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. Show 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. 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 PayPalWhile 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:
2. Once the bank account is linked to both, go to your Venmo, select Transfer to Bank and enter the desired amount What to avoid when making transfers from Venmo to PayPalWhen 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.
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:
Sources checked on 06.30.2021
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