In a fast paced world where sending and receiving money has now become a breeze and it keeps getting easier and easier day after day.
With the new money transfer apps that have been brought in place recenlty, one can send and receive money easily from anywhere around the globe.
With the likes of some international money transfer apps like PayPal, Wise, WorldRemit, ... and many others, and some traditional money transfer apps like Cash App, Venmo, Zelle, and others, we can send and receive money both internationally and nationally.
Well, taking a step forward now, we will take a closer look today at Venmo and at PayPal. Venmo is a Sub company that was created from PayPal. But the big question of the day is, Can I transfer money from PayPal to Venmo?
Well, that is very possible and with this guide, we will bring to you the best ways to send and receive money from both PayPal, and Venmo.
Sending And Receiving Money From PayPal and Venmo
What is PayPal
PayPal is an American international money transfer app. That is, PayPal was created in the US, but with time, PayPal has expanded it's roots all around the globe, and does work internationally right now to send and receive money.
Right now, PayPal is a very trusted and reputable online money transfer app and which is recommended by several platforms and banks for sending and receiving money.
And one thing that has attracted a lot of customers or users to PayPal is their security and how they do take refunds seriously. You can make a purchase using PayPal, and until you get your product, PayPal keeps your cash safe. Immediately you get your good or product, PayPal releases the money to the seller.
What is Venmo
Venmo is also a very popular money transfer app, but not quite like PayPal. Unlike PayPal, Venmo is used only in the US. That is, it is a US-based company to send and receive money only in the US.
Venmo was created under PayPal group. That is, Venmo is a product of PayPal, but has taken a very big step forward to satisfy a lot of users and take it's own stand as a very reputable platform for sending and receiving money online.
Well, Venmo is well known for linking student accounts and making group fundraisings in schools and at home in small groups. If you are looking forward to starting a new group in your class or anywhere in the US and money contributions will be made, then Venmo is your go to App in this case.
They permit fee free transactions for friend to friend transfers and small group transfers.
PayPal to Venmo and Venmo to PayPal
Well, to send and receive money via both platforms, there are two main methods you can use. They are;
Method 1: Linking Venmo and PayPal Using The same Bank Account
Linking a Bank Account to PayPal
1. Log in to PayPal: Go to the PayPal website or open the app and log in to your account.
2. Go to Wallet: Click on the "Wallet" option at the top of the page (or tap on the wallet icon in the app).
3. Link a Bank Account:
- Click on “Link a bank account.”
- Select your country and enter your bank details, including the account number and routing number.
4. Verify Your Bank Account:
- PayPal may make two small deposits into your bank account. Check your bank statement for these amounts.
- Return to PayPal, navigate to the Wallet section, and confirm the amounts to verify your bank account.
Linking a Bank Account to Venmo
1. Open the Venmo App: Launch the Venmo app on your mobile device and log in to your account.
2. Go to Settings:
- Tap on the menu icon (three horizontal lines) or your profile picture in the top-left corner.
- Select "Settings."
3. Select Payment Methods: Tap on "Payment Methods."
4. Link a Bank Account:
- Choose “Add a Bank” and select your bank from the list or enter your bank details manually.
- You’ll need your bank account number and routing number.
5. Verify Your Bank Account:
- Venmo may make two small deposits to your bank account. Check your bank statement for these amounts.
- Return to Venmo and confirm the amounts to complete the verification.
Method 2: Linking Them Via the Same Debit or Bank Card
Linking a Debit Card to PayPal
1. Log in to PayPal: Ensure you are logged into your PayPal account.
2. Go to Wallet: Click on "Wallet" at the top of the page.
3. Link a Card:
- Click on “Link a debit or credit card.”
- Enter your card details, including the card number, expiration date, and CVV.
4. Confirm the Card: PayPal may charge a small fee to your card to verify it. Check your card statement for the transaction and enter the code provided by PayPal to confirm.
Linking a Debit Card to Venmo
- Open the Venmo App: Ensure you are logged into your Venmo account.
- Go to Settings: Access the menu and navigate to "Settings."
- Select Payment Methods: Tap on "Payment Methods."
- Link a Debit Card: Choose “Add a Card” and enter your debit card details, including the card number, expiration date, and CVV.
- Confirm the Card: Venmo may charge a small fee to your card for verification. Check your card statement for the transaction and follow any necessary steps to confirm.
Note: Make sure that the bank account or the debit card you link to both PayPal and Venmo are the same. If they are not the same, then the transaction will not be successful.
If you have already done the linking process, then you have to go forward with the transfer process. The transfer process is the same for both methods. The steps are;
- First of all go to your PayPal account and send the money either to your Bank account of to your debit card depending on which method above you used.
- After sending the money to your bank account or debit card from PayPal, you will then have to send the money from your Bank account or debit card to your Venmo.
- Since Venmo is already linked to your bank account or debit card, you can do the transfer directly from the Venmo app.
Well, there are two main types of transfers you'll see there. There is the Instant transfer method tghat will take about some few minutes to be completed or maybe up to an hour maximum. But this transfer method will require that you pay a certain fee for the transaction to be completed.
Then there is the standard transfer method which requires no fees, but your transfer will take about 3-5 days to be completed.
So, it's up to you to which one you will prefer to use for your transactions. But if it's an instantly required money, then the instant transfer is the best method.
Closing Thoughts on Venmo to PayPal transfer and Vice Versa
Well, sending and receiving money as we can see is a very easy process. The most difficult part is just to make sure that you have linked the both accounts very well to the same bank account or debit card.
Once that is done, you should also decide to use a standard or an instant transfer and see which one is better. And once you have done those two things, then your transfer is already done indirectly even without initiating the transfer.
Well, there could be issues at times with your PayPal transaction or your Venmo transactions. But what will you do if an issues pops up? Well, check out these two article below and get a quick solution.