How to transfer money from Venmo to Wise
Can you send money from Venmo to Wise? Find out in this guide.
If someone needs to send you money — or if you’re receiving payments for your business — you may be wondering how to set up a PayPal account to receive money conveniently.
This guide covers creating a PayPal account for personal or business use online, as well as how to set up a PayPal account to receive money using the app.
Because PayPal isn’t always the cheapest option to get paid from overseas, we’ll also touch on how a Wise Account could help you receive money fast, for low fees and with one of the fairest exchange rates available.
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Getting a personal PayPal account set up to receive money is easier than you think. And if you’re wondering how long it takes to set up a PayPal account to receive money, the good news is that the entire process outlined below only takes a few minutes, and you can get paid straight away after that.
Whether you’re signing up for a new account for future use, or you’ve received an email from a friend saying they’ve sent you a PayPal payment, you’ll need to take the same basic steps. Here’s what to do.
The first step to take will be to sign up for PayPal online or in the PayPal app — we’ll look at the app options in more detail a little later.
If someone has sent you a payment on PayPal, they’ll be provided with a link they can send you directly to confirm the money is there, and prompt you to create a PayPal account.
You can either click this link — as long as you trust the sender — or simply open a new browser page and search for PayPal directly.
Here’s how to register online with PayPal¹: |
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Once you’ve registered your account, you still need to add a few details so you can receive money to your PayPal account. First, your phone number:
1. Log into your PayPal account and select Settings
2. Look for Phone Numbers then Add New
3. Enter the phone number, select the phone type, then click Add phone number
4. Complete the verification step to prove the phone number is really yours
When you’ve added a phone number to your PayPal account you’ll need to complete a security step to verify the phone. This ensures a stranger can’t add their own phone to your account, and proves you have access to the phone you’re using.
To validate your phone number either choose to receive a code by text, which you can then enter into your PayPal account, or have PayPal call you to confirm.
One last step, and you’re ready to receive money on PayPal. When you created your account you’ll have been prompted to enter your email address.
Now you need to confirm the address for security reasons. As with your phone number, this proves you have access to the email, so your account can’t be used fraudulently.
Here’s what to do:
1. Check your email for a message from PayPal, and click the link once you receive it
2. You’ll be sent to a page to enter your PayPal password to show the account is yours
3. Enter your password, click Confirm and you’re done
If you are getting paid from abroad for personal or business reasons you could cut the costs of currency conversion with a Wise Account.
Open your Wise account online or in the Wise app, to get local bank details for 8+ currencies, so you can get paid fee free from over 30 countries.
Simply give your bank details to the person who’s sending you a payment, and it’ll be deposited directly into your Wise account for convenience.
Convert to the currency you need with the mid-market exchange rate and low fees, send payments from Wise to 160 countries, or withdraw back to your local USD bank account.
For a one time low fee, you can also get a linked Wise Multi-Currency Card to make it even easier to spend in 170+ countries with the mid-market exchange rate every time.
Check out where you can order a Wise Multi-Currency Card before getting started.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information |
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If you want to receive money to your PayPal account for business purposes, a PayPal business account may be more suitable.
Business accounts have different features and fees compared to personal accounts, so make sure you’re picking the right type of PayPal account for your specific needs. Here’s how to go about setting up a PayPal business account.
To get a PayPal business account, first register online with PayPal²:
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You’ll be prompted as part of registering to add your phone number. Once you’ve done that you’ll get a text message with a code, which you need to enter into your PayPal account to show the phone is really yours. You’ve got 10 minutes to complete this step once the code has been sent — but you can also request a new code if yours has timed out. Here’s how:
1. Log into your PayPal business account and go to your profile
2. Find the mobile number you want to confirm and click Update, then Confirm your number
3. Click Resend confirmation code
4. Once you receive the code, enter it and click Validate to confirm the number and link it to your account
Next you’ll have to confirm your email address, which has been linked to your PayPal business account. Here’s what to do:
1. Check your email for a message from PayPal, and click the link once you receive it
2. You’ll be sent to a page to enter your PayPal password to show the account is yours
3. Enter your password, click Confirm and you’re done
⚠️ It’s worth noting that each PayPal account usually needs its own email address. That means that if you have both a personal and a business account you may not be able to use the same email with both of them. |
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PayPal has a huge range of merchant services — so it’s worth browsing options on the PayPal site if you’re looking for a specific way to receive money which will suit your business.
However, remember that all these services have their own fees to pay too — weigh up your options, and compare a few different providers before you leap in.
More on a smart way to get business payments from overseas for a lower fee, next.
Open a Wise Business account online or in the Wise app, to hold and exchange 40+ currencies, send payments to 160 countries, and get the mid-market exchange rate with low, transparent fees every time.
You can also get account details to receive like a local in 8+ currencies, which will help you avoid PayPal conversion fees when receiving payments.
Learn more about Wise Business
You can also set up a PayPal US account in the PayPal app, whether you want a personal or business account.
The process is similar for both, and you’ll be guided through every step of the way by on screen prompts. Here are the basic steps to take:
Step 1. Download the PayPal app on Android or iOS and click Sign up for a PayPal account
Step 2. Choose Personal or Business depending on which account type you want, and click Get Started
Step 3. Enter your phone number and personal information and create a password, following the prompts, and click Continue
Step 4. You’ll be prompted to confirm your phone number by entering a text message — this only takes seconds to arrive and can be entered directly into the app
Step 5. Confirm your email address by clicking on the link in the PayPal email you’ll receive
Step 6. Your PayPal account is up and running — you can now add a bank account or card, and receive payments easily
PayPal payments can usually be funded with an existing PayPal balance, by credit or debit card, or from a linked bank account.
That gives people plenty of different ways to send money — from the US or internationally. Here’s how you can receive payments to your business or personal PayPal account.
Once you have set up a PayPal account to receive money you’ll be able to have others send you payments, get paid through sites like eBay, or send a request to a friend to have them pass you money directly to your PayPal account.
Learn more about receiving money to a personal PayPal account |
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Once you have set up your PayPal business account to receive money you’ll have a broad range of ways to get paid, depending on what suits you. You may pick from the following³:
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PayPal personal and business accounts offer a really broad range of ways to pay and get paid, with cutting edge security and broad acceptance around the world. However, PayPal isn’t always the right solution — particularly if you’re transacting internationally.
If you need to send, receive, hold, exchange or spend foreign currencies check out the personal Wise Account, or take a look at Wise Business if you need solutions for business payments. You may find you can save, with low cost international transactions with the mid-market exchange rate.
Sources checked on 12.06.2022
*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.
Can you send money from Venmo to Wise? Find out in this guide.
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