PayPal has more options for payment, including rewards balances, PayPal Credit and the Pay in 4 buy-now, pay-later plan. The funds will arrive in 30 minutes or less, but you’ll have to pay a 1% fee (for a maximum of $10) for PayPal and 1.5% ($15 maximum) for Venmo to initiate this faster service. Both also offer instant transfers to an eligible debit card or bank account. Funds from Venmo transfers are available in one to three days, and funds from PayPal transfers are available in three to five days. PayPal and Venmo are close when it comes to how long it takes to transfer money.
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PayPal charges $0.30 per transaction plus a 2.9% fee for both debit and credit card transactions. Venmo debit card transactions are free, and it charges a flat-rate fee of 3.0% for credit card transactions. The difference lies in debit or credit card payments. There’s no charge for sending money using your PayPal or Venmo balance or a bank transfer.
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ATM withdrawals using your PayPal debit card or Venmo card are both $2.50 unless you use the free in-network cash machines. Neither charges a fee for receiving money from friends and family. FeesĪgain, PayPal and Venmo are similar when it comes to fees. Verified PayPal account holders have no such transaction limits, although single transactions might be capped at as little as $10,000. Venmo has a $299.99 weekly transaction limit unless you provide further personal information to confirm your identity. If the amount of money that moves through your account is a big factor, PayPal might be the best choice. Venmo and PayPal have similar features, but the companies differ when it comes to transfer limits. PayPal also lets you send and accept foreign currencies, which gives small businesses the chance to expand their customer reach. PayPal is accepted in more than 200 countries worldwide, while Venmo is only available for U.S. Business/Acceptanceīoth companies offer users business and seller accounts, but PayPal is much more widely accepted than Venmo. PayPal users have received similar phishing texts and emails from fraudsters.
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Some Venmo users recently received a fraudulent text about an upcoming charge with instructions on how to cancel it, which asked the user to verify personal information. Securityīoth companies have strong security features, including:Įven with these security protections, users should still be on the lookout for scams. Here’s a closer look at how the two measure up. $4,000 limit on one-time payment for those with no PayPal account no limit on total sent for verified accounts, though single transactions might be capped at $10,000 to $60,000ġ-3 business days instant transfer available for a feeģ-5 days instant transfer available for a feeįree MoneyPass network withdrawals and $2.50 for out-of-network withdrawalsįree MoneyPass network withdrawals and $2.50 for international and out-of-network withdrawals $299.99 weekly transaction limit until identity is confirmed, then $4,999.99 rolling limit PayPal Cashback Mastercard (coming soon)īuy, hold, sell bitcoin, ethereum, litecoin, bitcoin cash.Linked debit card, credit card or bank account.
PayPal funds, credit, debit card and bank transfersīank transfer, direct deposit, check cashingĬheck cashing, direct deposit, cash deposit at participating locationsįees for sending money using bank transfer or your account balance Venmo funds, credit, debit card and bank transfers GOBankingRates weighed their features to find how they differ: Feature Venmo and PayPal are both great tools when you need to send and receive money. Selecting that option takes you to checkout using your Venmo account to select the source of funds - your Venmo balance or a linked account. Likewise, you can’t send money directly from Venmo to a PayPal account, but you can make payments using Venmo at participating merchants. Can I Send Money From Venmo to a PayPal Account? Instead, you’ll have to get creative and transfer PayPal funds to a bank account linked to Venmo and then withdraw the funds in the account from Venmo. You can’t directly send PayPal funds to Venmo. PayPal also lets you send money to individuals, but it has a wider reach and more latitude for paying for goods and services. It even has a social feed that lets you share payments and interact with your connections. Venmo is intended for sending and requesting money between friends - or to businesses you or your family and friends are connected with - and splitting bills for shared expenses. The main difference is whether or not you’re sharing money with someone you know. Although PayPal owns Venmo and the apps have overlapping functionality, the two payment services operate independently and have different missions.