Paypal is the largest online payment platform in the world. It operates from the United States of America, and its headquarters are in San Jose, California, in the United States. The platform serves millions of people in over 200 countries of the world. Its service revolves around sending and receiving money, although you can also withdraw funds from your account to your bank account. But can you send money from Paypal to Venmo?
You will discover this later on. Venmo is also a money transfer service from America. It is a product from PayPal, and unlike Paypal allows international transfers, Venmo only operates in the United States of America. You can do various transaction activities with Venmo, including bills and sending funds to other Venmo users. You can as well transfer funds from Venmo to a bank account.
The main aim of creating Venmo was to help students split payments among themselves at restaurants, movie theaters, and other similar places. However, today the platform is open to anybody with the right qualifications to open an account. Businesses can even use Venmo to accept payments from customers with Venmo accounts. One only needs to send money to the business account the way they do when sending it to other Venmo users.
Process To Get Started With Paypal
Before using the Paypal services, you must open an account online using a smartphone. A computer is also suitable. As I mentioned earlier, online accounts require that you use a secure internet connection. That prevents losing money to fraudsters who can quickly get your account details when you open your account using insecure connections such as public Wi-Fi.
Paypal requires various things to get started. You must have an email account, phone number, identification document, and bank account. An identification document can be your State/national ID card, passport, or driver’s license. You also require a physical address and can show proof using any following documents.
- Utility bill (Of the last 12 months)
- Cell or landline phone bill (of the last 12 months)
- Copy of Grant Deed on Home
- Bank or credit card statement (of within last 12 months)
- Motor vehicle registration (of the last 12 months)
- 401k/Brokerage Statement (of within last 12 months)
The following are the steps for setting up a PayPal personal account.
- Go to Paypal.com and tap ‘Sign Up’. You can also download and use the PayPal app instead.
- Choose ‘Sign Up’ for a Personal Account.
- Enter your country, email, and password.
- Enter other personal details.
- Add your debit or credit card to PayPal. You can also add a bank account to PayPal.
- Verify your email with PayPal.
Once your account is running, you can use it for various transactions. You can add money to your account in various ways. For example, one can transfer money from a bank account to PayPal the same way one may transfer money from a bank account to Venmo. Maybe there will come a time when the direct transfer of funds will be possible between the two platforms.
Services Of Venmo
There are various services you can get from Venmo. They include the following:
i) Send money to others
Venmo allows you to send funds to other Venmo users with just a few taps on your device. The following are steps to send money to others.
- Login to your Venmo account.
- Choose a funding source. It can be a credit card, a debit card, or a bank account. You can also use your Venmo balance.
- Tap pay others.
- Add a recipient, an amount, and a note.
- Send to the recipient.
Remember you can carry out the transfer either using your smartphone or computer. However, the smart is much better due to convenience as you can walk with it anywhere. But how long does Venmo take to send money to someone? The concerned person should receive the funds as soon as you complete the transaction.
ii) Buy goods and services
You can send money to a business account when buying goods or services. As I mentioned earlier, you need to send money the same way you can when sending money to other users. You can also use the Venmo card to purchase goods and services online or physical stores.
iii) Transfer money to a bank account
Venmo allows you to transfer money to the linked bank account with just a few taps. You just need to follow the guidelines below and choose the transfer method. I.e., instant or standard transfer method. The following is the process to transfer money to a bank account.
- Using the Venmo app, navigate to the “You” tab by tapping the single person icon
- Next, hit the “Add or Transfer” button under your profile photo.
- Enter the amount to transfer to your bank
- Tap “Instant” or “1-3 Biz Days” and select your bank account or debit card
- Confirm the transfer details
- Tap the green “Transfer” button
The question is, how much does Venmo charge for instant transfer? Using the instant transfer method, you part with a 1.5% fee. However, when you use the standard transfer method, you pay no fees whatsoever. The instant transfer ensures that funds reach you within 30 minutes.
Steps To Send Money On Paypal
Like Venmo, Paypal allows you to transfer money to other Paypal users. The transfer is usually instant unless there are technical hitches with their system. The following are the steps you can use to transfer money to others.
- Open your PayPal app
- Tap ‘Pay Now’ button to get started
- Select whether you are making a personal or business payment.
- Enter the details for the recipient.
- Confirm the amount to send and currency.
- Choose a funding source which can be your bank account, credit, or debit card
- Review the payment, and you’re done.
The recipient gets the funds within a few minutes.
Procedure To Send Money From Paypal To Venmo
It is not possible to move money from Paypal to Venmo directly. Similarly, you cannot transfer money from Venmo to Paypal. The two services do not support the transfer of money to each other. However, you can use indirect means to avail money from PayPal to Venmo and vice versa.
You can use a bank account that links to both platforms. With that, you then move money from PayPal to the linked bank account, then from the bank account to Venmo. It’s just that simple, although it may take a few days depending on the transfer method.
You can send money from Paypal to Venmo, which allows you to move money to other users. Venmo is a product of Paypal and only operates in the United States. However, Paypal allows you to transfer money globally.
You can use bank accounts, debit, or credit cards to add money to either platform. Despite Venmo being from PayPal, you cannot directly send money from PayPal to Venmo since the two services do not support each other.