how to transfer money from venmo to bank

Generally speaking, transferring money from your Venmo account to a bank account takes one to three business. Sending and transferring money has never been easier. a 1% fee if you want to transfer your Venmo funds instantly to your bank account. A link is instantly sent to the recipient, who enters their debit card information to accept the transfer. If the recipient's card is not setup by their.

How to transfer money from venmo to bank -

The app's robust offerings, mixed with speed and convenience, put it squarely in the winner's circle. PayPal's brand name awareness elevates it to the best overall category.

Pros
  • Name/brand recognition cultivates instant trust

  • Easy to install and use

  • Fast and secure

Cons
  • High transaction fees

  • May hold money

  • Difficult customer service

PayPal's flexible, secure, and easy-to-use money transfer tools put it above the rest. You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer for a fee and transfer funds immediately.

PayPal offers versions of its app for iOS, Android, and Windows. It takes just minutes to download and start transferring money from up to 20 people at once. For added security, you can agree to show your name, photo, username, email, and mobile phone number on PayPal so people know it's you.

PayPal's Money Pools offer an easy way for groups of people to chip in on a group collection. Share a PayPal.Me link for a quick and secure payment option. PayPal's invoice creation feature also allows you to customize and track every invoice you send.

You can send up to $60,000, but PayPal may limit the transaction to $10,000, depending on the currency you use. 

If you accidentally send money to the wrong person, you can tap the contact's name and ask for a refund. If the individual doesn't respond, you can tap the blue pencil icon, select "disputes," and communicate with PayPal.

You can tap into your PayPal balance to keep money in your account with the PayPal Cash Card, a debit card with a daily spending limit of $3,000 and a daily cash ATM withdrawal limit of $400 with a limit of 30 transactions per day. 

Users pay 2.50% plus a fixed fee to send money via a credit card. PayPal charges $2.50 to send international personal transactions using a PayPal balance, bank account, or through an Amex Send account.

PayPal keeps your information secure using sophisticated encryption. The company monitors transactions 24/7 and offers dispute resolution if you have a problem with a transaction. You can also add in the PayPal Security Key, which sends you a temporary security code through SMS when you log in. 

PayPal limits transfers to U.S. banks only and can connect with most U.S. banks and credit unions. Unfortunately, some banks, including online-only or prepaid bank accounts, can't give you access to PayPal.

Источник: https://www.investopedia.com/best-money-transfer-apps-5180183

How Safe Is Venmo and Is It Free?

What Is Venmo?

Venmo is a peer-to-peer (P2P) payment app available on iPhones and Android phones that allows for the quick and easy exchange of money directly between individuals.

Founded in 2009, Venmo began as a text-message–based payment delivery system. Then, in March 2012, the company introduced a platform with an integrated social network in an effort to capitalize on the growing P2P economy. Less than six months later, Braintree, the mobile payment system utilized by Airbnb, Uber, and other e-commerce giants, acquired Venmo for $26.2 million.

Less than one year after that, Venmo enjoyed a substantial boost in users when the payment company PayPal Holdings Inc. acquired Braintree for $800 million and rapidly monetized Venmo’s user base.

Key Takeaways

  • Venmo began in 2009 as a text-message–based peer-to-peer payment platform; three years later, it launched a platform with an integrated social network.
  • In 2012 it was taken over by Braintree, which was acquired by payment giant PayPal one year later.
  • Sending money over Venmo triggers a standard 3% fee, but the company waives that expense when the transaction is funded with a Venmo balance, a bank account, or a debit card.
  • The 3% fee is not waived when users send money from a credit card.
  • Venmo is accepted as a form of payment by approximately 2 million online and brick-and-mortar merchants.

How Venmo Works

After installing the app on their phones, then linking their Venmo accounts to their credit card, debit card, or checking accounts, Venmo users can instantly begin exchanging funds among one another, with Venmo functioning as a virtual fiscal intermediary.

In other words, Venmo may be seen as a middleman between the two bank accounts of the two users conducting a payment transaction. Consider the following scenario: Sally agrees to sell Mary a bracelet for $50. Instead of transacting with Mary’s bank account, Mary sends Sally the funds via Venmo, which then raises the balance in Sally’s account by $50, while reducing Mary’s Venmo balance by that same amount.

In this way, a Venmo balance is essentially a virtual ledger that represents funds trading hands, without actually executing transactions outside the Venmo platform. Until Venmo then transfers the balance into the recipient’s bank, the money isn’t technically in that user's possession.

Plenty of apps and websites offer Venmo as a payment option.

Money can be sent or requested by tapping the pay or request button in the Venmo app and then entering the other party’s email, phone number, or username. If you are the person receiving funds, you can either keep them in your balance or transfer them to your linked bank account. Naturally, money can be added to your Venmo account from your bank, too, as well as from a debit card or other payment source.

It's also possible to make payments through the app without holding the necessary funds. Should you wish to make a payment that exceeds your current Venmo balance, all the funds will be taken from your linked bank account. Conversely, if the transfer amount is equal to or less than your balance, the funds stored on the platform will be used.

How Long Does It Take to Send and Receive Money?  

Any money sent from one Venmo user to another should immediately appear in the recipient’s account. For external bank transfers, it’s a little bit more complicated, with speeds varying depending on whether you are willing to pay a fee or not.

If you add funds to your Venmo balance from your bank account, it can take three to five business days for the transaction to go through. Conversely, transferring money in the opposite direction can take from one to three business days.

If you’re in a rush to transfer money out, there is an option to opt for an instant transfer. These transactions typically take up to 30 minutes to complete and involve Venmo taking a 1.5% fee, which is capped at a maximum of $15 per transfer.

The Social Side of Venmo

Venmo has dominated the P2P payment market by making the transfer of funds a fun and interesting exercise. Users can jazz up the exchange by using emojis to describe the traded items in question. For example, if one friend fronts his pal the cost of a glass of wine, the friend can issue a Venmo payment, with the addition of a wine glass emoji as a playful gesture.

“This takes the awkwardness out of asking your friend to pay back their portion of the bar tab, marrying the social element and the financial element,” explains Venmo spokesman Josh Criscoe.

Venmo Fees

According to Venmo’s website, there is ultimately no fee for sending money over the platform, if the money is funded with a Venmo balance, a bank account, or a debit card. Transactions financed with credit card payments, however, trigger a standard 3% fee, which originates with the credit card companies and is simply passed on by Venmo to consumers.

How Venmo makes money

Venmo derives a significant pot of revenue from the per-transaction fees it charges merchants. Thanks to PayPal’s infrastructure, Venmo is compatible with at least 2 million merchants, consequently enabling Venmo to rake in two discrete types of income streams.

The first type of revenue is facilitated through a "smart payment button" that can integrate into other apps for in-app purchases. For example, in 2018, Uber added a service that allows its app users to pay for rides and Uber Eats using Venmo, without ever leaving the Uber app. Furthermore, the cost of rides and food items can be divided among multiple users via the Uber app.

The second source of merchant revenue is derived from the Venmo debit card, which draws directly from a user’s Venmo balance. This card operates through Mastercard and can be used at any business that accepts Mastercard. This function has helped Venmo expand beyond its exclusive P2P platform, empowering customers to transact directly with online retailers and brick-and-mortar establishments.

In both revenue-generating scenarios, Venmo charges merchants a 1.9% fee, plus 10 cents per transaction. Companies are willing to pay these rates due to the wealth of new customers Venmo brings to their doors. Furthermore, Venmo users are more likely to elevate the profiles of participating companies over their social media accounts.

“Partnering with Venmo is like partnering with a credit card processor, but with much more upside,” notes consultant Richard Crone. “Retailers spend a lot of money trying to get you to like them on Facebook and follow them on Twitter. But they could get these things for free, as a byproduct of allowing Venmo payments. People can see where their friends have been and what they’ve been buying, which turns users into advertisements for businesses, among a highly desirable target demographic.”

Is Venmo Safe?

All Internet-connected applications can be vulnerable to security breaches. Therefore, Venmo and other platforms directly linked to consumer bank accounts must be held to the highest safeguarding standards.

Venmo uses data encryption technology to protect users against unauthorized transactions while storing user information on servers in secure locations. The mobile payment service also gives users the option to log out of lost or stolen phones and set up PIN codes for mobile applications.

Venmo has taken measures to protect its users from theft. However, your account could still be vulnerable if you share your password, lose your phone, or fall victim to a scam.

Unfortunately, hackers and scammers have still been able to circumvent these precautions. After gaining access to a user’s account, hackers can easily transfer a user’s Venmo balance to a new bank account. And by changing the user’s linked email address, hackers can reroute a user’s transaction notifications, leaving them in the dark until the bank finally notifies them of balance changes, long after thefts occur. Stories of Venmo users losing thousands of dollars have been reported.

Venmo under pressure to clean up its act

Venmo has been criticized for its security, slow customer service responses to breaches, and failure to protect users' privacy. These complaints have emphasized the app's shortcomings but on the positive side, also resulted in the company being forced to take measures to prevent future slip-ups and better serve its customers.

One notable settlement was reached in 2016, regarding a complaint from Texas Attorney General Ken Paxton about Venmo’s negligent privacy, safety, and security practices. The settlement included a $175,000 payment to the state as well as reforms to these practices.

Moreover, in March 2018, Venmo reached a settlement with the Federal Trade Commission (FTC) concerning the company’s failure to disclose information to consumers about privacy settings. The FTC also found the company in violation of the Gramm-Leach-Bliley Act’s (GLBA) Safeguards Rule, which requires financial institutions to implement safeguards to protect the security, confidentiality, and integrity of customer information.

As part of the settlement, Venmo is subject to biennial, third-party audits of its compliance efforts for 10 years. Violations of these terms could result in a civil penalty of up to $41,484 for each one.

How to Protect Yourself

Users can take the following precautionary measures to combat hacking:

  • Never store large amounts of money in Venmo balance.
  • Immediately transfer Venmo transactions to linked bank accounts.
  • Only use Venmo to exchange funds with familiar people.
  • Beware of scammers sending emails asking for your password or other personal information relating to your account. Venmo will never ask you for this information and urges users to send an email to support@venmo.com if confronted with suspicious activity.
  • Change the setting to “private” in order to cloak transaction histories. Otherwise, other people, including strangers, will be able to view details of your transactions by clicking on your profile.

In 2021, Venmo ditched its controversial global feed, which publically listed all transactions made by users who failed to change their default settings to private.

What Are the Risks of Using Venmo?

Like other online applications, there is a chance that your Venmo account could be hacked and your balance emptied. Ways to avoid becoming a victim of theft include making sure you don’t share your account information and password, logging out of your account when you’re not using it, and refraining from storing large amounts of money on Venmo’s platform.

Is Venmo FDIC insured?

Unlike most bank accounts, Venmo balances are not insured by the Federal Deposit Insurance Corp (FDIC). This means that if Venmo goes bust or somehow loses your money, you won’t automatically be reimbursed.

Is Venmo Free?

Venmo doesn’t charge annual or monthly fees or make customers pay for basic services, including sending money from a linked bank account, debit card, or your Venmo balance and withdrawing or receiving funds. The only charges consumers could pay are if they use a credit card (which carries a 3% transaction fee), add to their balance with cash or a check, or opt for a quick bank transfer.
For merchants, the rules differ, with Venmo taking a cut of 1.9% and 10 cents from every business sale transaction.

Can You Buy Cryptocurrencies on Venmo?

Yes, you can now buy virtual currency on Venmo. However, Venmo isn’t the only place you can buy cryptos, so be sure to compare its capabilities, choice, and pricing to other exchanges before opting to use this service.

Do I Need to Add Money to My Venmo Balance to Make Transfers?

No, it's not necessary to add funds to your balance to make a payment. Each Venmo account is linked to the user's bank account to facilitate simple transfers between the two. This basically means that if you want to send money via Venmo but don't have the necessary funds stored there, the total required amount will be taken from your bank account instead.

Источник: https://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp

Venmo App: Users Raise Questions About Security of Peer-to-Peer Money Transfer Service

— -- On a Tuesday afternoon in Berkeley, California, I asked about 20 students how they split a bill in a restaurant or pay back a roommate for shared bills.

“Venmo,” they answered.

Venmo is a smartphone app that lets you transfer money to another person’s account without fees and without credit cards. Roughly two-thirds of the students I asked said they used this smartphone app for the task; only a handful said they write checks to pay each other back. For these digital natives, Venmo is clearly convenient, but is it safe?

Venmo isn’t for buying things from a merchant. It’s not a direct competitor to Google Wallet or Apple Pay. It’s for peer-to-peer transfers to people you know. You can tie a credit card to your Venmo account for transfers, but there’s a 3 percent surcharge. Tying Venmo directly to a bank account eliminates those fees.

That’s how Mohsin Charania says he had his account set up. In making transfers and receiving them from friends, Charania had built up a surplus of cash that Venmo held in his account -- kind of like an escrow account that Charania hadn’t cashed out. But last fall the professional poker player from Chicago says his account was hacked.

“It was frustrating. I had over $2,000 on there from various transfers that I received from friends and I had no way of finding out what happened to my account,” he said.

He says he tried to make a transfer using the app and it displayed a message saying his account had been closed and the money was gone. But he says this was the first he’d heard of any activity; he hadn’t used the app for about a week.

“There was no notification on my phone saying ‘$2,000 on your Venmo account has been cashed out’ or that your account has been shut down,” he said. “I was kind of dumbfounded that something like that could happen. It took four days and I still didn’t get a response on my cellphone regarding my account until I discovered that it had been hacked and then I reached out to [Venmo].”

Venmo is incredibly social for a financial app. It can broadcast your transfers within the app to other people in your social graph. One of the ways it has spread so fast amongst millennials is that it combs a user’s Facebook friends and asks if it can send them invitations to join Venmo.

But Venmo has had a run of complaints across social media, and the one rising to the top was the same one Charania complained about: users said Venmo did not email them when changes were made to their accounts. The security issue here is that a hacker could change your password or email address and you would never know until the money was gone.

An article detailing another hack of a Venmo user was published by Slate and got a lot of attention. And as the media honed in on the app-maker about this and other security issues (and a day after "GMA" Investigates contacted the company), it improved that notification feature.

“If customers don't feel like they're secure they won't use the application,” James Wester, mobile payments analyst at IDC, a market research firm, told ABC News.

On the Venmo blog, their general manager, Michael Vaughan, explained the changes. "To enhance the security of your Venmo account, any time there is a change to your primary email address, password or phone number, we will send you an email notification."

To test the change out, we teamed up with Wester to simulate an account takeover. Because Venmo publishes my use of the app to others in my social graph, it’s not impossible that an acquaintance could take my email and guess my password. Imagining that scenario. Wester uses my email address to log on to Venmo with a password I provide. As soon as he makes the change to my primary email address, the app notifies me at my old address.

It worked, but here’s the existing problem: If my account had truly been hacked, Venmo offers no phone or live support; you can only submit complaints through an online form.

That’s what Charania says he did, and I ask him, “Did you ever get a phone call or reach a Venmo rep on the phone?”

“No. No one ever contacted me on the phone,” he replied.

With a debit card or bank account, users have two days after learning of the fraud to alert the bank and only after they verify it is fraud is the money credited back into the user’s account. But in Charania’s case, the money stolen was ostensibly being held in escrow by Venmo. It had never come from his bank, but was transferred in by other users paying him back.

The California Department of Business Oversight cited more than 20 unsafe practices by Venmo last year. Today, the department told "GMA" Investigates in a written statement: “We continue to work with Venmo to obtain full compliance with the order.”

Venmo, which is owned by PayPal, responded to GMA Investigates with a blog it wrote to customers. “We're working to be more responsive to your support inquiries,” the blog read. "We’ve made significant progress and will continue to improve in this area.”

Despite the issues, Mohsin and others say they experienced, Wester points to the overall security improvements in digital payments.

“Even with the issues that are happening with these peer-to-peer payment networks and mobile networks, they really are more secure than a lot of other payment methods,” he said.

He suggested that people who use Venmo and other digital payments apps put a passcode on their phones, use a hard-to-guess password, and dive into the settings of all financial apps to enact any extra security features they may offer, such as a PIN number for each transaction (two-factor authentication).

The bottom line is, in this race to win the lucrative digital payments market, it may be the services that make users feel safest that ultimately win.

“When you’re selling an application it’s supposed to be more convenient. Just the inconvenience of having to get your own many back is not good,” Wester said. “If customers don’t feel like they’re secure, they won’t use the application.”

Источник: https://abcnews.go.com/Technology/venmo-app-users-raise-questions-security-peer-peer/story?id=29658676

Transfer Money

Transfer money online

Transferring money has never been easier. Use your FHB Online account or FHB Mobile[[#2]] app to transfer money between your First Hawaiian Bank accounts or to/from your own accounts at other financial institutions.

  • Internal Transfers
    Transfer money from your FHB checking or savings account to your FHB checking, savings, credit card, mortgage, loan or line of credit account, or from your FHB credit card or line of credit to your FHB checking or savings account.

  • External Transfers
    Transfer money from an FHB checking account to your account an another bank, or from your account at another bank to an FHB checking, credit card, mortgage, loan or line of credit.

  • Future-Dated Transfers
    One-time internal or external transfer that is scheduled up to one year in advance.
  • Recurring Transfers
    Recurring transfers are for the same amount and between the same accounts.

Limits & Processing Times

  • Internal Transfers
    Up to $99,999.99 per transaction and a maximum of $500,000 per day. Transfers made before 5 pm HST (business days) will be transferred the same day for deposit accounts and the next business day for loan accounts.
  • External Transfers
    Maximum of $5,000 per day and outstanding in-flight. Maximum of $10,000 in a rolling 30 day period. Transfers made before 7 pm HST (business days) will be transferred within 3-5 business days.

How-to Transfer Money

Learn how to transfer money with FHB Online.

Ready to get started?

Enrolling in online banking is easy and takes just a few minutes.

How do I setup External Transfers?

External Transfers is available to customers registered for the FHB Online & Mobile Banking service. External Transfers enables you to transfer money to and from an FHB checking account, or to an FHB credit card or loan account from another financial institution.

External Transfers can be found under the “Transfers” section in FHB Online. Click on the “External Transfers” link on the right and follow the instructions to set up your external accounts.

In the FHB Mobile app, go to “Transfers” then select “External transfer”. After selecting the To or From field, you can select the “Add an Account” option at the bottom of the screen to set an external account.

What are trial deposits? How do I verify them?

Trial deposits are small, random amounts that are deposited to your external account to verify the account and routing number you provided are accurate.

STEP 1: Receive Trial Deposits
Within three business days, we will make up to two small deposits into your external account.

STEP 2: Check Deposit Amounts
Log into your external account to review the deposit amounts made. Deposits should appear as TRANSFER and/or ACCTVRFY. Write down the amounts for reference.

STEP 3: Confirm Deposit Amounts
You will receive an email notification prompting you to confirm the deposit amounts. To do this, log in to FHB Online, go to the Transfers page and click on the External Account Transfers link on the right side. Click on the “verify” link next to your external account and enter the deposit amounts. If the amounts entered by you match the amounts of the deposits we made, the account will be enabled for External Transfers.

Didn’t find an answer? Still have questions? 

See More Related FAQs

Disclosures

  1. External bank accounts must be in your name and a checking, savings, money market checking, money market savings or brokerage account. See Terms and Conditions for additional information and limitations.
  2. You must be enrolled in FHB Online and have a mobile device with Internet to use FHB Mobile Banking.
Источник: https://www.fhb.com/en/online-mobile-banking/transfer-money

It’s fast, safe and free.1 It’s Zelle®.

Advertising Practices

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have.

If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.

Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.

To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.

Источник: https://promotions.bankofamerica.com/digitalbanking/mobilebanking/zelle

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.

Unique Features

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.

Unique Features

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.

Bank Account

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.

Share this post on social media

Источник: https://www.withyotta.com/post/can-you-venmo-to-paypal-a-guide

How to Transfer Money From Venmo to PayPal

Byron Mühlberg, writer at Monito.com

Two of the most widely-used online payments services out there, PayPal and Venmo offer speedy and secure payments between hundreds of millions of user accounts combined.

At first glance, transfers between the two might seem like they should be rather straightforward. Both offer mobile apps and websites linkable to your bank account, and both use email addresses to demarcate individual user accounts.

What's more, as the world's largest online payments system, PayPal has over 300 million users across the globe and allows for transfers to and from credit cards, as well as US bank accounts. Similarly, while it's only based in the US, Venmo is used by another 40 million users to transfer funds between user accounts and bank accounts instantly.

However, despite their many similarities between the two services (and although Venmo happens to be owned by PayPal), the two mobile payment systems aren't connected so that they allow direct transfers from one to the other.

Fortunately, it's still possible to send money from Venmo to PayPal, although the speed and convenience you've come to expect from the respective services will no longer apply.

warning icon

Monito's Recommendation

While it's possible to send money from Venmo to PayPal, we recommend against it for transfers between different currencies. Among the most expensive ways to transfer money overseas, PayPal charges exorbitant exchange rate margins for international money transfers, and we recommend you explore your alternatives instead.

What You'll Find in This Guide

How To Transfer Money From Venmo To PayPal

Simply put, to transfer money from Venmo to PayPal, you will need to set up a common bank account that's linked to both services. This process can be done either online or over the mobile apps of the respective services. To get started, you will need to (1) already have a PayPal account, (2) have a US bank account in the same name as your PayPal account, and (3) have a Venmo account in the same name as your bank account.

info icon

We recommend you budget two or three days for this process if you don't already have a bank account linked to both Venmo and PayPal. This is because successfully linking a bank account to either service can take some time to process.

  • Step 01

    Link a Bank Account to PayPal and Venmo

    First, the same bank account will need to be linked to both Venmo and PayPal, with the name on all three being the same. To link a bank account to PayPal, select "Link a bank" on the website or "Banks and Cards" on the mobile app. You'll then be prompted to enter your online banking details and make two small deposits (taking three to five business days) to process. To link a bank account to Venmo, you'll need to navigate to "Add a bank or card." in your payment options settings, after which you can enter your online banking details and verify your account.

  • Step 02

    Transfer From Venmo To Your Bank Account

    Once you're in the Venmo mobile app or website, select "Transfer to Bank," enter your desired amount, and choose whether to send your money using the "Instant" feature for a 1% transaction fee or the "1-3 Biz Days" feature at no cost. Once you press "Transfer," your money will be on its way.

  • Final step

    Transfer From Your Bank Account To PayPal

    To move the money across to PayPal, you'll need to select "Transfer Money" in your PayPal wallet and then select "Add money to your balance". After that, you'll be able to select your already-linked bank account and click "Add". Your funds will then arrive within three to five business days.

Transferring From Venmo To PayPal: What To Avoid

If you're planning on sending money from your Venmo account to your PayPal account in the same currency, then the process should be very cheap, and in most cases, even free. However, if you're planning on making a currency conversion at any point along the way, then things can become a lot more expensive.

To transfer money from Venmo to PayPal in another currency, you'll need to convert the funds into foreign currency once they arrive in your PayPal wallet. At Monito, we generally recommend against using PayPal when exchanging currencies, especially when sending money to a different country and currency. This is because of a highly variable, nontransparent fixed fee that PayPal attaches to every international money transfer in addition to an exchange rate margin fee of anywhere between 2.5% and 4.5%. This quickly makes PayPal one of the most expensive ways to send money internationally and exchange currencies more generally.

Instead, if you're planning on sending money abroad, then we recommend you make an ordinary bank transfer to one of the many international money transfer specialist services out there — most of which allow you to take advantage of fees and exchange rates that come in at a fraction of the cost of PayPal or the high-street banks. Run a search on Monito's real-time comparison engine below to get the job done quickly and easily:

Compare Money Transfer Services

Popular Money Transfer Comparisons on Monito

Источник: https://www.monito.com/en/wiki/transfer-money-from-venmo-to-paypal

Best money transfer apps of 2021

The best money transfer apps make it simple and easy to send money to friends or family, or pay for goods/services through your smartphone or other mobile device.

Banks were slow to embrace the internet, allowing a number of third-parties to develop tools to make transferring money between people easy and painless. Even though banks have now made money transfers online easier, not least through apps, international payments are still difficult to make without a third-party money transfer provider.

This is where money transfer apps really excel, which have blossomed in much the way way as personal finance software.  Transfer apps offer the ability to send money across the world using different currencies in a way that is simple, easy, and pain-free. There is usually a charge associated with such transfers, so make sure you check the fees, how to transfer money from venmo to bank the best services usually offer reasonable rates that are worth the cost of convenience.

Security remains a key provision with money transfer apps, ensuring that your transactions are protected through a combination of features to keep them safe, which should include strong encryption between devices. 

Here then are the best money transfer apps that are currently available.

We've also highlighted the best payment gateways.


1. WorldRemit

Super-secure transfers to over 150 countries

Reasons to buy

+Easy to use +Fast and secure 

Reasons to avoid

-Unpredictable fees 

WorldRemit lets you transfer money using a service that is based solely online and finds favour thanks to its competitive rates and solid options for moving money around via an iOS or Android app.

The money transfer service is certainly flexible thanks to the way it offers an array of different methods for moving cash. These include debit, credit and prepaid options, along with bank transfer, Poli, Interac, iDEAL, Klarna, Apple Pay and Trustly too. However, WorldRemit no longer accepts Google Pay.

While its rates might be seen as competitive what you pay depends on where you’re going to be sending the funds. Costs will vary depending on the type of transfer method and also the currency.

There is plenty of scope for transfers though, with WorldRemit offering the ability to send cash from over 50 countries to in excess of 150. Easing the transfer process is the way WorldRemit has partnered with the likes of M-Pesa, EcoCash, MTN, Metrobank and other localised finance operations.

Transfers can be received as bank deposits and swiftly at that, in under 10 minutes in some cases. Alternatively, recipients can use a cash pickup, select mobile money or even an airtime top-up. WorldRemit sends an SMS to you and the recipient on completion of the transfer. There’s also the backup of FCA approval and full licensing for the operation.

Read our full WorldRemit review.

2. Azimo

International transfers you can trust

Reasons to buy

+Fast updates on transfers +Over 200,000 pick-up points worldwide 

Reasons to avoid

-No phone number for support 

Azimo boasts a crisp and clean operation that offers quick and easy transfers, with instant or one-hour options available to a wealth of different countries. There’s also the benefit of 24/7 delivery to selected countries, without any of the usual delays incurred at weekends. First-time users also get the benefit of two transfers free-free.

Azimo has been around less than a decade, but its online service now covers over 200 countries. There are around 80 different currencies on offer from the service, and customers can choose from a variety of methods to transfer funds. These include bank deposits and mobile wallets, or even cash, although the coronavirus pandemic has lessened the desire for transfers using physical cash.

Another recent development for Azimo has been the addition of its Azimo Business feature, which is aimed at small and medium-sized businesses who can benefit from transfers that are often more competitive than their bank.

Currently, Azimo claims that it can offer savings of up to 90% compared to rivals. It’s easy to stay on top of changes to currency values and get a constant update on best rates using the alerts within the Azimo app. As is usual, overall fees are largely dependent on where money is being sent from, and its destination along with the preferred delivery method.

Read our full Azimo review.

3. Venmo

The millennial’s go-to that’s wooing businesses

Reasons to buy

+Quick and easy +Added social features +Safe and secure 

Venmo is popular with both individual users and businesses thanks to its money transfer app, which benefits from having the muscle of parent company PayPal behind it. Most appealing to consumers is how to transfer money from venmo to bank social edge, with Venmo having the option of being able to share updates about purchases to other users in your social group.

The service acts much like a digital wallet and allows quick and easy peer-to-peer transfers, which is undeniably useful if you need to send some money to friends. Sharing the cost of a meal maybe? Venmo is perfect for making sure everyone pays their dues. Better still, there’s no monthly or annual fee, although credit cards do attract a 3% fee if you don't have anything else to hand.

Setting it up and using Venmo couldn't be easier, with payments being made via a bank account or debit card linked to your account. Money can also be directly transferred if you’ve got enough funds stored in your Venmo wallet. There’s a 1% charge if you move money out of your Venmo account and into a bank account if you can’t wait for its one to three-day payment schedule.

Everyday money management is similarly straightforward, with a range of settings allowing you to use it as needed, with Public, Friends and Private options proving handy for different payment situations. Venmo also boasts the option of making payments using QR codes, which is perfect for fast, efficient and accurate transfers that are sure to go to the right recipient.

Read our full Venmo review.

4. PayPal

Tap into the payment giant’s offering from your phone

Reasons to buy

+Loose limit on transactions +Simple way of selecting recipient 

Reasons to avoid

-Charges on debit card transfers   

We weren’t exactly going to leave PayPal out of a conversation about money transfers, were we? The service has become ubiquitous in ecommerce but the company’s acquisition of the aforementioned Venmo suggested it had work to do to establish itself as a popular app for peer-to-peer transfers.

With Vemno clearly pitching itself at the younger market, PayPal’s app maintains the more corporate look and feel. Its tight security measures – making you enter your password every time you open the app, for example – further emphasizes the business heritage. While this may feel like a slight inconvenience, it’s surely a wise security measure.  

PayPal’s mobile transfers match how to transfer money from venmo to bank rest of the field in terms of speed, but you do get charged on debit card transactions, a rarity when it comes to domestic transfers. 

The simplicity of entering just an email address or phone number to direct your payment will always carry appeal on PayPal’s platform, but if quick peer-to-peer transfers are more important to you than international transactions, those debit card fees may push you towards its cool little sibling, Vemno.   

5. Western Union

Convenient mobile payment from a money transfer mainstay

Reasons to buy

+Handy shortcuts +Multiple payment methods +Trackable transactions 

Western Union has one of the highest profiles of all the money transfer operations, with a long history to back it up. As a result, there are plenty of options open to you especially now that this global service can be used via your mobile device.

Choose from pricing options using the Western Union Price Estimator tool and select a transfer method from either online, in-store or mobile. Fees are dependent on where you’re sending the money, and also the currency, which follows a similar theme to others in this sector.

While cash pickup is an often-used feature of Western Union for many, there is also a mobile wallet option that has grown in popularity. But it’s really the Western Union app that has really revolutionised the service, simply because it’s so handy.

There’s the ability to have a one-touch fingerprint login, options for setting up instant access to contacts you send money to regularly and, usefully, the ability to dynamically track all of your transfers. Simply enter your tracking number to see when it’s been processed, collected and completed. The option of paying direct from your bank account, via card or in cash adds to the convenience factor, as does integration with Apple Pay.

Read our full Western Union review.

Источник: https://www.techradar.com/best/best-money-transfer-apps

How To Transfer Money From Wallet App To Bank Account?

Happy couple sitting on couch

Digital mobile wallets have changed the way to pay for things we need. Gone are the days when we needed to carry a physical wallet and dig into it for cash to hand over to the cashier. 

A mobile wallet or a virtual wallet is essentially a mobile application that can be installed on a smartphone or comes as a built-in feature of a smartphone. It stores your payment card information, coupons, rewards cards, loyalty card numbers. 

Mobile wallets are a convenient payment method for in-store purchases, online purchases, bill payments, booking flights, money transfers, and various other transactions. 

Perhaps the most convenient usage is peer-to-peer payments. You can transfer money directly to your friends and family or vice versa from an app on your mobile phone. There are plenty of mobile wallets for sending and receiving money from friends and family such as Google Pay, Apple Pay, Paypal, Samsung Pay, Venmo, etc. 

Do Mobile Wallet Charge Fees For Transferring Money From Your Wallet To Your Bank Account?

Whenever you receive payments through a mobile wallet app, most apps store the money in your app account while for some apps like Zelle and Google Pay, the money sent goes directly to your bank account at zero cost. Some apps, like Venmo, charge money for such transactions (more on this later).

In this blog, we will discuss the step-by-step process of transferring funds from mobile wallets to your bank account.

How To Transfer Money From Your Venmo App To Your Bank Account?

In the case of Venmo, the money sent to you goes to your Venmo account, hence you will need to initiate a bank transfer for the funds to be sent to your bank account. 

Firstly, you will have to add your bank account and verify it. The verification process is highly recommended to ensure that the money arrives successfully in your bank account. 

Keep in mind that Venmo takes no responsibility for lost transfers to banks due to errors in the entry of bank credentials.

To add a bank account through the Venmo app, follow the following steps:

 If you are using the old version of the Venmo app (with the icon in the top right), the steps are:

  1. Tap the icon at the top of the app
  2. Tap "Settings" & then "Payment Methods"
  3. Tap "Add a bank or card" & then "Bank"
  4. Select the preferred verification method

If you are on the new Venmo app (without the icon), the steps are:

  1. Go to the "You" tab by selecting the single person icon
  2. Tap the Settings gear in the top right & then "Payment Methods"
  3. Tap "Add a bank or card" & select "Bank"
  4. Select the how to transfer money from venmo to bank verification method

There are two ways to send the money in your Venmo account to your bank:

  • Instant Method 
  • Standard Method

The instant transfer is a feature available to you when you want to move the money to your bank account quickly, usually within 30 minutes. You can also send the money to eligible Visa and Master debit cards. However, it comes with a 1.5% fee ( a minimum fee of $0.25 and a maximum fee of $15), which will be deducted from the transfer amount for each transaction. 

With the standard method, the transfer occurs in 1-3 business days but has no fee. 

If you are on the old version of the Venmo app, tap the icon on the top of your transactions feed and tap on "Transfer Money" or "Transfer Balance" (or tap 'Manage Balance" and then "Transfer to Bank"). Then, proceed with the following steps:

  1. Enter the amount you wish to transfer to your bank 
  2. Tap either "Instant" or "1-3 Biz Days"
  3. Select your preferred bank account or debit card 
  4. Confirm your transfer details & tap the green "Transfer" button 

If you are on the new version of the Venmo app, go to the "You" tab by selecting the single person icon. Then tap the "Add or Transfer" button under your profile picture. Then, follow the above 1-4 steps to transfer your money. 

Do keep in mind that the transfers are reviewed which may cause a delay or the money to be frozen or removed from your Venmo account. 

How To Transfer Money From Your PayPal App To Your Bank Account? 

You can receive money into your PayPal account even without a bank account. However, linking your bank account/debit card is necessary to enable money transfer from your Paypal balance to your bank account or debit card. 

The benefit of linking your bank account to your PayPal account is that it automatically becomes the main funding source in case you didn't select your preferred payment method or if your preferred payment method is not available or if there are no sufficient funds in your Paypal balance to cover for a transaction. You can also track your spending once your bank account gets linked to your PayPal account.

Similar to Venmo, you can choose Standard transfer (free but done in 1-3 business days) or Instant transfer (1% fee on the amount within 30 minutes). 

Here are the steps to transfer money from your PayPal App to your bank account:

  1. Log on into your PayPal App
  2. Tap your PayPal balance 
  3. Tap "Transfer" & then "Transfer Money"
  4. Select the preferred bank account & tap "Next"
  5. Enter the Amount 
  6. Review the transfer details and click "Transfer Now"
7B1464FD-B606-4BE1-B95B-37A41EDAD61C.jpeg

How To Receive Money Into Your Bank Account Through The Zelle App?

With Zelle, the money moves from one bank account to another bank account at zero charges. The bank account, however, should be in the U.S. 

If your bank or credit union offers Zelle, the app comes integrated with your mobile banking app. The Zelle standalone app is also available for download on your smartphone. 

Zelle doesn't have a separate balance for holding the money you sent to your Zelle account. If you are already enrolled with Zelle, the money is delivered directly to your bank account in minutes. 

If you are not enrolled with the app, follow the following steps:

  1. Click on the link given in the payment notification (via text/email) 
  2. Select your bank or credit union 
  3. Then follow the instructions provided on the page to enroll
  4. Receive your payment 

You will need to create your Zelle profile within 14 days of receiving the payment notification to receive the money. Once enrolled, the money is sent to the bank account associated with your Zelle profile. 

How To Transfer Money From Your Apple Cash To Your Bank Account?

Apple Cash is a built-in feature in the Apple Pay platform that allows you to send, receive and request money in the iMessages. 

When you receive money from your contact, the money is kept in the Apple Cash card in the Wallet app of your iPhone, Apple Watch, or other compatible devices. 

You can use this cash to make in-app and online purchases or spend with Apple Pay, use it to send to how to transfer money from venmo to bank, or transfer the balance to your bank account or eligible debit card. 

The money transfer from your Apple Cash card to your bank account can be done within how to transfer money from venmo to bank to 3 business days at no charge or instantly to a Visa debit card with a 1% fee.

Here are the steps to transfer from your Apple Cash to your bank account 

  1. Tap the Wallet app on your iPhone 
  2. Tap Apple Cash Card
  3. Then tap the 3-dot menu at the top right 
  4. Tap "Transfer to Bank"
  5. Enter the amount & tap Next
  6. Tap "1-3 Business Days"
  7. If no bank account is added, follow to instructions on the screen to add one
  8. Confirm with Face ID, Touch ID, or passcode
  9. The money should appear in your bank account in 1-3 business days

Conclusion

Transferring money from your digital wallet app to your bank account is a straightforward process. Depending on the app and the transfer method, there are varying charges. 

The instant method comes with a cost but the money moves quickly. If you are not in a hurry and don't mind a longer transfer process, go for the standard method that has 0 fees.

If you are sending money internationally, use a specialized money transfer service provider such as Xoom, Xe.com, and Remitly to get the best exchange rates and lower transfer fees.

Источник: https://www.compareremit.com/

It’s fast, safe and free.1 It’s Zelle®.

Advertising Practices

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have.

If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.

Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.

To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.

Источник: https://promotions.bankofamerica.com/digitalbanking/mobilebanking/zelle

The app's robust offerings, mixed with speed and convenience, put it squarely in the winner's circle. PayPal's brand name awareness elevates it to the best overall category.

Pros
  • Name/brand recognition cultivates instant trust

  • Easy to install and use

  • Fast and secure

Cons
  • High transaction fees

  • May hold money

  • Difficult customer service

PayPal's flexible, secure, and easy-to-use money transfer tools put it above the rest. You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer for a fee and transfer funds immediately.

PayPal offers versions of its app for iOS, Android, and Windows. It takes just minutes to download and start transferring money from up to 20 people at once. For added security, you can agree to show your name, photo, username, email, and mobile phone number on PayPal so people know it's you.

PayPal's Money Pools american holidays dublin office an easy way for groups of people to chip in on a group collection. Share a PayPal.Me link for a quick and secure payment option. PayPal's invoice creation feature also allows you to customize and track every invoice you send.

You can send up to $60,000, but PayPal may limit the transaction to $10,000, depending on the currency you use. 

If you accidentally send money to the wrong person, you can tap the contact's name and ask for a refund. If the individual doesn't respond, you can tap the blue pencil icon, select "disputes," and communicate with PayPal.

You can tap into your PayPal balance to keep money in your account with the PayPal Cash Card, a debit card with a daily spending limit of $3,000 and a daily cash ATM withdrawal limit of $400 with a limit of 30 foreclosed homes for sale tulsa per day. 

Users pay 2.50% plus a fixed fee to send money via a credit card. PayPal charges $2.50 to send international personal transactions using a PayPal balance, bank account, or through an Amex Send account.

PayPal keeps your information secure using sophisticated encryption. The company monitors transactions 24/7 and offers dispute resolution if you have a problem with a transaction. You can also add in the PayPal Security Key, which sends you a temporary security code through SMS when you log in. 

PayPal limits transfers to U.S. banks only and can connect with most U.S. banks and credit unions. Unfortunately, some banks, including online-only or prepaid bank accounts, can't give you access to PayPal.

Источник: https://www.investopedia.com/best-money-transfer-apps-5180183

Venmo App: Users Raise Questions About Security of Peer-to-Peer Money Transfer Service

— -- On a Tuesday afternoon in Berkeley, California, I asked about 20 students how they split a bill in a restaurant or pay back a roommate for shared bills.

“Venmo,” they answered.

Venmo is a smartphone app that lets you transfer money to another person’s account without fees and without credit cards. Roughly two-thirds of the students I asked said they used this smartphone app for the task; only a handful said they write checks to pay each other back. For these digital natives, Venmo is clearly convenient, but is it safe?

Venmo isn’t for buying things from a merchant. It’s not a direct competitor to Google Wallet or Apple Pay. It’s for peer-to-peer transfers to people you know. You can tie a credit card to your Venmo account for transfers, but there’s a 3 percent surcharge. Tying Venmo directly to a bank account eliminates those fees.

That’s how Mohsin Charania says he had his account set up. In making transfers and receiving them from friends, Charania had built up a surplus of cash that Venmo held in his account -- kind of like an escrow account that Charania hadn’t cashed out. But last fall the professional poker player from Chicago says his account was hacked.

“It was frustrating. I had over $2,000 on there from various transfers that I received from friends and I had no way of finding out what happened to my account,” he said.

He says he tried to make a transfer using the app and it displayed a message saying his account had been closed and the money was gone. But he says this was the first he’d heard of any activity; he hadn’t used the app for about a week.

“There was no notification on my phone saying ‘$2,000 on your Venmo account has been cashed out’ or that your account has been shut down,” he said. “I was kind of dumbfounded that something like that could happen. It took four days and I still didn’t get a response on my cellphone regarding my account until I discovered that it had been hacked and then I reached out to [Venmo].”

Venmo is incredibly social for a financial app. It can broadcast your transfers within the app to other people in your social graph. One of the ways it has spread so fast amongst millennials is that it combs a user’s Facebook friends and asks if it can send them invitations to join Venmo.

But Venmo has had a run of complaints across social media, and the one rising to the top was the same one Charania complained about: users said Venmo did not email them when changes were made to their accounts. The security issue here is that a hacker could change your password or email address and you would never know until the money was gone.

An article detailing another hack of a Venmo user was published by Slate and got a lot of attention. And as the media honed in on the app-maker about this and other security issues (and a day after "GMA" Investigates contacted the company), it improved that notification feature.

“If customers don't feel like they're secure they won't use the application,” James Wester, mobile payments analyst at IDC, a market research firm, told ABC News.

On the Venmo blog, their general manager, Michael Vaughan, explained the changes. "To enhance the security of your Venmo account, any time there is a change to your primary email address, password or phone number, we will send you an email notification."

To test the change out, we teamed up with Wester to simulate an account takeover. Because Venmo publishes my use of the app to others in my social graph, it’s not impossible that an acquaintance could take my email and guess my password. Imagining that scenario. Wester uses my email address to log on to Venmo with a password I provide. As soon as he makes the change to my primary email address, the app notifies me at my old address.

It worked, but here’s the existing problem: If my account had truly been hacked, Venmo offers no phone or live support; you can only submit complaints through an online form.

That’s what Charania says he did, and I ask him, “Did you ever get a phone call or reach a Venmo rep on the phone?”

“No. No one ever contacted me on the phone,” he replied.

With a debit card or bank account, users have two days after learning of the fraud to alert the bank and only after they verify it is fraud is the money credited back into the user’s account. But in Charania’s case, the money stolen was ostensibly being held in escrow by Venmo. It had never come from his bank, but was transferred in by other users paying him back.

The California Department of Business Oversight cited more than 20 unsafe practices by Venmo last year. Today, the department told "GMA" Investigates in a written statement: “We continue to work with Venmo to obtain full compliance with the order.”

Venmo, which is owned by PayPal, responded to GMA Investigates with a blog it wrote to customers. “We're working to be more responsive to your support inquiries,” the blog read. "We’ve made significant progress and will continue to improve in this area.”

Despite the issues, Mohsin and others say they experienced, Wester points to the overall security improvements in digital payments.

“Even with the issues that are happening with these peer-to-peer payment networks and mobile networks, they really are more secure than a lot of other payment methods,” he said.

He suggested that people who use Venmo and other digital payments apps put a passcode on their phones, use a hard-to-guess password, and dive into the settings of all financial apps to enact any extra security features they may offer, such as how to transfer money from venmo to bank PIN number for each transaction (two-factor authentication).

The bottom line is, in this race to win the lucrative digital payments market, it may be the services that make users feel safest that ultimately win.

“When you’re selling an application it’s supposed to be more convenient. Just the inconvenience of having to get your own many back is not good,” Wester said. “If customers don’t feel like they’re secure, they won’t use the application.”

Источник: https://abcnews.go.com/Technology/venmo-app-users-raise-questions-security-peer-peer/story?id=29658676

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 how to transfer money from venmo to bank 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.

Unique Features

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.

Unique Features

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.

Bank Account

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 how to transfer money from venmo to bank 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.

Share this post on social media

Источник: https://www.withyotta.com/post/can-you-venmo-to-paypal-a-guide
how to transfer money from venmo to bank

2 Replies to “How to transfer money from venmo to bank”

  1. Thank Bro Your tips very helpful for me

Leave a Reply

Your email address will not be published. Required fields are marked *