If you use digital payment apps, you are probably familiar with Paypal and Venmo. Because of similar features, you may have questioned does Paypal own Venmo?
Paypal recently acquired Venmo. Under new leadership, there are discussions to further bridge the applications. So if you are a loyal PayPal user or Venmo user, you could see more sharing capabilities in the future.
But, these dreams may have to wait (for the time being). There is not a direct capability to transfer money from Venmo to Paypal.
But, is there any way around this? How can you Venmo to Paypal?
First, you will need the understand each application's basic features and attributes. Then, you'll be ready to follow these steps to make the transfers you need.
While this process isn't as easy as one-click transfers, it is possible. With just a few extra steps and insights, you can be on your way to connecting Paypal to Venmo.
What is Venmo?
Venmo is one of the most widely used digital payment apps. Paypal recently revealed that Venmo has more than 40 million registered users. Venmo's popularity is because of its easy-to-use free application and quick transfer time.
Users download the free app. Next, users add their bank or card information to make transfers. Then, they find other users to send transfers.
Venmo transfer times are quick and efficient. But for an extra cost, users can choose to send money "instantly." Traditional banks can charge for transfers and accounts don't always accrue attractive interest. For these reasons, a free-to-use app like Venmo is especially appealing.
Venmo has some unique capabilities. For example, you can link your Facebook or contact list to the app. When sending transfers, you can add a special note or emoji.
This note can be public so other users can see your transfer (but not the money amount). Or, you can keep transfers private between users.
What is PayPal?
PayPal is often considered the "original" digital payment app. The application has more than 346 million active users. Paypal also reported more than 3.7 billion in transactions last year.
Like Venmo, Paypal is a free digital payment app. The app allows users to send and receive transfers. With Paypal, you can connect your bank account. Or, you can link a debit card or credit card to your account. Most transfers are free. But, like Venmo, for "instant transfers," you will need to pay an additional fee.
Besides user-to-user transactions, many businesses benefit from Paypal. If you own an online store, you can use Paypal as a payment option.
Paypal also has different currency options. So if you have clients who pay in multiple currencies, the app will store these funds and provide a daily currency transfer rate.
Paypal offers transaction protection. If there was a transaction fraud, scam, or dispute, Paypal's features can protect sellers and buyers.
Can You Venmo to PayPal?
Now that you understand more about these digital payment apps, it may seem logical to connect them. After all, if the apps are part of the same company, can't we transfer easily? Unfortunately, the answer is almost.
But, don't feel discouraged just yet. There is a creative way to transfer from Venmo to Paypal.
You'll only need your bank account information, a few other resources, and the ability to follow these steps. Read on!
Your Venmo to Paypal Checklist
Smart Cellphone with Apps
Your phone will need to have both Venmo and Paypal apps uploaded. To begin, you will need to download the Paypal Cash or Paypal Cash Plus app.
Make sure your phone is not due for any software updates. You will need to update the apps to ensure proper functionality.
These apps function on iPhone IOS or Android. If you don't have a smartphone or access to updated versions of these apps, you may not be able to complete the transfer.
Have your bank account information ready. This includes your bank account number and routing number.
Double-check that your bank account is linked and confirmed to both apps. If you want to switch your bank account or link to a new card, confirm this now.
How to Link Venmo to Paypal?
So, how to link Venmo to Paypal? Once you have checked for the correct Paypal account, updated apps, and confirmed bank account information, you are ready. Here are the steps to link Venmo to Paypal. These easy steps can help you make your first transfer!
Step 1: Connect Venmo to Your Bank
Using the updated Venmo app, transfer your Venmo balance to your bank. Remember, that most transfers on Venmo are free. But, if you want a Venmo instant transfer to Paypal, this will incur a small fee.
If you want to avoid paying excess fees, hold tight for a few business days. In one to three business days, your Venmo transfer should arrive in your bank account.
Step 2: Check Your Paypal
Do you have the correct Paypal account and the updated app downloaded? Remember you need the Paypal Cash account or Paypal Cash Plus account to continue with these steps.
Login to your Paypal account and click on "my account." You should see a landing page that will show you your Paypal balance and any recent activity.
Step 3: Load Your Paypal Balance
On the same landing page where you see your Paypal balance, there should be two lines that read " add money" or "transfer money." Click "add money."
You don't want to click transfer money because this will send funds away from PayPal; the opposite goal. Essentially, to transfer your funds from Venmo to Paypal, you want to "add" or grow your Paypal balance. Next, you will be prompted to a screen that will ask you to confirm bank details and select your transfer amount.
Type in the Dollar Amount
You should have your bank details loaded in Paypal. You can manually type in the amount of money you wish to add. Type in the same amount you transferred from your Venmo account.
For example, if you transferred $50.00 from your Venmo balance, type in $50.00 on this Paypal line. This $50.00, through the bridge of your bank transfer, will be "added" to your Paypal balance.
Step 4: Transfer Complete
After manually typing in your transfer amount, click the "Add" button. This transfer can take a few business days to complete. In a few days, you will see the money you transferred from Venmo now loaded into your Paypal account.
These Steps Can Help You Grow Your Funds
There is no magic "Paypal Venmo button" or "transfer Paypal to Venmo card." You now understand that transferring your Venmo balance to Paypal requires a few additional apps and connecting your bank account. These steps can be your guide to easily transfer your Venmo balance to Paypal.
Just remember that these transfers can take a few business days unless you pay the app fees. So, if you need to transfer important funds line rent or emergency money, plan accordingly. Once you have loaded your Paypal balance, you can use those funds to shop online or in stores where Paypal is accepted.
Or, you can withdraw those funds to other bank accounts or cards. These steps can help streamline the transfer process but can also encourage you to grow your money and save. Instead of cashing out your Venmo payments or letting that money sit in the account, transfer it to your Paypal balance Your Paypal can act as a savings fund.
But Are You Looking for Other Ways to Save?
But, are you still looking for other ways to grow your money and save? If you're worried about low bank interest rates or struggle to save money, consider Yotta. Yotta is an app created to help Americans be more financially secure.
Yotta partners with high-value banks to offer more attractive rates. Then, a portion of that interest is combined and offered through weekly prize draws. Yotta takes a portion and pays it to users no matter the circumstances.
But, even in weeks where you don't win, your money is still growing over time. While saving your Venmo or Paypal balance is a best practice, an app like Yotta can help you grow that money over time.
Do More than Venmo to Paypal Transfers. Start Saving and Start Winning!
Can you Venmo to Paypal? You nowknow the steps to do it! While transferring from Venmo to Paypal can be a good way to transfer money and save, consider adding other savings apps like Yotta. Yotta is FDIC insured which means your hard-earned money is protected.
You can download the Yotta app on iPhone IOS or Android. If you want to learn more about Yotta, register and get started.