Can I send money from Venmo to PayPal?
One of the most common questions in the fintech world is whether it is possible to send money from Venmo to PayPal. The answer is yes, but not directly. In this article, we’ll explain the process and some of the things you need to know.
How Can I Send Money from Venmo to PayPal?
Option 1: Transfer Funds to Bank Account and Then to PayPal
You can’t send money directly from Venmo to PayPal, but you can do so indirectly through a bank account. Here’s how:
- Step 1: From your Venmo account, tap the icon in the top left corner and select "Transfer to Bank". Enter your bank account information to transfer funds.
- Step 2: Wait for the funds to be deposited into your bank account. This may take 1-3 business days.
- Step 3: Once the funds are deposited, you can go to your PayPal account and click on Money > Get Paid > Link Bank Account**.
- Step 4: Enter your bank account information to link it to your PayPal account. After linking, you can use the funds for transactions on PayPal.
Option 2: Use a Third-Party Service like Cash App
Another option is to use a third-party service like Cash App, which allows you to transfer funds from Venmo to PayPal:
- Step 1: Open your Venmo account and transfer funds to Cash App. You need to have a Cash App account, which is available for iOS and Android.
- Step 2: Transfer the funds to PayPal from Cash App: Tap "Cash Out" > "Banks" > "Venmo" (Note that this option may not be available in your region).
- Step 3: Wait for the transfer to be completed and the funds to be credited to your Cash App account.
What About Fees?
Fees vary depending on the option you choose and the services used. Here are the fees associated with each option:
| Transfer Method | Fees |
|---|---|
| Venmo to Bank Account to PayPal | Free from Venmo to your bank account and $0.30 fee for transferring from your bank to PayPal |
| Cash App for Venmo to PayPal | 3% cash-out fee + $1.50 fee |
Other Requirements and Considerations
Requirements:
- You must be a registered user of both Venmo and PayPal to make the transfer. If you’re not, create a new account or login to start the process.
- Make sure you have sufficient funds in your Venmo account to complete the transfer. Any insufficient funds may result in an failed attempt.
Considerations:
- Limited Transfer Amount: When transferring between accounts, there are limitations on how much you can send in a 24-hour period. Be aware of the limits to avoid restrictions.
- Security: Always verify the authenticity of messages and links sent by institutions to avoid phishing attempts.
Is It Worth It?
Transfering money from Venmo to PayPal may not be the most convenient method, but it’s doable and comes with some benefits. By transferring to a bank account and then to PayPal, you can transfer funds without incurring extra fees on Venmo or PayPal’s part. However, keep in mind that this method requires waiting for your bank account to clear the funds and linking your bank account to PayPal, which may take some time.
Conclusion
In conclusion, while there is no straightforward way to send money from Venmo directly to PayPal, there are alternatives available. This article has explained the two transfer methods: transferring to a bank account and then to PayPal, and using a third-party service like Cash App. Understanding the fees associated with each option and requirements for both services will help you make an informed decision.