Transferring funds from Venmo to PayPal might be as complicated as you think. If you’re unsure about how transferring works, you’ve come to the right post. Below, you’ll find out how to put money into your PayPal account from Venmo and much more. But first, let’s cover the basics.
What is Venmo?
You might not know that Venmo is a mobile payment service owned by PayPal. It allows users to send and receive money and make online purchases from approved vendors. With Venmo, you can pull funds from your account balance, debit card, credit card, and any linked bank accounts.
We know Venmo as a popular way to split the bill when we eat out with friends and family. It also operated like a social media platform where you can view other people’s transactions and comment on them. Sometimes it’s helpful to know what your friends are purchasing to make comparisons and prices.
Related Reading: Cash App Review – read here.
So can you transfer funds from your Venmo account to your PayPal account?
Unfortunately, not directly, no. As of late, there is no direct link from Venmo to PayPal, so there is no option to make that simple transfer.
Crazy, I know.
However, there is a workaround, so it’s possible.
What you do is link the same bank account to both accounts.
Both apps can essentially be used as banking platforms. What you can do is put money into a linked bank account on Venmo. You can then access the same bank account from PayPal. Sounds a bit too complicated? Don’t worry, and let me break it down for you. Here’s a step-by-step guide.
- Link one of your bank accounts to your Venmo account.
- Link the same bank account to your PayPal account.
- Pull funds from your Venmo account by depositing them into the shared bank account.
- Withdraw the funds from your shared bank account into your PayPal account.
- Voila! You transferred money in a few easy steps.
It’s such a shame that this is currently the only method to make transfers. Perhaps in the future, they’ll work on making it a more accessible option for us users. If you don’t know how to withdraw and deposit funds into your linked bank accounts, there are plenty of video tutorials online that you can check out. The process is straightforward.
Related Reading: Cash App vs. Zelle vs. Venmo – Read Here.
Is Venmo Free to Use?
Yes, Venmo is free for everyone to download and use. Their primary features don’t have fees. But there are some features that you will have to pay for. What are they?
First, it’s excellent that pulling money from a linked bank account or debit card is free. So when you need to use the hack I detailed above, you don’t have to pay for anything. There also isn’t a fee for cashing into your Venmo account when you use a linked bank account or debit card. It’s not like a standard banking app where you may have to pay monthly or annual fees.
Next, please note that they will charge you a 3% fee if you choose to make transfers from a credit card. A 1% fee is also charged when making instant transfers, with a minimum of $0.25 and a maximum of $10. These rates are pretty standard when it comes to this kind of app.
Venmo says that standard transfers can take up to 3 days to pull through. When you choose the instant transfer option, you can expect to receive the funds within 1-30 minutes.
Also, if you are a Venmo user that has concerns over privacy, then make sure that you adjust your privacy settings to make your payments private.
Related Reading: How to Transfer from Venmo to Cash App – see here.
Can you use Venmo to make online purchases?
We’re all getting addicted to online shopping, so it’s a good thing that we can use Venmo as a payment option. You can use it to pay for stuff with your existing balance, linked bank account, debit and credit cards, and PayPal.
Whenever you see PayPal as a checkout option, you can use Venmo to make that transaction. You will most likely be prompted to opt-in. Here are the following steps to opt-in so you can pay with Venmo:
- Locate the ☰ icon at the upper left corner of the app and tap it.
- Locate Settings and open the Buying section.
- Choose to connect with the browser you’re using.
- Tap the Enable Mobile Web Purchase option.
You can only do this with Safari or Google Chrome, so iOs and Android users should be covered.
Quick Facts About Venmo Payments
Venmo is a handy app, but it has a slight learning curve to take advantage of its features fully. Here are some quick facts you may want to know about making payments with Venmo:
- Venmo can function as a banking app because it allows users to quickly transfer funds from their balance to a linked bank account.
- The sender and recipient of the funds will have to own separate Venmo accounts.
- You can use Venmo for online payments and have access to your bank account and cards.
- You can find your friends and family within the app by choosing to sync your Facebook account or phone book.
- You can use Venmo to split costs among friends when paying for meal bills, event tickets, and plane tickets.
- You only need the recipient’s name, email, and phone number to make a transfer.
- You can use Venmo’s social feed to learn about your circle’s purchases. There are also the options to like and comment on these purchases.
Related Reading: How to Add Money to Your Cash App Card – read here.
Final Thoughts On Venmo Transfers
It’s too bad that it isn’t easier to make transfers from your Venmo account to your Paypal account. For now, let’s be grateful that the workaround is pretty simple. If I failed to answer some questions you may have, check out the FAQ section that I’ve included below.
I think Venmo is a reliable and straightforward venue to make transactions easier. I hope you enjoy its benefits as much as I do.
FAQs about Venmo and PayPal
Will I be charged if I accept a Venmo payment?
No. Receiving payments in Venmo is free. It’s a different story when it comes to making payments. You will be subject to the same fees as you do for PayPal.
Can I use my desktop for Venmo transactions?
Not as of now, no. Currently, you can only make transactions on your mobile device using the app. I hope we can access our Venmo accounts on our computers in the future.
What does it mean when I send a payment to a “New User”?
It means that the name, email, and phone number you used isn’t linked to a Venmo account. The recipient will have to make one to access the funds that you sent.
I made a mistake. Can I cancel a payment on Venmo?
Unfortunately not. Sending money on Venmo is pretty much instantaneous, and there is no way to cancel it once you’ve authorized it. You will have to contact the user you accidentally paid to send the funds back to you.
However, you can pull your payment back if you send it to a person who doesn’t have a Venmo account.
How do I cancel a payment to a nonexistent or inactive Venmo account?
- Locate the ☰ icon at the upper left corner of the app and tap it.
- Locate “incomplete” and tap it.
- Go to the payment tab.
- Tap “cancel” below the payment overview.
Can I use Venmo to pay someone on PayPal?
No. There is no way to send money directly across these platforms.
What kind of protection do Venmo transactions have?
PayPal’s Seller Protection Policy covers Venmo transactions.
Disclosure: this article might contain links to the resources discussed.