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.
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.
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
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 fees 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.
- 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
Sources checked on 06.30.2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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