Venmo, owned by PayPal, has added a new feature to its service called Instant Transfer. As the name suggests, it will enable users to instantly transfer money to their debit cards. Venmo had announced for this support in the summer of 2017 initially and it’s now rolling out this feature to all users. Users can utilize this feature to have their funds deposited in their debit cards instantly, they won’t have to wait for a couple of days anymore.
Venmo users will have to pay a fee of 25 cents if they want to utilize the Instant Transfer feature in order to transfer their Venmo balance to any supported debit card. The entire process typically takes a couple of minutes. The free option is still being offered but users will have to wait for a couple of days for their money to be transferred just as before.
This feature was previously offered to PayPal beta users after it was announced in the summer last year. Users can even use this feature to transfer funds to their debit cards on weekends and holidays as well, just this flexibility will be enough for many users to justify the 25 cents fee.
The Instant Transfer feature works with Visa and MasterCard debit cards, it’s unclear if Venmo will add support for other issuers at any point in the future.