US payments provider Venmo announces new features

| |

Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Venmo, which is owned by PayPal, set to add to its Instant Transfer feature
  • Users will now be able to transfer cash more quickly to a bank account, and a maximum speed of half an hour is expected for the transfer to take place
  • “We’ve seen a great response from the Venmo community, so we’re thrilled to now offer Instant Transfer to your bank account within minutes for the same small fee”, says Venmo product manager in a statement

Major American payments provider Venmo has announced that it will launch an extension to one of its popular online money transfer services right away.

Back in 2018, the firm said that it would bring into motion its “Instant Transfer via debit card” option, which gave users the right to move the money they currently had on their Venmo card on to certain debit cards from major providers.

This transfer process takes just a few minutes, and the fee is 1% – although there is a minimum fee of $0.25 and a maximum one of $10.

According to Venmo, the positive response from customers to this policy has meant that the firm will now enhance this. Now, it will be possible for users to take cash from their Venmo account and send it to their bank accounts – for the same cost.

This is not Venmo’s only way to transfer cash from its platform to a bank account. Users can also opt for the free standard bank transfer option.

In order to access the latest feature, Venmo’s users will need to have the latest version of the app installed.

Venmo did warn, however, that the new option will not necessarily be available to everyone straight away.

In another warning, it also said that transfers could take a maximum of half an hour. This is believed to be as a result of banks being able to process transfers at different speeds.

There will also be a transfer review process orchestrated by Venmo in place.

In a statement by one of Venmo’s product managers, Ny Vo, the firm said it was “thrilled” about the development.

“Last year we launched Instant Transfer via debit card, allowing users to transfer the money in their Venmo account to their eligible Visa and Mastercard debit card within minutes for a 1% fee (minimum fee $0.25, maximum fee $10)”, it said.

“We’ve seen a great response from the Venmo community, so we’re thrilled to now offer Instant Transfer to your bank account within minutes for the same small fee. We also will continue to offer our free standard bank transfer which typically takes 1-3 business days.”

Venmo, which is owned by PayPal, has a high degree of penetration in the US.

Venmo is just one of many big names in the online payments sphere. To stay up to date with all the firms devising ways to help you send money home quickly and efficiently, check out our news section.


Most Read

Use Our Currency Comparison Tool

Select country...

Select country...

Send

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.