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Online Payments

Venmo rolls out instant transfers to bank accounts

Tuesday 13 August 2019 | 01:20 PM CET

Venmo has announced support for instant transfers to US bank accounts, an optional alternative to its standard bank transfer service.

The standard service typically takes one to three business days to process transactions. With instant transfer, funds are transferred within minutes.

As of January 2018, Venmo has offered instant transfers to eligible Visa and Mastercard debit cards for a small fee. At launch, the fee was a flat USD 0.25, but Venmo bumped it up to 1% of the transferred amount in October 2018. Currently, the minimum fee is USD 0.25 and the maximum fee is USD 10. According to TechCrunch, users can choose the standard transfer option if they do not want to pay for the convenience of instant payments.

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