Jun 29, 2021
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About this Deal
Venmo recently announced an upcoming fee change; it will soon charge more for instant transfers. This feature allows users to transfer their money out of the app more quickly.
The current fee for instant transfers is 1%, with a minimum fee of $0.25 and a maximum of $10. This will change on August 2, 2021, when the new rate goes into effect. The new instant transfer fee will be 1.5%, with a minimum fee of $0.25 and a maximum fee of $15.
The instant transfer fee increase isn't the only change. Venmo also announced a fee for using the app to receive money for goods and services. This kind of transaction was previously free unless a credit card was used. Beginning July 20, sellers who receive payment for goods and services will pay 1.9% of the payment plus $0.10.