Venmo Instant Transfer to PayPal: What You Need to Know

Venmo Instant Transfer to PayPal can be a convenient option for transferring funds, but there are some things to keep in mind.

The transfer fee is 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $25.

You can transfer up to $4,999.99 per week using Instant Transfer to PayPal.

Venmo is a peer-to-peer payment service owned by PayPal, allowing users to send and receive money through a mobile app.

Venmo was founded in 2009 by Andrew Kortina and Iqram Magdon-Ismail, and was later acquired by PayPal in 2013 for $800 million.

Venmo's user base has grown significantly since its acquisition, with over 40 million active users as of 2022.

The service is popular among younger generations, with 71% of Gen Z users using Venmo to make payments.

Venmo allows users to link their bank accounts, credit cards, or debit cards to make transactions.

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Users can also connect their PayPal accounts to Venmo, making it easier to transfer funds between the two services.

Venmo's instant transfer feature, which we'll be discussing in more detail later, allows users to transfer funds to their bank accounts instantly for a fee of 1.75% of the transfer amount, with a minimum fee of $0.25.

To transfer funds out of your Venmo account, you need to follow these steps.

First, open Venmo and click the “You” tab.

To initiate the transfer, select “Transfer balance.”

You'll then need to enter the amount you wish to transfer and choose whether you want the funds transferred instantly or within 1 to 3 business days.

If you choose to instantly transfer, be aware that you'll pay 1.75% of the total transfer amount in fees, up to $25.

This fee will be deducted from the amount you receive in your bank account.

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Before you start transferring money from Venmo to PayPal, there are a few things you should know. Even though PayPal owns Venmo, there isn't a direct way to transfer money between the two mobile payment services.

Using the same bank account for Venmo and PayPal is an indirect way to transfer funds between the two, but you'll need a PayPal Balance account to make it work.

You'll need to enter the amount of money you want to transfer, then choose between Instant or 1-3 business days. Instant transactions will be charged a 1.5% fee.

Discover more: Paypal Fee Transfer to Bank Account