Paypal has finally granted everyone’s wish to add an instant transfer feature to Venmo.
Instead of waiting a few days for your cash to transfer into your bank account, you can now choose the direct transfer option for a small fee of $0.25.
I know, there’s still a fee. But hey, $0.25 isn’t too bad of an expense, right? And you’ll never have to worry about your bank being closed on Sundays or Holidays again. Pay the $0.25 fee to get your paper right away.
Paypal states that direct transfers should take as much as 30 minutes to move funds from Venmo or Paypal to your own bank account, even on Sundays and holidays.
However, the instant transfer only supports Mastercards and Visa debit cards. You’ll still have to stick to the same transfer process if you do not own a card from either of those providers.
Paypal’s instant transfer feature serves as their response to competing services like Zelle which launched in 2017. You might have heard of Zelle since it is backed by 30 U.S. banks. It’s a money transfer service you can access online and provided by your bank, unlike Venmo which is a peer-to-peer interaction.
Venmo might take the win on this one since you don’t have to access a third party just to send or receive money straight from your peers.
The instant transfer feature is now available to use, and the app is free to download from your mobile app store.
Photo by Venmo