Venmo and PayPal are the most widely used instant money transfer platforms in the United States. The former has more than 40 million users who choose it thanks to its security, speed, and efficiency. On the other hand, the latter is considered the original platform in this industry. With more than 346 million active users, it is number one in the country.
As they are similar platforms with the same objectives and functionalities, it is expected that the users of both can send money directly to each other without restrictions. However, this is not possible. Venmo and PayPal cannot make transfers, at least not now, although there is a slightly more brutal way to complete the process.
How to make a transfer from Venmo to PayPal?
The giant PayPal owns Venmo, so you would expect to be able to make direct transfers without any problems, but the reality is different. We have already discovered that there are no quick ways to complete a transaction between the two sites because they are not interlinked.
To remedy this situation, users of both free applications found an indirect way to send money between the platforms. Using a bank account associated with both platforms, you can send money from PayPal to Venmo and vice versa.
Steps to transfer money from Venmo to PayPal
As stated above, the only way to make a transfer between Venmo and PayPal is indirect. That is, you need to set up a joint bank account that is linked to both platforms. If you do not yet have an account linked to Venmo or PayPal, it is time to do it from the website of both services or their mobile applications.
We recommend linking the bank account two to three days before transferring. The main reason is that verifying both accounts can take time to confirm bank details. If you have already completed this step, please have the following information ready:
- PayPal account
- U.S. bank account with the same name as the PayPal and Venmo accounts
- Venmo account
Step One: Link the bank account between the two platforms
Please choose one of your bank accounts and link it to your Venmo and PayPal platforms. All three accounts must say the same name. To connect your bank account to PayPal, you must go to the “Link a bank” or “Banks and cards” option and enter your bank details. The platform asks you to deposit within three to five business days.
To link it to the Venmo account, go to the “add a bank or card” option in the “Payment settings” section. Enter the data requested by the platform and complete the linking process.
As you have seen, it is a simple process that only requires you to include your financial data. However, keep in mind the following considerations when linking both accounts:
- PayPal’s linking can take up to three days to verify your data
- Venmo, on the other hand, completes the process immediately and only takes one day if you link a card
- PayPal only allows you to link a bank account
- Withdrawals from PayPal to your bank account can take three to five days. You can also request an immediate departure for a higher fee
Step Two: Transfer from Venmo to a bank account
Log in to your Venmo account and click on “Transfer to Bank.” Fill in the amount to be paid and select whether you want to send the money with the “instant” option with a 1% fee or the standard no-fee feature. After clicking on “transfer,” your money is on its way.
Step three: Transfer from the bank account to PayPal
When you receive the money in your bank account, look for the option to transfer the funds to your PayPal account. Depending on the type of bank, they will do it differently. But you can do it by logging into your PayPal profile, clicking on “transfer money,” and then “add money to your balance.” The platform will show you the linked accounts; click on the one indicated, and the sending of funds will begin.
You must wait three to five business days for the complete transaction. This method we have shown you will take a few days to become effective. Therefore, it is not an alternative if you need money immediately. Otherwise, you have no options for instant transactions between the two accounts.
What if I need an immediate transaction?
The process explained above will take several days. It is slow and not recommended for those who want quick money. Despite having these characteristics, it does remain a safe and reliable service to run if you have enough time to wait.
The only way to have money in Venmo instantly is to ask a friend or family member, a Venmo user, to transfer the desired amount to your account, and you can pay them in cash, with a bank transfer, or from your PayPal account. Transactions between Venmo users are immediate and would be the only alternative to receive quick money.