Transferring money between Venmo and PayPal has been a challenge for many people, leaving them with the question of whether it is even possible. This article aims to solve the mystery by offering all the necessary information needed to transfer your money from Venmo to PayPal and the other way around. You will learn how the two platforms work, how to transfer funds between them, and tips to make the process smoother.
II. Writing a “How-to” Guide
Let’s start with the basics. Venmo and PayPal are two American platforms used for payment transactions. The former is geared towards social payments amongst friends and family, while the latter is used for more professional transactions.
To transfer money between the platforms, follow these simple steps:
- Log in to your Venmo account.
- Click on the “☰” icon in the top left corner of the screen.
- Select “Manage Balance” on the dropdown menu and click “Add Money”.
- Enter the amount to transfer and click “Add”.
- Log in to your PayPal account, click on “Transfer to your bank”, then select “Add Money”.
- Choose your linked bank account or debit card and click “Next”.
- Select the amount to transfer and click “Add”.
- The transferred funds should reflect in your PayPal account within 3-5 working days.
It is essential to have a linked card or bank account to transfer funds between Venmo and PayPal. Also, ensure your account’s details are accurate and reflect what is specified in your recipient’s account.
Finally, ensure you have enough funds in your Venmo account to execute the transfer, and once the transfer is processed, you cannot cancel the transaction.
III. Pros and Cons of Using Venmo and PayPal
Both Venmo and PayPal have their benefits and shortcomings. Venmo offers users a free and straightforward platform to transfer money between friends and family. It also allows for easy tracking of all transactions, and you can easily cash out your balance to your connected bank account.
PayPal, on the other hand, has a more professional approach to transactions, and it is widely accepted by merchants worldwide. Its transaction security measures are also top-notch, guaranteeing the quick resolution of any issues that may arise during a transaction. However, it comes with fees, specifically for cross-border transactions.
When choosing which platform to use, consider the situation at hand. For personal transactions amongst friends and family, Venmo is the best option. For business transactions or cross-border transactions, PayPal stands out.
It is also possible to move funds directly between Venmo and PayPal, but it requires you first to transfer the funds to your bank account. From there, you can move the funds to the receiving account with ease.
IV. Analyzing the Fees Associated with Transferring Funds
When transferring funds between Venmo and PayPal, ensure you review the transaction fees to determine the cost-benefit analysis of the transaction. Venmo has no fees when transferring funds to linked bank accounts or debit cards but incurs a charge of 1% when transferring more than $3000 in a week. PayPal, on the other hand, charges between 2.9% to 4.4% for cross-border transactions and 2.9% plus a fixed fee of $0.30 for personal transactions received via PayPal.
You can avoid high fees by linking your debit cards to both platforms instead of your bank account. You can also consider direct transfers between Venmo and PayPal in situations where the recipient does not have a linked debit card or bank account.
V. Sharing Personal Experiences
A user once attempted to transfer $200 from their Venmo account to PayPal without a linked debit card or bank account. Unfortunately, they were unsuccessful as they could only use their PayPal account to make purchases on Venmo partners, but not to transfer funds. The solution they developed was to add a linked debit card to their Venmo account, transfer the funds to their bank account, and later to their PayPal account. They recommended anyone in a similar situation link their debit cards to minimize transaction fees and avoid such an inconvenience.
VI. Interviewing Financial Experts
According to financial experts, when transferring funds between Venmo and PayPal via the bank account, it is essential to use the same email for both accounts. They also advise users to carefully review the transaction fees for each platform and evaluate the transfer’s expense in their specific situation. Finally, it helps to keep a minimum balance in your Venmo account to ensure you can execute transactions with ease at any time.
Transferring money between Venmo and PayPal can be challenging, but following the steps outlined in this article can make the process smoother. Consider the transfer fees, benefits, and shortcomings of each platform before deciding which to use. Remember, linking to your debit card and keeping a minimum balance in Venmo account can minimize transfer fees and help you make successful transactions. Apply the tips outlined in this guide to ensure a smooth transfer of funds between both platforms.