Venmo, the PayPal-owned payment service, announced via email to users that its instant transfer service will now charge a 1% fee, with a $0.25 USD minimum, up from a flat fee of $0.25 USD previously.
Venmo allows friends to quickly send fiat money back and forth for free, as long as the money stays within the app, however, transferring that money out of the app to a traditional bank account is where complications arise. Users can still transfer to bank accounts for free, but must wait the standard 2-3 days for clearing. Instant transfers allow the money to be in users’ bank accounts within 30 minutes, but comes with the additional fee.
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