I know many people have been arguing about how to transfer money from Venmo to PayPal. The truth is you can’t transfer money from Venmo to Paypal directly. Both are payment systems that let you electronically send and receive funds.
But there is a process for you to do so simply by using a bank account and a PayPal balance account.
Venmo and PayPal are the two most largely used payment systems in the united states today, nearly replacing banks. They have features such as mobile check deposits, and you can link debit or credit cards to make payments.
In this post, I will share how to transfer money from Venmo to Paypal.
What Is Venmo Used for?
Venmo is a mobile payment service owned by PayPal. Venmo allows you to pay and request money from family and friends; it provides a social way to pay your friends when you owe them money. This process doesn’t involve contact with physical cash. It also supports in-app purchases and payments to businesses.
What is PayPal?
PayPal is an electronic commerce company facilitating payments between parties through online transfers. PayPal allows customers to establish an account connected to a user’s credit card or checking account on its platform. Once identification and proof of funds are confirmed, users can send or receive payments to and from other PayPal accounts online or through the company’s app.
Read also: Zelle Transfer Limits Per Day
How Does Venmo Work?
To ask for or send money using Venmo, follow these steps
- Tap on the “Pay or Request” button
- Input your friend’s username
- Input Phone number or Email
- Select the reason for payment
Venmo app supports using QR codes, which can be used to send to friends when they are nearby.
How To Transfer Money From Venmo To Paypal
While Venmo and PayPal are similar in many ways, if you need to transfer funds from Venmo to Paypal, you’ll find that there isn’t a direct way to do so.
That said, transferring funds from Venmo to PayPal isn’t impossible. You need to do a few steps.
- Open the Venmo app.
- Go to the You tab and tap Transfer Balance.
- Enter the amount of money you want to transfer, then choose Instant or 1-3 business days. Instant transactions will be charged a 1.5% fee.
- Select your bank account, then tap the green Transfer button.
- Now Log in to your PayPal.
- Click the Wallet tab, then Transfer Money.
- Click Add money to your balance.
- Select your bank account, enter the money you want to transfer, then click Add.
Note: You have to do this with the same bank account that is linked to both your Venmo and Paypal account
What Are Venmo’s Sending Fees?
The Venmo app doesn’t charge fees when sending money to other Venmo users, family, or friends. However, Venmo will charge a 3% fee for every transaction if you send money using your credit card.
How Do Venmo and PayPal Work?
PayPal owns Venmo and is part of PayPal’s larger family of brands. This mobile payment app allows you to send and receive money quickly. The company describes its service as making sending money “safe, simple and social.” You can also use Venmo to make purchases via the mobile app, online, or in person.
Is Venmo the Same as PayPal?
Although PayPal owns Venmo and the apps have overlapping functionality, the two payment services operate independently and have different missions. The main difference is whether or not you’re sharing money with someone you know.
Venmo is intended for sending and requesting money between friends — or to businesses you or your family and friends are connected with — and splitting bills for shared expenses. It even has a social feed that lets you share payments and interact with your connections. PayPal also lets you send money to individuals, but it has a wider reach and more latitude for paying for goods and services.
What’s the relationship between Venmo and PayPal?
Venmo and PayPal are both mobile payment services for sending and receiving money from friends or payments for goods and services. But there is a slight difference in how these two work and their features.
| FEATURE | VENMO | PAYPAL |
|---|---|---|
| Accessibility | Make and receive payments through the app only, can access account information through desktop | Can make and receive payments through desktop and the app |
| Transaction limits | $299.99 weekly transaction limit until identity is confirmed, then $4,999.99 rolling limit | $4,000 limit on one-time payment for those with no PayPal account; No limit for a business account |
| Fees for sending money using bank transfer or your account balance | Free | Free |
| Mobile app | Yes | Yes |
| Availability | U.S.-only transactions | Worldwide |
| Average Time Frame for Withdrawing Funds | One to three business days. Instant transfer for a 1% fee (up to $10 deducted from the total transfer amount) | Two to three business days. Instant transfer for a 1% fee. |
| Deposit methods | Bank transfer, direct deposit, check to cash | Check cashing, direct deposit, and cash deposit at participating locations |
| Credit card transaction fees | A 3% fee | 2.9% plus $0.30 per transaction |
Venmo Limit Per Day / Weekly Limits
Venmo sets its limit depending on the type of account you are operating on, either a Personal Account or a Venmo business account.
A quick tip: When you sign up for a Venmo personal account, you may be able to spend up to $299.99 a week before verifying your identity with Venmo. After verification, you may now be able to spend $4,999.99 weekly with your Venmo app.
Venmo Limits for Personal Accounts
| Person-to-Person Transfers: |
|---|
| Maximum weekly expenditures: $4,999.99 Per transaction limit: $4,999.99 |
| Authorized Merchant Purchases: |
| Maximum weekly expenditures: $6,999.99 Per transaction limit: $2,999.99 |
| Venmo Mastercard Debit Purchases: |
| Maximum weekly expenditure: $6,999.99 Per transaction limit: $2,999.99 |
It is important to note that Cardholders have additional limits, including a $400.00 daily limit for ATM withdrawals, retail purchases, and cashback. Account holders are also subject to a $3,000 daily purchase limit and no more than 30 daily transactions.
Venmo Limits for Business Accounts
Business Venmo accounts have different limits than personal accounts. However, just like the personal account, there are still limits for business accounts depending on your verification level.
| Person-to-Person Weekly Limit |
|---|
| Unverified accounts: $2,499.99 Verified account: $24,999.99 |
| Standard and Instant Bank Transfer Weekly Limit |
| Unverified account: $999.99 Verified account: $49,999.99 |
How Long Does It Take to Send and Receive Money on Venmo?
Transfers done among Venmo users are instant and can be spent using either the Venmo app or the Venmo debit card or sent to your linked bank account. But if you add funds to your Venmo balance using your debit or credit card, it could take between 3 business days to be available in your balance.
Is Venmo Safe?
Venmo is considered safe because they protect your personal information from fraud, ensuring good user privacy protection. But Venmo does not protect you from transaction fraud. Let’s say you paid someone for goods that were not delivered or a service that was not provided; Venmo may be unable to recover your cash. This was stated in the company’s policy, but Venmo tries to ensure the safety of both buyers and sellers at all costs.
Also, to protect your account because security begins with you, ensure you change your account from public to private. By default, Venmo sets its user’s profile as public; everyone in the app can see your transactions – including your name, profile picture, and the memo you sent with the money, so you might want to change that.
Read also: Chime Withdrawal and Deposit Limits 2023?
Alternatives to Venmo
Other alternative choices exist for sending and receiving money faster and more conveniently using your mobile device. The top options include:
- Cash App: Like Venmo, users can send and receive money quickly and easily using their phones. You can send money to any other Cash App user with their username, phone number, or QR code. Payments are not displayed in a feed that third parties can see.
- Zelle: Zelle partners with several major banks, so it may already be included in their apps. It works with your financial institution to send and receive money to and from friends, family, and other trusted parties, directly into your accounts. All you need is an e-mail, phone number, and a bank that supports Zelle. It is also available as a separate app.
- The parent company of Venmo, PayPal, offers — on its app and site — more options for sending and receiving money, including a suite of business options. Plus, PayPal offers more protection when things go wrong, including missing items ordered from eBay or other supported partners.
How Do I Get My Money Out Of Venmo?
- Your eligible bank or debit card will be credited instantly.
- You can use the ACH network to transfer funds to your verified checking account (which is free but usually arrives 1-3 business days after you request it).
How Long Does It Take To Transfer Money From Venmo To Paypal?
If you want it done for free, it will take one to three business days, but if you want it done quickly, you will have to pay a 1% instant transfer fee.
How Can I Get My Money Off Venmo Without Bank Account?
You can use the Venmo Mastercard Debit card to purchase without a bank account. You can withdraw cash from an ATM. In addition, Mastercard cards can be used to withdraw funds from any bank that accepts Mastercard over the counter.
Venmo Limits on Crypto
Venmo cryptocurrency purchases are limited to $20,000 per week. There is also a limit of $50,000 in cryptocurrency purchases annually.
Can You Withdraw Venmo To Cash?
You can withdraw cash from your Venmo account using the Venmo debit card at any ATM or get cashback when making purchases.
Can I Withdraw Money From Venmo At Walmart?
Yes, with a cashback. Walmart offers cashback on purchases made with your Venmo debit card up to $100. You can withdraw up to $400 daily with the Venmo debit card.
How Do I Transfer Money From Venmo To Paypal Instantly?
There is no direct method to transfer money from your Venmo account to your Paypal instantly. You might want to follow a series of steps by linking an account to achieve this.
- You should set up a bank account and link it to your PayPal and Venmo accounts:…
- Then select Transfer to Bank from your Venmo account once the bank account is linked to both.
- Choose between Instant or 1-3 business days as your transfer option.
Does Venmo Transfer Faster Than Paypal?
Venmo is faster than Paypal, considering that Venmo was built for local transactions among family and friends within the state. While Paypal, on the other hand, is global, it is far more expensive and can be time-consuming.
Can You Transfer Money From Venmo To Cash App Without A Bank Account?
Unfortunately, it is nearly impossible to transfer money from your Venmo account to another person’s Cash App account. You can only transfer money to another Venmo user and vice versa.
How to Protect Your Venmo Account from Hacking
Users can take the following precautionary measures to combat hacking:
- Never store large amounts of money in your Venmo balance.
- Immediately transfer Venmo transactions to linked bank accounts.
- Only use Venmo to exchange funds with familiar people.
- Beware of scammers sending emails asking for your password or other personal information relating to your account. Venmo will never ask you for this information and urges users to email support@venmo.com if confronted with suspicious activity.
- Change your setting to private to cloak transaction histories. Otherwise, other people, including strangers, can view your transaction details by clicking on your profile.
Bottom Line
Venmo presents one of the easiest ways to send and receive money for users in the United States. Backed by PayPal with encrypted data, Venmo can be a great way to pay a friend or send someone money for a service rendered. Its master card can be used to withdraw cash; this also is important, especially for those without a bank account.
References
- venmo.com
- paypal.com
- cash.app
- investopedia.com
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