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.
You can also use Visa+ to receive payments to your Venmo account from other apps.
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 & receive money with Visa+
- 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.