How To Cash Out on Ibotta Using PayPal and Venmo
This post is intended for those who have already downloaded the Ibotta app. If you haven’t downloaded the app, be sure to check out our tutorial on how to use the iBotta App!
Now that you’ve verified rebates, connected with friends, unlocked bonuses, and earned some cash, it’s time to withdraw those earnings! While Ibotta offers some gift card options, the most popular ways to cash out are through PayPal and Venmo. (These are also my favorite ways because I can deposit the money straight into my bank account.)
To withdraw your earnings:
1 – Open the app and tap the little “hamburger” in the top left corner of the screen. Tap “Withdraw Cash”. Remember: You can only withdraw earnings once you have at least $20.
2 – Select “PayPal” or “Venmo”. You can link to an existing account with either one, or you can set up a new account within the Ibotta app.
Note: If you are setting up a new PayPal or Venmo account, verify the account via email and ensure you can access it before you transfer money into the account.
3 – Enter the amount you want to withdraw, tap “Done”, enter your Ibotta password, tap “Transfer Cash”, and complete the transfer! If you have more than $20 in your Ibotta account, you can either withdraw all of it, or the minimum amount of $20.
Q: I don’t have PayPal or Venmo yet. What’s the difference?
A: Venmo is actually a service of PayPal, so the two are quite similar. The main difference, from a user’s standpoint, is that Venmo is more like a social platform and PayPal is purely transactional. When you log into Venmo and connect with friends, you see a feed of their recent transactions, which you can comment on. PayPal doesn’t have a social aspect, and it allows you to send money to countries other than the U.S., and it also has higher transaction limits.
If you want a more in-depth explanation of the differences, here is a helpful article breaking down the differences between Venmo and Paypal on Investopedia. Here are some highlights:
- Venmo was created for transactions between friends, and is similar to making cash payments. (Like paying your friend back for coffee yesterday)
- PayPal is more robust than Venmo, and has recently added more financial products.
- Debit card payments from Venmo cost nothing, but they cost 2.9%+$0.30 from PayPal.
Q: What if I have a problem transferring money out of my account?
A: Ibotta has exceptional customer service, as well as helpful information on their website, you can reach out them anytime if you ever have issues.
Q: What should I do with this extra money in my (virtual) pocket??
A: Girlfriend, why are you asking me?! Go grab a coffee, buy a new book, get a pedicure… Do something fun to treat yo’self.