Recently PayPal and Venmo users now have an efficient method to transfer funds seamlessly between the two platforms using the new Visa+ payname feature. This guide walks through everything you need to know about setting up and using Visa+ payname for direct transfers between PayPal and Venmo accounts, from setting up your unique payname to understanding eligibility and fees.
What is Visa+ Payname?
Visa+ is a secure service that bridges PayPal and Venmo, allowing users to transfer money between these two popular platforms without needing multiple accounts. A Visa+ payname works like a unique username to facilitate seamless money transfers. It’s a distinctive handle that starts with a “+” symbol, followed by the user’s chosen name, and ends with a platform identifier, such as “.PayPal.”
For example, if you create a payname “+JohnSmith,” it would appear as “+JohnSmith.PayPal” on PayPal. Your payname is set at the time of creation and can’t be changed, so it’s essential to pick something you’re comfortable with for the long term.
Key Benefits of Visa+
Visa+ eliminates the need for both users to have accounts on the same platform. It allows someone on PayPal to send money directly to a Venmo user and vice versa, which enhances payment flexibility, especially for those without both accounts. Additionally, Visa+:
- Charges No Transfer Fees: Moving money from PayPal to Venmo (and vice versa) via Visa+ incurs no extra fees.
- Supports Instant Transfers: Funds generally take up to 30 minutes to reflect in the recipient’s account, making it convenient for near-instant transactions.
How to Set Up Visa+ on PayPal
To begin using Visa+ for transferring funds, you’ll need to set up a Visa+ payname on your PayPal account. Here’s how to get started:
- Open the PayPal App: Launch the PayPal app and go to the menu.
- Tap “Send & Receive with Visa+”: This option will guide you through the setup.
- Verify Your Identity: If required, PayPal will prompt you to verify your identity.
- Create Your Payname: Select a unique payname, which will end in “.PayPal.”
- Activate Your Visa+ Profile: Once agreed and activated, your profile is ready for Visa+ transactions.
After setting up, you can share your payname with anyone who wants to send money to your PayPal account directly from their Venmo account.
Sending Money from PayPal to Venmo Using Visa+
With your Visa+ profile set up, sending money from PayPal to a Venmo account is straightforward. Here’s how:
- Open the PayPal App: Go to the menu, select “Send & Receive with Visa+.”
- Enter the Recipient’s Payname: Under “Send money,” input the Venmo user’s payname.
- Enter Payment Amount: Specify the dollar amount you want to transfer.
- Confirm Payment Details: Double-check the payment details, including the last four digits of the recipient’s phone number.
- Send Money: Tap “Next” to confirm and complete the payment.
Transfers may take up to 30 minutes to reflect in the recipient’s account. It’s important to ensure all details are correct, as Visa+ payments cannot be canceled or reversed once sent.
Receiving Money to Your PayPal Account from Venmo
To receive money from a Venmo account to your PayPal account using Visa+, all you need to do is share your Visa+ payname with the Venmo user who intends to send you money. Once they input your payname correctly and confirm, the funds should arrive within 30 minutes.
Important Considerations and Limitations
- Platform-Specific Paynames: Each platform (PayPal and Venmo) generates its own unique payname. Your PayPal payname will be different from any payname you may have on Venmo.
- Transaction Limits: There is a $2500 per-transaction limit when using Visa+. Transactions may be declined for reasons beyond this limit, such as regulatory or account restrictions.
- Confirming Details: Visa+ doesn’t support name searches or lookups by legal name. Always verify the payname and phone number to avoid misdirected payments.
- Non-Reversible Payments: Visa+ payments are final. Double-check all details since transactions cannot be canceled or reversed.
- Eligibility and Availability: Visa+ is still rolling out, so some users may not see it as an option. Make sure your PayPal app is updated, as availability continues to expand.
Can You Use Visa+ for Other Payment Apps?
Currently, Visa+ only supports money transfers between PayPal and Venmo. Other payment platforms aren’t yet part of the Visa+ network.
Deactivating Your Payname on PayPal
If you ever need to deactivate your payname, you can do so in the PayPal app:
- Go to the menu and select “Send & Receive with Visa+.”
- Toggle the option to deactivate your payname.
This will prevent you from receiving Visa+ payments, but you can still send and receive other types of PayPal payments. Re-activating your payname follows the same steps.
Additional Tips for Using Visa+ Smoothly
- Payroll Disbursement: If your employer is willing to disburse payroll through Visa+, you can use your payname for direct deposits to your PayPal account.
- Keep Contact Information Updated: As Visa+ relies on paynames and phone confirmations, having current contact details helps ensure successful transactions.
- Consult for Tax Implications: Although Visa+ isn’t intended for commercial use, it’s always wise to consult a tax advisor regarding potential tax liabilities when receiving large amounts or frequent transactions.
You can read more about Visa + on PayPal Link; https://www.paypal.com/us/cshelp/article/what-is-a-visa-payname-and-how-do-i-use-it-HELP996
Frequently asked Questions about Venmo and PayPal
1: Does PayPal own Venmo? / Is Venmo owned by PayPal?
Yes, PayPal acquired Venmo in 2013 as part of its acquisition of the parent company Braintree. Venmo is owned by PayPal and operates as a separate, popular payment platform within the PayPal ecosystem.
Are Venmo and PayPal connected?
2: Are Venmo and PayPal connected??
Yes, Venmo and PayPal are connected by ownership and certain features. Although they operate as separate apps, users can link both platforms through the Visa+ feature, which allows limited money transfers between PayPal and Venmo accounts.
3: Can I pay a PayPal invoice with Venmo?
Currently, you cannot pay a PayPal invoice directly with Venmo. However, the Visa+ feature allows sending money between Venmo and PayPal accounts, which can be useful in some peer-to-peer situations.
4: Which is safer, PayPal or Venmo?
Both platforms offer robust security features, including data encryption and fraud protection. PayPal generally offers more extensive buyer and seller protections, making it a preferred option for online purchases, while Venmo is commonly used for trusted, personal payments.
5: Is Venmo only in the US?
Yes, Venmo is only available in the United States, and both the sender and recipient must have US-based bank accounts or cards to use the platform.
6: Can I use Venmo in Nigeria?
No, Venmo is not available for use in Nigeria or outside the US. It only supports transactions within the United States.
7: Which countries apart from the USA can use Venmo?
Venmo is currently restricted to the United States, so it is not available in any other country.
8: Is PayPal worldwide?
Yes, PayPal is available in over 200 countries and regions worldwide, allowing for international transactions and money transfers across borders.
9: Do I need a bank account for Venmo?
You don’t strictly need a bank account to use Venmo, as it can be funded by a linked debit card, credit card, or Venmo balance. However, a bank account is required to transfer funds from your Venmo balance to your bank.
10: Can PayPal send money internationally?
Yes, PayPal supports international transfers to many countries, allowing users to send and receive money in multiple currencies. Fees and processing times can vary based on the destination and payment method.
Can you use Visa on Venmo?
Yes, you can link a Visa debit or credit card to your Venmo account to fund payments. Venmo also supports a feature called Visa+ for certain transactions, which allows users to send money between PayPal and Venmo accounts through unique paynames.
What is Visa+ Venmo?
Visa+ is a payment feature that lets Venmo and PayPal users send money between platforms using unique paynames. This makes it easier to transfer money even if the other person doesn’t have an account on the same platform. Your Visa+ payname, starting with “+” (e.g., “+JaneDoe.Venmo”), acts as a handle for sending and receiving payments across Venmo and PayPal without additional fees.
How to activate Visa on Venmo?
To activate Visa+ on Venmo, follow these steps:
– Open the Venmo app and tap on the menu icon.
– Select “Send & receive with Visa+.”
– Follow the prompts to verify your identity if needed.
– Create your unique Visa+ payname, which will be linked to your Venmo account.
– Once activated, you can use Visa+ to send money to or receive from other Visa+ users on PayPal.
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