Venmo rolls out instant money transfer to bank accounts

Venmo Instant Money Transfer
Venmo
Build responsive eBay listings with WidgetChimp templates

Venmo announced it is rolling out an instant money transfer to bank account service without requiring an eligible Visa or Mastercard debit card.

The rollout will start today and should become available to most accounts within the next few weeks.

The cost of the service is the same 1 percent fee as the company charges for using the debit card instant money transfer option (minimum fee $.25, maximum fee $10).

“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.”

Venmo Statement

Instant money transfers should be available in bank accounts within 30 minutes, but that is subject to the account holder’s bank policy.

In addition, Venmo said that transfers are still reviewed which could result in delays or funds being frozen or removed from a user’s Venmo account.

The new Venmo feature is similar to PayPal

For online merchants that accept Venmo through eligible payment gateways, this new instant bank transfer feature is similar to PayPal’s instant money transfer. Venmo is owned by PayPal.

Especially for smaller merchants that often need access to funds quicker to maintain cash flow, his new option could be a great benefit.

The company will continue to offer the free standard transfer option to bank accounts which typically takes about 1 to 3 business day.

READ MORE: New bill in New Jersey makes it a crime to keep an accidental Venmo payment


What do you think about Venmo following PayPal to offer instant money transfer? Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.

Follow us on FacebookTwitter, and LinkedIn to stay up to date with relevant news and business insights for your online business.


1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.