Using Venmo To Send Money Instantly Just Got More Expensive
PayPal, Venmo's parent company, has raised fees for instant money transfers into users' bank accounts. According to Bloomberg, PayPal is looking to make more money from the popular mobile payment service.
When the "instant" feature first rolled out, there was a 25 cent fee on transactions. But the charge will now be a whole 1% of the transfer. However, there is good news to report...
Users will still be able to do standard one to three day bank transfers for free. So to recap...If you want to send the money to your friends' bank account instantly, it'll now cost you more. But if your friends are okay with waiting for their money when you make the one to three day bank transfer, you can use that option because it'll still be free.