Paypal and Venmo are two e-wallets with the same owner. So is there any link between these 2 wallets? Is it possible? Can you send money from Paypal to Venmo? Here is the detailed answer for you.
About Paypal and Venmo
PayPal is a digital currency platform and global leader in the digital wallet ecosystem that allows consumers worldwide to pay, send money, and receive payments. It started as an online payment system embedded in eBay, but later evolved into a powerful payment system for Internet and mobile transactions.
Venmo is a peer-to-peer digital payment service owned by PayPal and specifically designed to facilitate transactions between smartphones. It holds a digital wallet that you can use for other Venmo transactions, or you can transfer funds to and from your bank accounts and debit cards.
Both Paypal and Venmo are major e-wallet platforms, Venmo is a horizontal payment service and was acquired by PayPal. Venmo is essentially a social network of payments, allowing users to view transactions of friends or contacts. Paypal does not.
Compared to Venmo, Paypal is more secure and safe – according to experts. However, Venmo is easier to use. These two e-wallets have their own advantages and disadvantages.
Similar To can you send money from PayPal to Venmo:
Can we send money from Paypal to Venmo?
Despite being the same owner, currently, there is almost no link between Paypal and Venmo. We cannot send money directly from Paypal to Venmo. I think this is part of protecting users from phishing. However, there are still a few ways to send money indirectly from Paypal to Venmo – through a 3rd party. And if you are in need, please read carefully the instructions below.
Method 1: Link a bank account for your Paypal and Venmo
When both your Paypal and Venmo e-wallets share the same bank account, you can send money from Paypal and the bank account and then use this account to top up Venmo. First you need to add a bank account to the 2 wallets. Steps to do with Paypal:
- Go to PayPal homepage, select “Link a bank account”
- Fill in your bank information. In this step, in addition to entering the account number, you need to fill in additional information: Country of bank, Switch name order, Bank name, Bank code, Branch location, Branch code. Since Paypal is an international e-wallet, this information is required.
- You need to double check the information entered, then press “Link a bank account”
- It will take about 3 days for you to verify your bank account on PayPal
Steps to do with Venmo:
- On the home screen of the Venmo app, tap the button with the three dashes
- Select “Settings” and then select “Payment Method”
- Select “Add a bank or card…” and then select “and then select “Bank”. If you linked Venmo to a credit card, select “Card”.
- Fill in your bank information and select verify
- You can verify your bank account in Venmo in 2 ways: Instantly or manually. With Instant verification, it only takes a few minutes, while with Manual verification, you need 1-3 working days.
How to send money from Paypal to bank account:
- Select “Manage balance”
- Select “Bank Transfer”
- Enter the amount you want to withdraw
- Click the “Next” button at the bottom of the screen
- Select “Withdraw”
- It will take 3-5 working days for the money to be transferred from Paypal to your account. If you want instant withdrawal there is a fee
How to deposit money from your bank account to your Venmo wallet:
- Tap the three dashes icon in the top right
- Click “Manage Balance”
- Select “Add or Move”
- Enter the amount you want to transfer to your Venmo account
- Select the bank to which you want to transfer money
- Click “Finish”, before that you need to check the information again because this transaction will not be cancelled.
- It will take 3-5 business days for the funds to return to your Venmo wallet
Above are the details of the steps to transfer money from PayPal through a bank account. The disadvantage of this method is that it is cumbersome and time-consuming. If you’re looking to send money from your PayPal to someone else’s Venmo you can suggest they create a Paypal account – it’s quick and free. This way is much simpler.
Method 2: Linking via debit card
If you already have a debit card on Paypal and Venmo, use this method. Instructions for transferring money from Paypal to debit card:
- Step 1: Login to Paypal
- Step 2: Go to “Balance” and click “Withdraw Funds”
- Step 3: Enter the amount you want to withdraw. Select the card you want to withdraw money to
- Step 4: Click “Finish”
To make this transaction, you need to meet the following conditions:
- Balance in Paypal must be 10 dollars or more
- The card you want to transfer money to must be a debit or prepaid card (in this section, it is a debit card)
- Your Paypal account has been verified
- It may take up to 7-10 business days for you to withdraw money from Paypal to your debit card
Steps to top up Venmo wallet with debit card:
- Click the button 3 horizontal bars above the screen
- Go to “Settings” then “Payment methods”
- Click “Add or Transfer”
- Enter the amount you want to add to your account
- Select the debit card you want to add money from
- Check the information and click finish
Things to know when transferring money indirectly from PayPal to Venmo
The first is that it will cost you. Instant withdrawals from Paypal to debit card or bank account will cost 1% fee.
In addition, you should be careful not to convert other currencies. Because most e-wallets have quite high currency conversion fees. This number is usually 3%. IT is best to check the websites for any fees because they can change. before you make a transfer.
So you have seen detailed instructions on 2 ways to transfer money from PayPal to Venmo. Read it carefully and do it. Hope it will be useful to you. With the costs already if as well as the time to wait, please consider carefully.
In summary, it is more important than ever to double-check the information you enter when making a transaction. We wish that you have a great money experience with these two e-wallets.