How to open a foreign currency account in the US
Wondering how to open a foreign currency account in the US? Struggling to find information? Read on to find out what you need.
PayPal® and Venmo® are popular online money payment services that let you send safe transfers and payments.
Although you can’t send direct transfers from PayPal to Venmo, there are still a few options to transfer your funds. Read everything you need to know about sending money to Venmo.
We’ll also take a look at Wise – your international money transfer alternative. Send money abroad to 80 countries at the mid-market exchange rate with just the touch of a button.
PayPal is a digital financial tool that lets you make payments without a seller accessing your bank details. All you need is an email address to start sending and spending your money with PayPal.
Similar to PayPal, Venmo is a mobile payment service that lets you send funds to family and friends, but it has fewer user functions.
Although PayPal owns Venmo, you can’t send direct transfers from PayPal to Venmo, whether you want to fund your own account or you’re sending a payment to a friend.¹
However, there are a few alternative ways to transfer your money to Venmo, such as linking a common bank account or using your PayPal debit card.
Sending money from PayPal to Venmo can get a bit complicated, as you can’t send your money directly, and your transfer may take up to 3 days to arrive with Venmo.¹
You also can’t use Venmo if you want to send money overseas, as this app is only available in the US.²
It’s typically considered safe to transfer your money from PayPal to Venmo, as PayPal never shares your financial information with sellers, and it uses encryption technology to keep your transactions safe.³
You can’t link PayPal directly to Venmo as there are no connections between these two payment tools. It’s also not possible to directly transfer your money from Venmo to PayPal.⁴
Another smart option if you’re sending money overseas. Meet Wise.
Register a Wise account online or in the Wise app, and send digital payments from your bank account to 70+ countries, with the mid-market exchange rate and low, transparent fees.
Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site. If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
You can’t directly move money from your PayPal balance to Venmo, but there are still a few options to send your funds. We’ve put together all the information you need to send your money to Venmo.
Using a common bank account is typically the most popular option if you want to transfer your money from PayPal to Venmo. For this transfer method, you need to have a US bank account in the same name as your PayPal and Venmo accounts.
We’ve put together a step-by-step guide to transferring your money from PayPal to Venmo using a bank account.
Step 1. First, you’ll need to connect your checking account to PayPal. Then, you’ll need to connect the same account to Venmo
Step 2. Transfer funds from PayPal to your bank account
Step 3. Log into your Venmo account and take the funds out of your checking account. You can then use these funds to spend money using Venmo⁵
You can also use your PayPal debit card to transfer money from PayPal to Venmo, but this option is best if you’re sending money to your own account.
Step 1. Order a PayPal MasterCard® debit card
Step 2. Add your PayPal card to Venmo by selecting “Banks and Cards” and “Add Debit or Credit Card”
Step 3. When you make a payment with Venmo, make sure to choose your PayPal card and your payment will come out of your PayPal account⁵
The methods of transferring your funds from PayPal to Venmo are typically fee-free, particularly if you’re using a common bank account.
However, you may experience a charge if you use your PayPal debit card outside the US. This is typically 2.5% as a foreign transaction fee.⁶
There’s no transfer fee if you want to link your bank account to PayPal and send money between both accounts.⁶ You also won’t experience a charge for using your PayPal MasterCard debit card in the US.⁶
There are a few alternative transfer solutions to send a direct transfer from your PayPal balance to Venmo. If you want to pay someone else, you can open a Venmo account or they can open a PayPal account to cut out your workaround option. If your recipient gets PayPal, they should receive your payment instantly.¹
You could also use a money payment service that directly links to PayPal, including Chime® or Payoneer®.
Wise is a handy money transfer service. Use Wise as a tool to smoothly transfer money from PayPal to Venmo, or send a direct transfer abroad to friends and family.
It’s possible to send money from PayPal to Venmo, but there are a few things to think about before getting started.
You can’t send a direct transfer, so you’ll need to find a workaround method that works for you, such as linking your US bank account to the payment platform of your choice.
To start exploring your global spending options, check out Wise.
Sources:
Sources checked on 10.30.2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Wondering how to open a foreign currency account in the US? Struggling to find information? Read on to find out what you need.
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