The peer-to-peer payment platform Venmo now offers instant transfers to bank accounts. According to the company’s blog post, funds are available within minutes, as opposed to 1-3 business days for standard bank transfers.
Last year, Venmo launched an instant transfer service for Visa and Mastercard debit cards. The new service is an extension of that. All instant transfers require a 1% fee, with a minimum fee of $0.25 and a maximum fee of $10. Standard transfers are free of charge.
Instant bank transfers began rolling out this week and “will be widely available in the coming weeks.” Venmo encourages users to update their app to ensure they receive bank transfer capabilities.
Venmo says, “Currently, instant transfer only works with certain bank accounts.” Users may add their bank accounts to their Venmo accounts to verify if they are eligible for instant transfers.
Instant transfers are available 24 hours a day, including weekends and holidays. While most funds post within minutes, the transfer process can take up to 30 minutes to complete.
Venmo has persistently been scrutinized for questionable privacy policies. All Venmo accounts and transactions are set to public by default. The company has made it harder for that data to be collected, but one hacker was still able to gather 57,600 transaction details per day. If you would like to change the privacy settings for your Venmo account, go to Settings > Privacy and select Private.
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