Personal Finance

Sending money from Venmo to PayPal: what you should know

Adam Rozsa

10.02.23 (updated more than 1 year ago)

Read time 2 minutes

We’ve seen all sorts of mobile payment and money transfer services pop up over the years, many with their own online wallet.

However, while you can keep money in these accounts and even move it around to other banks and platforms, some might have specificities when it comes to making transactions.

Venmo is one of these platforms. Especially when it comes to their parent company, PayPal. We’re going to take a look at the money transfer possibilities between Venmo and PayPal, how to go about such transfers, and what to avoid.

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Is there an integration between Venmo and PayPal?

There isn’t an integration between Venmo and PayPal¹. Which means that Venmo payments are handled as regular PayPal transactions — also including the Venmo-funded payments made from a PayPal account.

How to transfer money from Venmo to PayPal

While you can’t link Venmo to PayPal directly, you can still make a transfer from one platform to the other.

This can be done by following the steps below²:

1. Set up a bank account and link it to both your PayPal and Venmo accounts:

Go to your PayPal account and select Link a bank if you’re on the website or Banks and Cards if you’re in the mobile app
Enter your online banking details as requested and make two small deposits
Proceed to your Venmo account, go to Settings and select Payment Methods
Select Add a bank or card and choose your verification method

2. Once the bank account is linked to both, go to your Venmo, select Transfer to Bank and enter the desired amount
3. Choose the transfer option you prefer; Instant or 1-3 business days, then tap Transfer
4. After that, go back to your PayPal account then continue to the Transfer Money option³
5. Select Add money to your balance, and you’ll see the bank account that’s linked to both your Venmo and Paypal
6. Choose that bank account and hit Add. The money will arrive in your PayPal wallet in 3-5 business days

What to avoid when making transfers from Venmo to PayPal

When moving your money, one of the main things to look out for is cross-currency transfers. If you’re making a same-currency transaction from Venmo to your PayPal account, you don’t need to worry. The process will be very cheap or even free.

But if you plan on making a currency exchange, it can become a little more expensive. Say you want to use the funds in a currency other than the one they were in while in your Venmo account. This conversion will have to take place once the funds have arrived in your PayPal wallet⁴.

PayPal has an exchange rate fee of 5% when it comes to international payments done through the PayPal balance or bank account⁵. An additional markup of 4% can be added to the transaction too, which means that you’ll have a hard time knowing how much money you’ll have to send, and the total that will be received⁶.

💡 If you need to send money abroad, a good alternative is Wise. Wise is a cheap and quick way to make international payments. They disclose all their fees⁷ upfront and use the mid-market exchange rate — the one you see on Google. So there are no surprises when it comes to converting your money.

Below you can check how competitive Wise is:

While it’s a good thing to know that you can transfer money from your Venmo account to your PayPal account, the lack of integration between them leads to a lot of steps and waiting for the money to reach the destination. You also have to be extra attentive when converting currencies.

If you’re in a time crunch, a better option for you should be Wise, for a cheap and straightforward experience.

🚀 Register now

Sources:

PayPal - How is the integration between Venmo and PayPal accounts?
Venmo - Adding a bank account
PayPal - How do I add money to my PayPal balance?
Monito - Transfer money from Venmo to PayPal
PayPal - Fees
PayPal - Currency conversion
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources checked on 1 February 2023

💡 More on Venmo
What is Venmo and how does it work? Wondering if Venmo’s safe? Here’s what you should know A complete guide to Venmo fees How to add money to Venmo How to send money on Venmo in 7 easy steps? Does Venmo international transfer work? Best alternatives How long does Venmo take? Venmo transfer limits Cash App vs Venmo: your comparative guide Can you use Venmo for business? A complete guide

*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.