Transferring money directly between Venmo and PayPal isn't a feature that's natively supported by either platform. Both Venmo and PayPal operate as closed-loop systems, primarily designed for transactions within their own user bases. However, don't worry! There are still a few workarounds you can use to get your funds from your Venmo account to your PayPal account.
Are you ready to explore these methods and get your money moving? Let's dive in!
Step 1: Understanding the Limitations and Available Workarounds
Before we jump into the step-by-step guides, it's crucial to understand why a direct transfer isn't possible and what our alternative strategies will involve.
Why Direct Transfer Isn't an Option
- Competitive Platforms: Venmo and PayPal are direct competitors in the digital payment space. Allowing direct transfers would potentially lead users to favor one platform over the other for holding funds, which neither company desires.
- Different Infrastructure: Both platforms have their own distinct technical infrastructure and security protocols. Integrating direct transfers would be a complex undertaking.
- Business Models: Their revenue models differ slightly, and direct transfers might complicate these models.
Our Workaround Strategies
Since a direct transfer is out of the question, we'll be focusing on indirect methods. These primarily involve using a bank account as an intermediary. The general idea is:
- Transfer funds from your Venmo account to your linked bank account.
- Then, transfer those funds from your bank account to your PayPal account.
While this adds an extra step (and potentially a short waiting period), it's the most reliable way to move your money between the two platforms.
Step 2: Transferring Funds from Venmo to Your Bank Account
This is the first crucial step in our workaround. Make sure you have a bank account linked to your Venmo account.
Sub-step 2.1: Ensuring Your Bank Account is Linked
- Open the Venmo App: Launch the Venmo application on your smartphone.
- Access the Menu: Tap on the three horizontal lines (usually located in the top-left or bottom-right corner) to open the menu.
- Navigate to "Settings": Look for and tap on the "Settings" option.
- Select "Payment Methods": Within the Settings menu, find and select "Payment Methods."
- Check for Your Bank Account: You should see a list of your linked payment methods. Verify that your desired bank account is listed.
- Adding a Bank Account (If Necessary): If your bank account isn't listed, tap on "Add bank or card..." and then select "Bank." Follow the on-screen instructions to link your bank account. You'll likely need your bank's routing number and your account number. Venmo may also perform a small verification deposit and withdrawal to confirm your account.
Sub-step 2.2: Initiating the Transfer to Your Bank Account
- Navigate to Your Balance: On the main screen of the Venmo app, you'll see your Venmo balance. Tap on it.
- Select "Transfer to bank": You should see an option like "Transfer to bank" or "Withdraw to bank." Tap on this.
- Enter the Amount: Specify the amount of money you want to transfer to your bank account.
- Choose Your Bank Account: Select the bank account you want to send the funds to (if you have multiple linked).
- Select Transfer Speed (Optional): Venmo often offers two transfer speeds:
- Standard Transfer: This is usually free and takes 1-3 business days to process.
- Instant Transfer: This incurs a small fee but deposits the money into your linked debit card within minutes. Note that this option might not be available for all bank accounts or debit cards.
- Review and Confirm: Carefully review the transfer details, including the amount and the receiving bank account. Once you're sure everything is correct, tap "Transfer" or "Confirm."
You will receive a notification from Venmo confirming your transfer. Keep an eye on your bank account balance for the funds to appear.
Step 3: Transferring Funds from Your Bank Account to PayPal
Once the funds have successfully landed in your bank account, you can proceed with transferring them to your PayPal account.
Sub-step 3.1: Ensuring Your Bank Account is Linked to PayPal
- Open the PayPal Website or App: Go to the PayPal website (
www.paypal.com - Log In: Enter your PayPal email address and password to log in.
- Navigate to "Wallet": Look for a "Wallet" or "Banks and Cards" section. This is where your linked payment methods are stored.
- Check for Your Bank Account: Verify that the same bank account you transferred the money to from Venmo is listed here.
- Linking a Bank Account (If Necessary): If your bank account isn't linked, click on "Link a bank account" or "Add bank." You'll need to enter your bank's routing number and your account number. PayPal will also likely perform a small verification process, which might involve confirming small deposits they make into your account.
Sub-step 3.2: Initiating the Transfer to Your PayPal Account
- Navigate to "Transfer Money": Look for an option like "Transfer Money," "Add Funds," or a similar button. This is usually found on your main dashboard or within the "Wallet" section.
- Select "Add money to your balance": Choose the option that indicates adding funds to your PayPal balance.
- Choose Your Linked Bank Account: Select the bank account from which you want to transfer the funds.
- Enter the Amount: Specify the amount of money you want to transfer to your PayPal account. Ensure this amount is available in your linked bank account.
- Review and Confirm: Double-check the transfer details, including the amount and the source bank account. Once you're sure everything is correct, click "Add" or "Confirm."
PayPal will then initiate the transfer from your bank account. The time it takes for the funds to appear in your PayPal balance can vary, but it usually takes 1-3 business days. You'll typically receive an email notification from PayPal once the transfer is complete.
Step 4: Alternative (Less Direct) Methods
While the bank account intermediary method is the most common and reliable, here are a couple of less direct alternatives to be aware of:
Using a Peer-to-Peer Payment App with Both Platforms
Some third-party peer-to-peer payment apps might allow you to link both your Venmo and PayPal accounts. You could potentially:
- Send money from Venmo to this intermediary app.
- Then, send money from the intermediary app to your PayPal account.
However, it's crucial to research the specific app's policies, fees, and reliability before using this method. Not all such apps support linking both Venmo and PayPal, and transaction fees might apply.
Using a Debit Card Linked to Both Accounts (Limited Applicability)
If you have a debit card that is linked to both your Venmo account (for withdrawals) and your PayPal account (for adding funds), you might be able to:
- Withdraw funds from Venmo to this debit card.
- Then, add funds to PayPal using the same debit card.
However, this method is highly dependent on the specific policies of both platforms and your bank. It's not a universally guaranteed solution and might involve fees or limitations.
Important Considerations
- Transfer Times: Be aware that bank transfers typically take 1-3 business days to process on both Venmo and PayPal. Factor this time into your plans.
- Fees: Standard transfers to your bank account from Venmo are usually free. However, instant transfers on Venmo incur a fee. PayPal generally doesn't charge fees for adding funds from a linked bank account, but it's always a good idea to check their current fee structure.
- Limits: Both Venmo and PayPal have transaction limits. Ensure the amount you're trying to transfer falls within these limits.
- Account Verification: Make sure your bank accounts are fully verified on both Venmo and PayPal to avoid any delays or issues with transfers.
How to... Frequently Asked Questions
Here are 10 frequently asked questions about transferring money between Venmo and PayPal:
How to check if my bank account is linked to Venmo?
- Quick Answer: Open the Venmo app, go to the menu (three lines), select "Settings," then "Payment Methods." Your linked bank accounts will be listed there.
How to link a bank account to my PayPal account?
- Quick Answer: Go to the PayPal website or app, log in, navigate to "Wallet" or "Banks and Cards," and click "Link a bank account" or "Add bank." Follow the on-screen instructions.
How to initiate a transfer from Venmo to my bank?
- Quick Answer: On the Venmo app's main screen, tap your balance, select "Transfer to bank," enter the amount, choose your bank, select transfer speed (optional), and confirm.
How to add money to my PayPal balance from my bank account?
- Quick Answer: On the PayPal website or app, go to "Transfer Money" or "Add Funds," select "Add money to your balance," choose your linked bank, enter the amount, and confirm.
How to speed up the transfer from Venmo to PayPal?
- Quick Answer: The only way to potentially speed up part of the process is by using Venmo's "Instant Transfer" option to your linked debit card (for a fee). The subsequent transfer from your bank to PayPal will still take standard processing time.
How to troubleshoot a failed transfer from Venmo to my bank?
- Quick Answer: Check your bank account details linked to Venmo for accuracy. Ensure you have sufficient funds in your Venmo balance and that you haven't exceeded any transfer limits. Contact Venmo support if the issue persists.
How to troubleshoot a failed transfer from my bank to PayPal?
- Quick Answer: Verify your bank account details linked to PayPal. Ensure sufficient funds in your bank account and that you haven't exceeded PayPal's adding funds limits. Contact PayPal support if the problem continues.
How to find the transfer limits on Venmo?
- Quick Answer: Open the Venmo app, go to the menu, select "Settings," then "Transaction Limits." Your personal limits will be displayed there.
How to find the transfer limits on PayPal for adding funds?
- Quick Answer: Log in to your PayPal account on the website or app and look for information on "Transaction Limits" or "Help Center" articles related to adding funds. Limits can vary based on your account status.
How to avoid fees when transferring between Venmo and PayPal indirectly?
- Quick Answer: Use the standard (non-instant) transfer option from Venmo to your bank, as this is usually free. PayPal generally doesn't charge fees for adding funds from a linked bank account. Avoid using third-party apps or debit card methods that might incur fees.
While the process isn't as seamless as a direct transfer, by following these steps, you can successfully move your money from Venmo to PayPal using your bank account as a reliable intermediary. Remember to be patient with the transfer times and double-check all your account details to ensure a smooth process!