Venmo and PayPal are some of the most popular peer-to-peer payment systems today. They are used for online transactions where money is involved (e.g. online shopping and fund transfers to name some). What is more interesting to know is that Venmo is owned by PayPal, which raises the question — can you send money from Venmo to PayPal?
The quick answer to this question is a big fat no. Well, not directly at least. In this article, we will outline a way for you to be able to transfer money from Venmo to PayPal with ease. Heads up, you will need the same bank account linked to your Venmo and Paypal account.
Inside This Article
While Venmo and PayPal are technically siblings owned by one parent company, these two digital wallet services still have nuances up their sleeves.
On the one hand, Venmo is a digital wallet service where users can request and/or send money between friends. Additionally, Venmo also holds a reputation for being one of the most widely used payment methods in America today. Part of its customer appeal is the ease of navigating around its user-friendly mobile app interface, making the requesting and transferring of funds easier. To use Venmo, however, you need to enter your card information first as the source of funds.
On the other hand, PayPal has a broader reach than Venmo. Many businesses prefer using PayPal to receive money from customers. And if you don’t know it yet, platforms like UpWork prefer using PayPal to transfer payments for work done by freelancers. Safe to say, PayPal is more for the serious business side of things.
This is the question that you are trying to answer. As of this writing, there is no direct link for Venmo users to transfer money to PayPal or vice versa. Pretty ironic for services owned by a single company. However, the simple answer to this subquestion of why you can’t directly transfer from Venmo to PayPal is this: there is no tie-up between the two despite operating under the same company.
Now, while there is no direct way to transfer money back and forth, there are creative and brutal ways to still achieve this.
No more dillydallying — let’s skip to the good part. Here’s how you can transfer money from Venmo to PayPal, or vice versa.
It is important to set up and verify your Venmo and PayPal accounts properly. This is an important step in order to fully use the services and their features. Without properly setting up and verifying your accounts, transfers will not work, including adding your card information.
This is an important step in ensuring the so-called three-way transfer would work. Here’s how to link your bank account with Venmo:
- Open your Venmo app and go to the Me tab by tapping your picture or initials.
- Tap the Settings gear in the top right then select Payment Methods.
- Next, tap Add a bank or card and then select Bank.
- Select your preferred verification method.
You can choose to link your bank account manually. However, take note to not enter the check number that appears after your account number. This might cause some errors in transferring funds from your Venmo account to your bank account.
Now, you need to use the same bank account to link with PayPal. Here’s how to do that:
- Go to PayPal’s website and log in to your account.
- Once you are in, tap on Wallet on the option pane at the top of the screen.
- On the window before, click on Link a bank account to start the process.
- Add in your bank account details.
- You will also have to follow the instructions on bank verifications.
- Next, confirm your bank card.
- You will receive a verification code sent to your linked phone number.
And you are done!
Once the link is done, you can start the three-way transfer process. Starting with a transfer from Venmo to your bank account.
- Open your Venmo app (download the app from App Store or Play Store).
- Tap the hamburger icon on the top left corner to open the menu pane.
- Tap on Manage Balances then select Transfer to Bank.
- The next screen will allow you to choose the method of transfer you prefer. You can choose Instant with a 1% fee or the no-fee one to two business days transfer method.
- Next, make sure to select your bank account in the Transfer To section.
- Finally, tap on Transfer Money.
From here, you just have to wait for the money to reflect on your bank account before proceeding to the next step: transfer money.
Before you start, please make sure you have the same bank account linked to your PayPal. Once that is done, here are the next steps:
- Download the PayPal app (from App Store or Play Store).
- Log in to your account on the PayPal mobile app.
- On your home screen, you should see your PayPal balance. Tap the three dots icon beside the balance indicator.
- From the pop-up menu, tap the Add From Your Bank option.
- Add the amount to cash into your PayPal from your bank account.
- Tap Next to begin the transfer.
The process is super simple and straightforward.
Here are additional pieces of information you need to know regarding this topic.
How Long Will It Take for the Transfer to Reflect?
There are two transfer methods available for PayPal to Venmo transfers: Instant and 1-2 Business Days methods. Instant would usually require an additional fee of 1% of the amount you are going to transfer while the other one is free. When you transfer an amount from your bank to PayPal, it is usually transferred in real time, so long as the bank account is linked to your PayPal account.
How to Transfer Venmo to PayPal Without a Bank Account?
You can’t make a transfer from Venmo to PayPal without a bank account, especially within America. A bank account is a requirement as this is another way to verify your identity. If you wish to make a wire transfer abroad, might as well use international money transfer services, as transferring money using Venmo and PayPal can be a lot more expensive.
Are Venmo and PayPal the Same Company?
Venmo is owned by PayPal and goes under its umbrella of other brands. However, there is no way to make a direct transfer between these two digital wallet services as there is no tie-up between them despite being owned by the same company.