Venmo Introduces Instant Money Transfers to Banks

Venmo has announced it is now offering support for instant money transfers to bank accounts in the United States…

PayPal subsidiary payment app Venmo is now provides support for instant bank transfers in the United States.

Venmo Instant Bank Transfers go Live

The new Venmo instant bank transfer comes after its initial version, which applied to eligible Visa and Mastercard debit cards for a nominal fee, starting in January of 2018. That offering began with a fee of $0.25, which was raised to 1 percent. Now, it’s a minimum is $0.25 and a maximum is $10.

The change gives users more options. Previously, Venmo bank transfers took between one and three business days to process.

Currently, Venmo has over 40 million active accounts. The payment app handled $12 billion in transactions in the first quarter of 2018.

Bill Boyles

Bill is a freelance writer who covers a wide range of topics, including apps, social media, and search.