Venmo: Rolls out instant transfers to bank accounts

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Venmo: Rolls out instant transfers to bank accounts

Venmo: Rolls out instant transfers to bank accounts

  • This new feature available on the PayPal-owned payments app
  • In fact, Venmo has offered instant transfers to eligible Visa and Mastercard debit cards  for a small fee
  • The fee has changed from a flat $0.25 to 1% of the transferred amount
  • Standard transfers are still available for those who do not want to pay for the instant transfer service
  • This news follows increased competition from Square’s Cash App
  • Venmo retain more than 40 million active accounts more users than some of the US’s bigger banks