The digital transformation in this era makes it easier for us to perform money transactions without attending a bank counter. People can now send money even without a bank account. It becomes easier when you can send money using your smartphone app from anywhere in the country. Both PayPal and Venmo became popular in this way. Both the apps are prominent in the mobile financial services sector. Millions of users in the country rely on these services for speedy online payments. There are many similarities if you compare the apps. But, can you send money from your PayPal account to a friends Venmo account? Keep reading to find the answer below.
Can I send money to my friends Venmo account from my PayPal account?
As you already know, there are many similarities between PayPal and Venmo. But unfortunately, you cannot connect both platforms to transfer money from one to another, despite many similarities. You cannot send money from one platform to another directly. But, there are some alternative ways to send money from PayPal account to a Venmo account.
Alternative Ways to send money from PayPal account to a Venmo account
There are three options available when you want to send money from a PayPal account to a Venmo account. Those three options are given below:
Using the Same App
If you want to send money from PayPal account to a Venmo account, this is the most straightforward way compared with the other two. To get started, you must open a Venmo account and link it to your bank account to deposit the amount to Venmo. Then send money to your friend Venmo account. In that case, this process requires more than three business days. On the other hand, your recipient can open a PayPal account and will be able to access the money faster since they won’t need to link a bank account to receive it. If your recipient has PayPal, then you can send fund from your paypal account. This option is fast and does not require any cost.
Transferring via a common bank account
You will be able to transfer money from PayPal to Venmo through a common bank account. You may accomplish this process online or over the mobile app. Your Venmo and PayPal accounts must have the same name as your bank account. Now, you have to link your bank account with Venmo and PayPal to transfer money from PayPal to Venmo. The money will go to your bank account first, then PayPal. The total process does not require any cost and needs 2 to 3 days to transfer.
By using a PayPal card
A PayPal debit MasterCard can be a good option to transfer money. It can be a bridge between your PayPal account and your Venmo account. If you already have this card, this option is effective, but it can be a long process if you need to order the card first.
Things to consider when sending money from a PayPal account to a Venmo account?
Both Venmo and PayPal allow online transfers, and millions of people use these platforms. Both allow you to link your bank account with their mobile apps or websites. But, you should consider some facts when you use two popular ways:
- Send money from PayPal to Venmo by linking your bank account.
- By linking a PayPal debit card to your Venmo account.
When you send money by linking your bank account,
- If you have not yet linked your bank account, linking your account to PayPal requires three business days for the verification process.
- Linking your bank account can be done instantly with a debit card.
- You will be able to link your bank account with only one PayPal account.
- Usually, a standard withdrawal from PayPal to your bank account needs three to five days.
- Instant withdrawals require a fee.
When you send money by linking your PayPal debit card,
- A PayPal debit card is only a good option if you already have this card.
- You have to wait to get your PayPal card for around 7 to 10 business days and then start the sending process.
- Though PayPal cards do not have any monthly fees, some service costs are needed.
- If you fund your PayPal card with a credit card or foreign bank account, you will be charged a fee.
What to avoid?
If you want to send money from PayPal to Venmo, the process will be free. When you think of making a currency conversion at any point, some cost is required. The cost is necessary if your PayPal account is in any currency other than the US dollar. Because Venmo is only available in the USA and in US currency. By converting funds directly into US dollars in PayPal using your balance, PayPal will handle the currency conversion for you. The bank will convert the money from your PayPal account into US dollars and deposit it into your bank account. Both ways are quite expensive because there is a high charge required. PayPal’s non-transparent exchange rate margin fees are usually anywhere between 2.5% and 4.5%. Sometimes the margin fees are higher in different banks.