Since the use of money transfer apps is growing rapidly, majority of us are utilizing multiple applications every day.This makes it important to know how money transfer between similar apps work and in this article we will talk about sending money from Venmo to PayPal.
When accountholders are not able to find a direct tab that lets them transfer funds to PayPal with their Venmo account, they assume that the action is not possible at all. It is very much do-able! You just need to perform one extra step and we will soon tell you what that is so stay tuned!
Quick Read!
Can You Transfer Money From Venmo To PayPal Through Connected Bank Account?
The simple truth is that you first need to connect both the apps to the same bank account.This would let you transfer funds from Venmo to PayPal and from PayPal to Venmo without any issues.
This is similar to sending money from PayPal to Cash App that we have talked about previous. Don’t forget to check that out as well!
In simpler words, your bank account can act as a mediator between the two apps since none of them support transfer to the other directly. Once you have created a tie with your bank account, you can complete exchange of funds without any hassle and without additional fees as well!
Note! Standard money transfer between Venmo and PayPal is free. You have to pay $1 when making an instant transfer. Moreover, 3% fee would be deducted when making transfers using a credit card.
How Sending Funds From Venmo To PayPal Works?
Linking a bank account to your online money transfer application can be a bit tricky at first especially if you don’t know how to use account number and routing numbers.
That’s nothing to worry about! Here’s a simple guide on how to link Venmo and PayPal to bank account and then initiate the transfer of money from one app to the other.
- Make sure you have the Venmo app downloaded in your smartphone.
- You need to create the account or sign in if the account already exists.
- Moreover, check that you have sufficient funds in your account as well. If you have to make an instant transfer then some additional money must be available.
- Click on Settings of the Venmo app and follow the instruction to link it to your bank account.
- This typically requires you to provide bank account details such as full name of accountholder, account type, routing/account number, etc.
- Now you have to set up a PayPal account if you don’t have one. Alternatively, provide login details to open your account if you had already created it.
- Visit Settings to ensure that your PayPal account is verified. From here, click on PayPal Cash or Cash Plus.
- Follow the instructions on the screen to set up this feature. You can only accept funds on your account once PayPal cash is activated.
- Stay on your PayPal account for this step. Click on Add Money and provide the details of Venmo account from where the money has to be transferred.
Enter the amount that you want to extract from Venmo. Confirm the transaction. You can also perform a microtransaction first to see that everything is working smoothly before you send over the actual sum of money.
Why Do Most Customers Prefer Venmo Over PayPal?
One clear advantage that Venmo app has over PayPal is that it is less expensive. Both applications will let you create an account and sign-in for free.
However, PayPal would then charge 2.9% on every transaction with some additional fees if you are using credit card or debit card. Conversely, Venmo has a fee for transactions as well (3%) but it does not have any hidden charges later on.
Why Do Other Customers Prefer PayPal Over Venmo?
- PayPal is available globally whereas Venmo use is restricted to US only.
- Since customers can download.
- PayPal in more than 200 countries, its accessibility is definitely better than that of Venmo.
- PayPal has stronger security layers against frauds and allows for higher transfer limits as well.
Before You Go!
We had a lot of queries coming in where mostly users wanted to know if Venmo or PayPal is better than the other and why should they choose to install both apps when they perform somewhat the same function. The truth is that some of their features differ and you may want to have an account on both to avail maximum benefit of online money transfer services.
However, Venmo is definitely more suitable for in-app fund exchange. The transfer is quick and does not require you to enter too much of personal information. Transferring money from your PayPal account to other accounts that you personally know is very easy. You just need to create a group with PayPal Cash or Cash Plus account.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.
