Money

How To Transfer Money From Venmo To Paypal 2022

how to transfer money from Venmo to PayPal
Written by Agim Emmanuel

I know a lot of people have been having this argument 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 with you 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 contacts with physical cash. It also supports in-app purchases and payments to businesses

What is PayPal?

PayPal is an electronic commerce company that facilitates payments between parties through online transfers. PayPal allows customers to establish an account on its platform, which is connected to a user’s credit card or checking account. Once identification and proof of funds are confirmed, users can begin sending or receiving payments to and from other PayPal accounts online or through the company’s app.

How Does Venmo Work? 

To ask for or send money using Venmo, simply follow these steps

  • Tap on the “Pay or Request” button
  • Input your friend’s username
  • Input Phone number or Email
  • Select reason for payment

Venmo app supports the use of 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, it isn’t impossible to transfer funds from Venmo to PayPal you just need to do a few steps

  1. Open the Venmo app.
  2. Go to the You tab and tap Transfer balance.
  3. 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.
  4.  Select your bank account, then tap the green Transfer button.
  5. Now Log in to your PayPal.
  6. Click the Wallet tab, then Transfer Money.
  7. Click add money to your balance.
  8. Select your bank account, enter the amount of 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 any fee when sending money to other Venmo users or to family and friends. However, if you are sending money using your credit card, Venmo will charge a 3% fee for every transaction.

How Do Venmo and PayPal Work?

Venmo is owned by PayPal 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.

FEATUREVENMOPAYPAL
AccessibilityMake and receive payments through the app only, can access account information through desktopCan 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 FreeFree
Mobile appYes Yes
AvailabilityU.S.-only transactionsWorldwide
Average Time Frame for Withdrawing FundsOne 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 methodsBank transfer, direct deposit, check to cashCheck cashing, direct deposit, and cash deposit at participating locations
Credit card transaction fees A 3% fee2.9% plus $0.30 per transaction

Venmo Limit Per Day / Weekly Limits

Venmo set 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 having to verify 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 transactions per day.

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 the level of your verification.

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 can be sent to your linked bank account. But in the case whereby you are adding 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 are not delivered or a service that is not provided, Venmo may not be able 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 cost.

Also to protect your account because security begins with you, ensure you change your account from public to private in the setting. By default Venmo sets its user’s profile as public, everyone in the app may be able to see your transactions – including your name, your profile picture, and the memo you sent with the money, so you might want to change that.

Alternatives to Venmo  

There are other alternative choices for sending and receiving money faster and also more convenient using your mobile device. The top options include: 

  • Cash AppLike Venmo, users can send and receive money quickly and easily using their phones. You can send money to any other Cash App user with either their username, phone number, or QR code. Payments are not displayed in a feed that can be seen by third parties.
  • 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.
  • PayPalThe 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?

In the event that 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 make purchases even 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?

Yes, You can withdraw cash from your Venmo account using the Venmo debit card at any ATM spot or get a 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 per day 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, to achieve this you might want to follow a series of steps by linking an account

  • You should set up a bank account and link it to both 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 compared to Paypal considering the fact 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?

I can only say it is nearly impossible to transfer money from your Venmo account to another person’s Cash App account, unfortunately. 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:

  1. Never store large amounts of money in your Venmo balance.
  2. Immediately transfer Venmo transactions to linked bank accounts.
  3. Only use Venmo to exchange funds with familiar people.
  4. 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 send an email to support@venmo.com if confronted with suspicious activity.
  5. Change your setting to private to cloak transaction histories. Otherwise, other people, including strangers, will be able to view details of your transactions by clicking on your profile.

Bottom Line

Venmo presents one of the easiest options to send and receive money for users within 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

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Agim Emmanuel

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