Venmo is increasing the fee for instant transfers to your bank account


Since Venmo released Instant Transfer, which transfers money from the Venmo balance to a personal debit card in minutes, this fast transfer cost is 25 cents. But it will be so soon. Venmo emailed you today of changes to your user agreement. One of these updates is that you can see instant transfer costs go from 25 cents to 1% of the previous amount (min 25 cents). Changes will also be accepted on this Instant Delivery FAQ page.

Though not a lot of money, it means that if a company that owns PayPal transfers a large amount of money to a bank account, it will reduce the commission. Venmo explains that the existing bank transfer option is still available and is still free. This can take 2 to 3 business days. Remember, Venmo also provides a debit card to spend your balance yourself instead of redeploying that amount elsewhere.

Open

Close