Two of the most well-known names in mobile payments, PayPal and Venmo, share many similarities. A quick online transfer between tens of millions of user accounts identified by email addresses and usernames appears to be the primary benefit of both services at first glance In addition, both companies have similar-looking mobile apps and websites that can be linked to your bank account for fast online payments via credit or debit card.
A direct money transfer between Venmo and PayPal’s accounts is not possible, despite their many similarities (and the fact that PayPal owns Venmo). Transferring money in one direction will not be possible, nor will it be possible to transfer money in the other direction.
In this guide, we’ll show you how to get the job done with PayPal, as well as what to avoid.
PayPal to Venmo Money Transfers
Generally speaking, there are three ways to transfer money from your PayPal account to Venmo. First and foremost, you can see that both parties have migrated to the same platform (i.e. you can open a Venmo account yourself or get your recipient to open a PayPal account.)
It’s also possible to use a common bank account for both PayPal and Venmo, or a PayPal debit card to transfer money to Venmo.
a small informational icon
If you’re starting from scratch, we recommend setting aside two or three days for this process, depending on your preference. For this reason, it can take some time to successfully connect an existing bank account or open a new one.
Option 1: Continue Using the Existing App;
This is the simplest way to transfer money from PayPal to Venmo. To begin, you can fund your Venmo account directly (after linking your bank account, which can take up to three working days.)
A PayPal account is another option for your recipient to use in order to receive the money from you more quickly, as they won’t need to link a bank account to receive it. Signing up for either service is simple and free.
Sending money from PayPal to Venmo is the best option.
There isn’t any charge.
Speed: 2 to 3 days (if you use Venmo); instant (if your beneficiary gets PayPal)
Second, You Can Transfer Money to A Common Bank Account.
PayPal and Venmo both allow you to transfer money between their services by using a single bank account, which you can do either through their websites or their mobile apps.
In order to get started, you’ll need to have a Venmo and PayPal account in the same name as your bank account in the United States. In order to use both services, you must first link your bank account to PayPal, and then you can transfer funds from PayPal to Venmo.
Useful for: Making a monetary transfer to oneself
Amount Spent: 0 (as long as no currency conversion is involved)
Delivery time: 2-3 business days.
Also Read: Mywisely.Com App: How To Download and the Mywisely Global Cash Card for 2022
Option 3: Make a Payment with A PayPal Credit Card.
An alternative to the PayPal debit MasterCard is to use it as a link between your PayPal and Venmo accounts, just like you would with a checking account. If you already have a PayPal debit card, this is the fastest option. However, if you have to order a card first, this can be a slow option.
Sending money to yourself is the best use for this (if you already have a PayPal debit card)
There is no charge for normal transfers (see more about fees here)
Timeline: 7-10 business days.
What Not to Do when Transferring Money from PayPal to Venmo
As long as you’re using the same currency when sending money from PayPal to Venmo, the transfer should be completely free. But if you plan on making currency conversions along the way, the costs can quickly add up.”
If you have a PayPal account in a currency other than US dollars, this can happen in one of two ways. In order to use Venmo, you must have a Venmo account, which is only available in the United States.
First, you can use your PayPal balance to convert funds into US dollars, and PayPal will handle the currency conversion. Your bank can also make the currency conversion for you if you deposit the money from your PayPal account in US dollars.
Paying with either PayPal or a bank incurs fees for currency conversion that can range anywhere from 2.5% to 4.5 percent (and are frequently even higher). The good news is that both options are less expensive than using a credit card.
When sending money abroad, especially to a country with a different currency, we generally advise against using PayPal.
Instead, if you’re planning on sending money abroad, we recommend making an ordinary bank transfer to one of the many international money transfer specialist services available—most of which allow you to take advantage of fees and exchange rates that come in at a fraction of the cost of PayPal or the high-street banks. Use Monito’s real-time comparison engine below to quickly and easily find what you’re looking for:
Also Read: Apply for Cash App Loan: The Step-By-Step Guide to Applying for A Loan in 2022
About Venmo
If you’re looking for a convenient way to send and receive money as well as a safe place to keep your funds in the meantime, Venmo is a great option.
Venmo money can be spent, sent, or transferred to a bank account via the app. As a result of these factors, it was awarded first place in the category of joint expenses.
You can even add emojis or animated stickers to your transactions to make them more fun.
Pros:
It’s a fun way for friends to split money.
Instantaneous money transfers
To use Venmo, you don’t need to add money to your account.
Cons:
Security issues from the past
Fees associated with immediate bank account withdrawals.
This category was dominated by PayPal’s Venmo, which provides a convenient method of exchanging money between individuals.
The peer-to-peer payment app Venmo allows you to send and receive money for free, but it charges 1.75 percent of the total transfer amount if you send money using a credit card.
The instant cash-out transfers to your bank account are charged a 1.75 percent fee ($0.25 minimum and $25 maximum) by Venmo. A Venmo balance, or a bank account, is an option.
For More Information Visit Our Site : https://www.techllog.com/
