Want to learn more about sending or receiving money using Visa+? Check out this article.
What is Visa+ and what are the benefits?
Visa+ is a way to move money between Venmo and PayPal. You can send money from your Venmo balance to a PayPal account, or receive money to your Venmo account from a PayPal account.
There aren’t any fees for moving money from Venmo to PayPal (or vice versa). Transfers can take up to 30 minutes to complete.
Do I need to have a PayPal account to use this?
You don’t need a PayPal account to use Visa+. As long as the person you are sending money to has an active Visa+ Payname, you can send them money from your Venmo account.
How much can I send/receive with Visa+?
You are limited to $2500 per Visa+ transaction. These transactions can be declined for reasons other than the limit.
Are there any tax liabilities I need to be aware of by using Visa+?
Currently, Visa+ is not meant for commercial transactions. You should talk to a financial advisor to learn more about your tax liabilities.
How do I deactivate my Payname? What does it mean to deactivate a Payname?
You can deactivate your Visa+ Payname in the Venmo app:
- Go to the Me tab
- Tap the Settings gear in the top right
- Tap Send Money to PayPal
- Tap the toggle to Deactivate your payname
When your Payname is deactivated, you will no longer be able to receive Visa+ payments. You will, however, be able to send Visa+ payments and send and receive other Venmo payments. You can reactivate your Visa+ Payname by following the same steps.