The Ultimate Guide: Can I Send Money from PayPal to Venmo?
Do you need to send money to a friend on Venmo, but only have funds in your PayPal account? This cross-platform money transfer can be confusing because Venmo is a subsidiary of PayPal. Despite both platforms being owned by the same parent company, the two services have different infrastructures, meaning that transferring money directly from one platform to the other isn’t as simple as it may seem. Fear not, because this article will guide you through the process of transferring money from PayPal to Venmo and provide extra tips to ensure smooth transactions.
Step-by-Step Guide for Transferring Money from PayPal to Venmo
The process of transferring money from PayPal to Venmo can be complicated, but don’t worry, we’ll break it down into simple steps for you. Before proceeding, confirm that both your Venmo and PayPal accounts are functional and that you have access to an active bank account connected to your Venmo account.
Step 1: Request a PayPal Cash Card
If you don’t already have one, sign up for a PayPal Cash Card. This is required to transfer funds from PayPal to Venmo. Upon application, PayPal will send you a cash card via mail, which you can activate through the mobile app or online portal. This card allows you to load funds into your PayPal balance and transfer the balance to your Venmo account.
Step 2: Transfer Funds to your PayPal Account with a Money Transfer
After activating your cash card, you can add funds to your PayPal balance by sending money from a linked bank account. To do this, go to the “Wallet” section of your PayPal account, select “Link a Bank Account” and provide your bank’s account information. Wait for PayPal to verify the account before proceeding to the next step. Once verified, you’ll have to initiate a money transfer to load funds into your PayPal account from your linked bank account.
Step 3: Load PayPal Balance into PayPal Cash Card
After adding money to your PayPal balance, you can instantly transfer the balance to your PayPal Cash Card. To do so, launch the PayPal app, navigate to “Add Money”, then select “Add From Bank Account.” From here, you can choose the bank account that you want to transfer from and input the amount of money you want to transfer.
Step 4: Transfer Money to Venmo Account
Once your cash card has been loaded, you can transfer the cash balance to your Venmo account. Launch the Venmo app and navigate to “Manage Balance”, then select “Add Money” and choose PayPal as the source. Enter the amount you wish to transfer, click “Next”, and confirm the transfer.
Common Issues to Address
It’s common for users to experience problems during the transfer process. If at any point, you experience any issues, visit the PayPal or Venmo support pages for help.
Here are some possible hurdles you might face:
– PayPal transaction limits: PayPal has maximum daily and weekly limits on the amount of money you can transfer, so ensure you don’t exceed those. Otherwise, your transfer may fail.
– Delayed transactions: If you bank with a smaller bank, there may be a delay in transferring funds over to PayPal. Keep an eye on your account for any pending transfers.
– Insufficient funds: It’s essential that you have enough funds in your PayPal balance to complete the transaction.
Comparison of PayPal and Venmo
Although PayPal and Venmo services cater to different payment needs, there’s considerable overlap between their services, which can make it difficult to determine which platform is best suited for you. This section compares both platforms and provides a recommendation based on the user’s preference and needs.
Security
Venmo offers instant transfers, but they don’t come with the nearly ironclad security that PayPal has. PayPal’s fraud protection policy, buyer protection policy, and seller protection policy can prevent unauthorized transactions and provide users with compensation in the event of fraudulent activity. Meanwhile, although Venmo transactions are generally safe, they don’t have the same level of security as PayPal. In case you make a mistake in a transfer, it’s more complicated to recover from Venmo than with PayPal.
Fees
Both PayPal and Venmo come with minimal fees for personal transactions. However, they charge a fee for business transactions. PayPal charges 2.9% + $0.30 fee per transaction, while Venmo’s fee is 1% of the amount sent, capped at a maximum of $10. For instant transfer fees, PayPal charges 1% of the transferred amount, while Venmo also charges an additional fee at a rate of 25 cents per transfer. Ultimately, Venmo is cheaper on a per dollar basis, but PayPal has lower fees for larger transactions.
Transfer Time
PayPal transfers can take up to 3-4 business days while Venmo transfers can take anywhere from 30 minutes to 3 business days but it could be instant for a fee. Speed is essential if you prefer one platform over the other when it comes to the transfer period.
Overall Recommendation
Both PayPal and Venmo have their individual strengths and weaknesses when it comes to transferring money. However, given their differences, it’s best to choose the platform that suits your needs. If exact timing isn’t essential and you prioritize security over convenience, PayPal is your best option. If you’re making quick micro-payments, prioritize transaction speed over security, which is better for Venmo. Ultimately, the right choice depends on what is essential to you and what suits your financial needs.
Pros and Cons of Using PayPal and Venmo
When it comes to using payment apps like Venmo and PayPal, there are pros and cons. It’s essential to understand the differences to know which platform is best for you. This section summarizes the advantages and disadvantages of each platform.
PayPal
Pros:
– A high level of security
– Larger transfer limits (up to $60,000 per week)
– Various options to add funds (debit card, checking account, credit card)
– More widely accepted and easier to use for business transactions
Cons:
– Higher fees for small transactions
– Longer transaction times
Venmo
Pros:
– Lower fees for smaller transactions
– Easier to use for personal transactions
– Quick transactions if you choose the instant transfer option
– Users can split bills effortlessly without hassles
Cons:
– Smaller money transfer limits than PayPal ($4,999.99 per week)
– Lower security measures compared to PayPal
– Transfers take longer than PayPal’s, often up to three days
FAQs related to transferring money from PayPal to Venmo
Here are some of the commonly asked questions related to transferring funds from PayPal to Venmo, answered below.
Can I send money directly from PayPal to Venmo?
No, you cannot send money directly from PayPal to Venmo. You must have a PayPal Cash Card to transfer money between the two platforms.
How long does it take to transfer money from PayPal to Venmo?
The transfer time will depend on the individual platforms, but it can take up to 3-4 business days to complete a transfer from PayPal to Venmo.
How much money can I transfer from PayPal to Venmo?
There is no maximum amount of money that can be transferred from PayPal to Venmo. However, you cannot transfer sums over the set limits that both platforms specify.
What are the fees for transferring money from PayPal to Venmo?
Venmo charges 1% of the total amount sent, to a maximum of $10, depending on the method of funding your Venmo account. PayPal charges 2.9% + $0.30 fee per transaction and 1% of the amount transferred for instant transfer.
User experiences
Here are a few testimonials from users who have transferred funds between PayPal and Venmo. These are typical examples and provide insight into the user experience of both platforms.
Robert B.
“I was able to transfer money from PayPal to Venmo, but it took up to three business days. I learned I couldn’t send money directly from PayPal to Venmo. The process of transfer wasn’t complicated since I followed the steps provided on Venmo. It is a bit annoying, though, since you have to use PayPal cash card.”
Ashley C.
“I only realized that I couldn’t transfer money from PayPal to Venmo after numerous failed attempts. However, customer support was able to guide me through the process of getting a PayPal Cash Card, which I didn’t have previously. Once I had it, I was able to transfer money seamlessly between the two accounts. Now, I use both depending on my needs!”
Video Tutorial
Here’s a video tutorial to simplify the process of transferring funds from PayPal to Venmo.
Conclusion
In conclusion, transferring money from PayPal to Venmo requires specific steps that can be time-consuming and frustrating for users unfamiliar with the process. Additionally, the transfer fees, supported banks, duration of transaction, and general security of the two platforms are different. Therefore, it is essential to understand the differences between PayPal and Venmo to make an informed decision about which platform is suitable for you. This article acts as a guide that can help you transfer funds with ease through PayPal Cash Card. We hope this article has been beneficial and you won’t experience any complications during your transfer.
