Tired of waiting 1-3 business days for Venmo withdrawals to enter your bank account?
The PayPal-owned peer-to-peer payments company now lets users transfer balance funds into their bank account within seconds. The convenience of moving cash to a bank account positions Venmo closer to that of Zelle who is already a major player in the peer-to-peer payment space. Venmo remains an independent platform, whereas Zelle is built into many banking apps like Bank of America, Chase, Citibank, and many more.
Venmo has offered its instant deposit capability with Visa and Mastercard debit cards. Giving the same ability to bank accounts adds more workability into the already robust payment platform.
Venmo Instant Transfers Fees
Similar to debit card instant transfers, Venmo will take one percent of the transferred funds for itself. That will be approximately 25 cents no matter the amount deposited, there’s also a maximum of $10. As with other transactions, Venmo reviews all instant deposits and says they could be subject to delays or frozen funds if flagged.
Venmo just started rolling out instant bank transfers and states it will be widely available “in the coming weeks.” If you can live without the instant deposits and don’t mind waiting a business day the standard free transfer is still a viable option!
