In this day and age, it is important to know how to transfer money quickly and easily. There are a lot of different platforms out there that allow you to do this with some of them being; Venmo, Paypal, Cash App, Chime, Zelle, TransferWise, and many others. But today, we will talking about two of these very popular transfer platfroms which are, Paypal and Venmo.
Both of these platforms have their own advantages and disadvantages, but in this article, we’re going to focus on how to quickly transfer money from Paypal to Venmo.
Well, it is not difficult to do this transfer. And many people usually do this transfer using another medium, like an external bank account, or a bank card like a debit or credit card.
And so, to know all these steps, just keep on with the reading and you will know how to send money quickly from Paypal to Venmo.
Table of Contents
Sending Money from Paypal to Venmo Quickly
What is Venmo?
Venmo is one the most used popular money transfer apps or platform that was brought in place and is owned by Paypal. You can send money between your friends, family members, business partners, and all the like.
But the first thing to put in place is that you should know the person recieveing or sending you money because of online bandits. Well, if by a certain means you were a victim of a Venmo scam, then you can do this.
Apart from that, you have to know that Venmo is mainly for peer-to-peer transfers(between friends or classmates). They have reduced fees for friendly transfers.
What is Paypal?
Paypal is a very popular money transfer app, and is considered at the top of the list for many online experts. Many people do prefer using Paypal because of their very high security in keeping our money and accounts safe from scammers.
Well, Paypal has specialised on Security during transfers, and also has a worldwide range for transfers between friends, family members, and even business partners.
But with all these, their bad side is the high fees they impose on their users. Well, you should not fear the fees because it will be better to spend a lot and the money is well transfered, than to go for a cheap platform were your cash can easily be stolen.
Why Transferring Cash From Paypal to Venmo?
There are a few reasons why you might want to do this. Firstly, Venmo has lower transaction fees than Paypal.
Secondly, Venmo is a platform that is specifically designed for mobile payments, which means that it’s easier to use on your smartphone.
And lastly, Venmo is becoming increasingly popular, which means that more and more people are likely to have it as an option when they’re looking to transfer money.
So, without further ado, let’s take a look at how to quickly transfer money from Paypal to Venmo.
How to Transfer Money from Paypal to Venmo - Step by Step
There are two main methods to use to transfer money from Paypal to Venmo. These methods are; Using a bank account, and or using a Debit card. So let's kick start with these steps
Method 1: Using a bank account
1. Link your bank account to both Paypal and Venmo.
2. Transfer the money from your Paypal account to your linked bank account. This may take up to 3-5 business days.
3. Once the money has been transferred to your bank account, open Venmo and add the same bank account as a payment method.
4. Initiate a transaction on Venmo and select the bank account as the payment method.
5. Transfer the money from your bank account to your Venmo account. This may also take up to 3-5 business days.
Note: This method may take longer but it is the most secure way to transfer money between Paypal and Venmo.
Method 2: Using a debit card
1. Open Venmo and add your debit card as a payment method.
2. Transfer the money from your Paypal account to your debit card. This may take up to 24 hours.
3. Once the money has been transferred to your debit card, initiate a transaction on Venmo and select the same debit card as the payment method.
4. Transfer the money from your debit card to your Venmo account. This should be a quick transaction and can be completed within minutes.
Note: This method is quicker but may have higher transaction fees associated with it. Additionally, make sure to check with your bank and Venmo for any potential limits or fees before initiating the transfer.
Some Frequently Asked Questions(FAQs)
1. Is it safe to send money from Paypal to Venmo?
Yes! It is very safe to send money from Paypal to Venmo. Except if the person you are sending the money to is a scammer who is trying to make you send him or her money. Those people will block you after you've sent the money. So, make sure you know who you are sending money to before starting any online transaction.
2. How much fees to send money from Paypal?
Paypal does have high fees, but for standard transfers, that could take about 5 days to be completed will have you pay nothing. And for instant transfers, you will pay 1.7% fees(25 cents min, $25 max).
For payment fees, you will have to pay 2.6% fees for any transaction you are about to initiate apart from the standard or instant transfers. That one is for bank transfers; but if you use debit or credit card, then 30 cents will add to the 2.6% you've paid.
3. Does Paypal accept Venmo?
Paypal just like any other online does not usually take or accept other online banks. But, PayPal merchants will have an expanded consumer audience in the US as customers can now use their Venmo accounts to make purchases during a mobile PayPal checkout. This will make Paypal users to easily and quickly send money from Paypal to Venmo.
4. Which is Better - Paypal or Venmo?
We don't think this should be spoken about, but after some of the points we gave above, many people will tend to go for Venmo ahead of Paypal. But to be clear, Paypal is way too big to be compared with Venmo, and Venmo too is owned by Paypal; this will simply mean that Paypal is is better than Venmo.
But Venmo is best in peer-to-peer transactions for example in classrooms or family transactions; and is also better with lowers fees than Paypal. And apart from that, Paypal is ahead of Venmo at all levels.
Final Thoughts on How to Send Cash From Paypal to Venmo
In conclusion, transferring money from Paypal to Venmo can be done quickly and easily with the right steps.
It's important to consider the transaction fees, speed, and security when deciding on the best method to use. By following these methods, you can easily transfer money to friends and family on either platform.