- 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.
