Ever wished you could seamlessly move funds between your PayPal and Venmo accounts? While a direct linking feature doesn't exist, don't worry! There are still effective ways to transfer money between these popular platforms. Let's explore these methods step by step.
Step 1: Understanding the Limitations and Possibilities
Before we dive in, it's crucial to understand that PayPal and Venmo are separate entities. They don't offer a direct "link accounts" button like you might see with bank accounts. However, this doesn't mean transferring money is impossible. We'll focus on indirect methods that leverage linked bank accounts and debit cards.
Think of it this way: both PayPal and Venmo allow you to connect your bank accounts and debit cards. By having a common funding source linked to both, you can essentially bridge the gap.
Step 2: Linking a Bank Account or Debit Card to Both Platforms
This is the foundational step for the most common transfer methods.
2.1 Linking to PayPal
- Log in to your PayPal account on the website or through the mobile app.
- Click on the "Wallet" tab (or the gear icon for settings, then "Linked banks and cards").
- Click "Link a bank account" or "Link a card".
- Follow the on-screen instructions to enter your bank account details (routing and account number) or debit card information (card number, expiry date, CVV).
- PayPal may require you to confirm your bank account. This usually involves them making two small deposits into your account, which you'll then need to verify in your PayPal account.
2.2 Linking to Venmo
- Open the Venmo app on your mobile device and log in.
- Tap the "☰" menu (usually in the top left or right corner).
- Select "Settings" and then "Payment Methods".
- Tap "Add bank or card...".
- Choose either "Bank" or "Card".
- Follow the prompts to enter your bank account information (routing and account number) or debit card details.
- Venmo may also require you to verify your bank account through micro-deposits or instant verification.
Important Note: Ensure the bank account or debit card details you enter are accurate on both platforms. Using the same funding source will streamline the transfer process.
Step 3: Transferring Funds Indirectly
Once you have a common funding source linked to both PayPal and Venmo, you can move money through these steps:
3.1 Transferring from PayPal to Venmo
- Withdraw from PayPal to your linked bank account or debit card:
- Log in to your PayPal account.
- Click on "Wallet".
- Select the balance you want to withdraw and click "Transfer Funds".
- Choose your linked bank account or debit card as the destination.
- Enter the amount you want to transfer and click "Continue".
- Review the details and click "Transfer Now".
- Note that withdrawals to bank accounts usually take 1-3 business days, while instant transfers to eligible debit cards incur a small fee.
- Add funds to Venmo from the same linked bank account or debit card:
- Open the Venmo app.
- Tap the "☰" menu" and go to "Settings" then "Payment Methods".
- Select the linked bank account or debit card.
- Tap "Add Money".
- Enter the amount you want to add and tap "Add".
- The funds will typically be available in your Venmo balance within 1-3 business days for bank accounts, and potentially faster for debit cards.
3.2 Transferring from Venmo to PayPal
- Transfer funds from your Venmo balance to your linked bank account or debit card:
- Open the Venmo app.
- Tap the "☰" menu" and go to "Settings" then "Payment Methods".
- Select your Venmo balance.
- Tap "Transfer to bank" or "Instant Transfer" (if eligible for a linked debit card, with a fee).
- Choose your linked bank account or debit card.
- Enter the amount you want to transfer and tap "Next".
- Review the details and tap "Transfer".
- Similar to PayPal, standard bank transfers take 1-3 business days, while instant transfers to debit cards have a fee.
- Add funds to PayPal from the same linked bank account or debit card:
- Log in to your PayPal account.
- Click on "Wallet".
- Click "Add Funds".
- Select your linked bank account or debit card.
- Enter the amount you want to add and click "Add".
- The funds will usually be available in your PayPal balance within a few business days.
Step 4: Considering Fees and Timelines
Keep in mind that standard transfers to bank accounts on both platforms are generally free but take 1-3 business days. Instant transfers to eligible debit cards incur a fee, the amount of which will be displayed before you confirm the transfer. Plan your transfers accordingly if speed is a concern.
Step 5: Exploring Peer-to-Peer Transfers (Indirect Method)
Another indirect way, though less direct, involves sending money to a mutual contact who has accounts on both platforms.
- Send money from PayPal to your friend's PayPal account.
- Ask your friend to then send the money from their Venmo account to you.
This method relies on trust and may involve fees depending on the funding sources used by your friend. It's generally less efficient than using your own linked accounts.
Step 6: Staying Updated
The features and functionalities of PayPal and Venmo can change over time. It's always a good idea to check the official help centers of both platforms for the most up-to-date information on transferring funds.
Frequently Asked Questions (How to...)
How to check if my bank account is linked to PayPal?
Go to your PayPal "Wallet" and look under "Banks and cards." Your linked bank accounts will be listed there.
How to verify my bank account on Venmo?
Venmo might send small deposits to your bank account (micro-deposits) which you'll need to confirm in the app, or offer instant verification through your online banking credentials.
How to initiate a withdrawal from PayPal to my bank?
In your PayPal "Wallet," select your balance, click "Transfer Funds," choose your bank, enter the amount, and confirm.
How to add money to my Venmo balance from my bank?
In the Venmo app, go to "Settings" > "Payment Methods," select your bank, tap "Add Money," enter the amount, and confirm.
How to do an instant transfer from Venmo to my debit card?
If eligible, when you choose to "Transfer to bank" from your Venmo balance, you'll see an option for "Instant Transfer" to your linked debit card (fees apply).
How to find the fees for instant transfers on PayPal?
The fee for instant transfers will be displayed on the review screen before you complete the transfer in your PayPal account.
How to find the fees for instant transfers on Venmo?
Similarly, Venmo will show the instant transfer fee on the confirmation screen before you finalize the transaction.
How to remove a linked bank account from PayPal?
In your PayPal "Wallet," find the linked bank account, click on it, and then select "Remove bank."
How to remove a linked bank account from Venmo?
In the Venmo app, go to "Settings" > "Payment Methods," tap on the bank account, and select "Remove."
How to troubleshoot if my bank transfer is taking too long?
Check the transaction history on both platforms for any status updates. Standard bank transfers typically take 1-3 business days. If it's been longer, contact the customer support of the platform you initiated the transfer from.