PayPal person-to-person brand Venmo expanded its premium cost Instant Transfer service to include direct payments into US bank accounts, having made the service available via debit cards in 2018.
In a statement, Venmo said users would be able to move money from its wallet service into bank accounts within a maximum of half an hour for a 1 per cent charge, to a maximum fee of $10. The minimum charge for the service is $0.25.
Comparatively, its free bank transfers take up to three days.
The charge is the same fee currently levied on transfers sent via debit cards, which have been available since 2018.
Venmo said the new service began rolling out yesterday (12 August) with “wide availability” expected in the coming weeks.
In PayPal’s latest financial statement, covering the three months to end-June, it reported a 70 per cent year-on-year growth in the total value of transactions processed through Venmo to $24 billion.Subscribe to our daily newsletter Back