Venmo has finally announced the support for instant transfers to U.S. bank accounts. The feature is an optional alternative to Venmo’s standard bank transfer service which was limited to transfers to eligible debit cards and took three business days to get the transaction done.
PayPal’s mobile payment service Venmo is a mobile-based financial platform that makes money transaction easy and free to use. However, the new option comes with a 1-percent fee with a $0.25 minimum and a $10 maximum per transfer.
The company has started rolling out this new Venmo instant transfer to bank accounts option but says to take several weeks before it is widely available to all users. Venmo payments also aid small business customers or gig economy workers by moving their Venmo cash to their main account for paying bills, rent, and other automatically debited transactions.
With 40 million and exceeding active accounts, Venmo has more users than some of the U.S.’s bigger banks. And it’s still growing. Back in 2017, PayPal has also offered instant transfers to bank accounts as of March after its first announcement of its plans.
