Venmo has been charging 25 cents for its instant bank account transfer service ever since it was launched. The service lets you transfer money from your Venmo account to your personal debit card instantly. It’s now raising this fee. Venmo has started sending out emails to users in order to notify them that it will soon cost them more to instantly transfer money from their Venmo account to their bank account.
Venmo has made changes to its user agreement one of which is the increase in the transfer service fee. It will now cost 1 percent of the transfer amount instead of 25 cents as before. However, the minimum is still 25 cents.
It’s not a considerable increase and only those moving large amounts of money will really feel the pinch of the new rate. It won’t affect those who use seldom Venmo and feel the need to transfer funds to their personal bank account.
The PayPal-owned company does mention that users are still able to use the traditional bank transfer option if they’re not looking to instantly transfer money. This service remains free as before and the money normally turns up in the user’s account within a day or two. There’s also a debit card offered by Venmo that users can utilize for spending the money in the account directly without having to transfer it anywhere else.