How to Transfer Money From PayPal to Venmo

While directly transferring money between PayPal and Venmo is not possible, individuals can efficiently move funds between these popular payment platforms using an intermediary bank account. This process involves two main stages: first, withdrawing money from PayPal to a linked bank account, and then, adding those funds from the same bank account to Venmo. Understanding the specific steps and associated timelines for each platform is important for a smooth transfer experience.

Setting Up Your Accounts for Transfer

Before initiating any money transfers, establish and verify a bank account connection for both your PayPal and Venmo profiles. This linkage serves as the conduit for funds. For PayPal, users can link a bank account either instantly by providing their online banking login credentials or manually by entering their bank’s routing and account numbers. If opting for manual verification, PayPal will send two small deposits to the linked bank account within one to three business days; these amounts must then be confirmed within the PayPal app to complete the setup.

Venmo also requires a linked and verified bank account. Users can connect their bank account instantly through a service like Plaid, logging into their online banking portal via the Venmo app. Alternatively, Venmo sends small micro-transfers to the bank account, which then need to be verified within the Venmo application. Completing this verification process on both platforms ensures that your bank account is ready for transactions.

Moving Funds From PayPal to Your Bank

Once your bank account is linked with PayPal, transfer funds from your PayPal balance to that account. Navigate to the “Wallet” section within your PayPal account and select to transfer money to your linked bank account.

PayPal offers two options for withdrawing funds: a standard transfer and an instant transfer. The standard transfer processes within one to three business days and does not incur any fees. For those requiring faster access to their funds, an instant transfer is available, completing within 30 minutes. However, instant transfers come with a fee, which is 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $25. After selecting your preferred transfer speed and confirming the amount, the funds will be sent to your linked bank account.

Adding Funds From Your Bank to Venmo

With the funds now deposited into your bank account from PayPal, move them into your Venmo balance. Within the Venmo application, locate the option to add money and select your linked bank account as the source.

Venmo also provides both standard and instant transfer options for adding money from a bank account. A standard transfer takes one to three business days for the funds to appear in your Venmo balance and is free. For immediate access, an instant transfer deposits the money within 30 minutes. This service carries a fee of 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $25. Selecting the desired transfer method and confirming the amount will initiate the deposit into your Venmo account.