In 20 12, Venmo was acquired by Braintree, and then in 20 13, Braintree was acquired by PayPal-so Venmo is now a PayPal company.
Venmo is for personal use only, usually free, partly as a digital wallet and partly as a social media source. Certain daily and monthly transaction size restrictions apply.
PayPal is encouraged to be used by enterprises, and fees may be charged for transactions and transfers, but the restrictions on transaction scale are usually not as strict as Venmo's.
When the payer wants to pay a sum of money to the merchant or payee through PayPal, it can be divided into the following steps:
1. As long as there is an email address, the payer can log in and open a PayPal account, become its user through authentication, and provide credit card or related bank information to increase the account amount, and transfer a certain amount from the account registered at the time of opening the account (such as credit card) to the PayPal account.
2. When the payer starts the payment procedure with a third party, he must first enter the PayPal account, specify the specific remittance amount, and provide PayPal with the payee's email account number.
3. Then, PayPal sends an email to the merchant or payee to inform them that there are funds waiting to be collected or transferred.
4. If the merchant or payee is also a PayPal user, the money designated by the payer will be transferred to the payee after they decide to accept it.
5. If the merchant or the payee doesn't have a PayPal account, the payee can instruct the connecting station to enter the webpage to register and obtain a PayPal account according to the contents of the PayPal mail, and the payee can choose to convert the obtained money into a check and send it to the designated place, transfer it to his personal credit card account or transfer it to another bank account.
As can be seen from the above process, if the payee is already a PayPal user, the money will be remitted to his PayPal account. If the payee does not have a PayPal account, the website will send a notification email to instruct the payee to register a new account on the PayPal website.
Users can withdraw funds from their PayPal accounts to their local bank accounts, Hong Kong bank accounts and American bank accounts, and they can also apply for checks from PayPal.
1. Remit the funds to your bank account in Chinese mainland by wire transfer (wire transfer bank).
Short withdrawal period and fixed cost; Generally, users are advised to withdraw cash in a large amount at one time when the balance is large, which can reduce the withdrawal cost.
The minimum amount that can be withdrawn is 150 USD. There is a handling fee of $35 for each withdrawal. The funds will be deposited into the bank account within 3 to 7 working days.
2. Withdraw cash to your accounts in China and Hongkong.
It is necessary to apply for bank accounts in mainland China and Hongkong, with short withdrawal period and low cost; However, for sellers whose customer base is not in Hong Kong, there will be higher exchange rate conversion losses.
The minimum withdrawal amount is 80 Hong Kong dollars. A handling fee of HK$ 3.5 will be charged for those below HK$ 65,438+0,000, and no handling fee will be charged for those above HK$ 65,438+0,000. China Merchants Bank or ICBC Asia cards are also acceptable. In addition, cash withdrawals from mainland China and Hong Kong are in Hong Kong dollars, and there is a 2.5% currency conversion fee.
The funds will be deposited into the user's bank account within 3 to 6 working days.
3. Withdraw cash to your American account
Need to apply for a bank account in the United States, the withdrawal period is short, and a handling fee of $35 is charged for each transaction; Not suitable for Chinese mainland users, because they can't handle American bank accounts.
The minimum amount that can be withdrawn is $65438 +0. The funds will be deposited into the bank account within 3-4 working days.
Apply for a check from PayPal.
The cost is low, but the withdrawal period is very long, and the check may be lost in the post; Suitable for people with small withdrawal amount and not tight capital turnover. The minimum amount that can be withdrawn is $ 150, and it usually takes 4 to 6 weeks to process the check. A cash withdrawal fee of $5 is charged for each check.