PayPal and Venmo’s current instant transfer fees: 1.5% of the amount transferred with a 25-cent minimum and a $15 maximum.While the dates of the proposed changes are different, the fee structures will be the same for standard consumer accounts. Banking services provided by The Bancorp Bank, N.A. The instant transfer fee announcement comes a month after both apps rolled out a separate new fee structure for crypto transactions.Ĭhime® is a financial technology company, not a bank. The pricing changes go into effect for Venmo customers on May 23, PayPal announced, and PayPal customers will encounter the new fees starting on June 17. PayPal and Venmo offer a standard transfer option, which remains free, though it may take up to three business days to clear. PayPal and Venmo already charge for this service, and soon instant transfer fees will be even more expensive.īear in mind that there’s a simple way to avoid instant transfer fees on both apps (besides, you know, using cash). The changes will affect hundreds of millions of accounts.Īn instant transfer allows you to cash out the money that’s in your Venmo or PayPal account and send the funds to your bank account or debit card. PayPal, which is the parent company of Venmo, recently said it’s increasing prices for the “instant transfer” feature for both of the popular money-sending apps later this spring. Need the money that’s sitting in your PayPal or Venmo account right away? Withdrawing it quickly is soon going to cost you more.
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