Over the years we've seen many mobile money transfer and payment services, some with an online wallet.
These accounts can be used to keep your money and move it to other platforms and banks. However, certain accounts might not allow you to make transactions.
Venmo is just one example of such a platform. Particularly when it comes to PayPal, their parent company. We will be looking at the Money Venmo to PayPal Transfer options between Venmo & PayPal and how they work together.
Are Venmo and PayPal compatible?
Venmo and PayPal don't have an integration. Venmo payments can be handled in the same way as regular PayPal transactions, including Venmo-funded PayPal payments.
How to transfer money from Venmo To PayPal
Although Venmo and PayPal can't be linked directly, Can You Send Money From Paypal To Venmo from one platform to another?
Follow these steps to do this:
1. Open a bank account, and link it with your PayPal and Venmo accounts.
If you are on the web, go to your PayPal account and choose Link a Bank or Banks and Cards.
Make two small deposits by entering your online banking information
Go to your Venmo Account, then go to Settings. Select Payment Methods.
Select Add your bank or card, and select your verification method
2 After both accounts are linked, log in to your Venmo and select Transfer To Bank. Enter the amount you wish to pay
3. Select the transfer option that you prefer: Instant or 1-3 Business Days. Then tap
4. Next, log back into your PayPal account and then go to the Transfer Money option.
5 Choose To add money to your balance you will see the bank account linked to your Venmo or Paypal.
6. Select the bank account you wish to use and hit Edit. In 3-5 business days, the money will be in your PayPal wallet
Here are some things to remember when transferring funds from Venmo to PayPal
Cross-currency transfers are something you should be aware of when moving your money. You don't have to be concerned if you are making the same currency transaction from Venmo into your PayPal account. It will cost you very little or even be free.
However, if you are looking to make a currency change, it may be more costly. Let's say you wish to convert the Venmo funds into a different currency. Once the funds are in your PayPal wallet, this conversion will take place.
PayPal charges a 5% exchange rate fee for international payments made through the PayPal account or PayPal balance. A 4% additional markup can be added to each transaction. This means you will not be able to know how much money you have to send and how much you will receive.
Although it is great to be able to can you transfer money from Venmo to PayPal, there are many steps involved and you have to wait for the money to arrive. Converting currencies requires extra attention.
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