
At the moment, you cannot make a Venmo to PayPal transaction instantly. This is due to the bank account middleman and the processing times of the bank. If your bank is fast in approving transactions, you can have the money transferred to your PayPal account in as little as three days. It is also worth noting that if you top for the instant transaction from your Venmo account to your bank account, rather than the three business days option, this will incur a fee of 1.5%. If this is not a suitable waiting period for you, you may have to opt for another payment method.
What Should I Avoid When Transferring Money from Venmo to PayPal?
If the processing times are not a concern for you and you still want to transfer money from your Venmo account to PayPal, there is one big consideration to make – and that is currency. We would not recommend using these services to transfer money in different currencies. This can be one of the most expensive ways online to transfer money internationally and there are many other alternatives to consider using that are much cheaper.
Should I Choose Venmo or PayPal?
For some people, it is better to simply opt for one payment over another to avoid any fees and long processing times. Overall, PayPal is the better and more reliable payment option but if you are simply looking for a quick and convenient way to transfer cash between you and your family or friends, Venmo will be the more suitable option for you.
- Higher transfer limit
- Reputable company
- Extra security measures with fraud protection
- Instant transfers
- Specifically designed for fast transfers between family and friends
- Debit card purchases have no fees attached
- Reliable and used by over 70 million people
As you can see, making a transfer from a Venmo account to a PayPal account can be done and all you need to do is make sure you have these accounts linked to the same bank account. However, before going ahead and doing this players should consider the long processing times as well as any fees that they may run into for instant transfers. Where possible, it is best to try and stick to using just one e-wallet, rather than transferring cash between the two.