If your prime transactions are based on Venmo account, then you must go through your account settings because the company has changed its policies for Instant Transfers. The new policy may deduct more out of your balance than before.
The charges for instant transfers, where users transfer amount from Venmo account to their bank accounts, via debit card was $0.25 previously. According to the new fee policy shared by the company through email notifications, this Friday, the charges on instant transfers increase by one percent of the total amount transferred in the bank from the Venmo account. Thus, if you transfer more than $25 in future, you will have to pay some extra charges to Venmo as service charges upon successful transactions.
The PayPal spokesperson mentioned in a statement that:
“The change reflects the value that Venmo’s services offer – providing speed and convenience for customers that want to transfer their funds to their bank accounts in 30 minutes or less.”
Venmo is frequently used by various E-Commerce vendors for effortless transactions to their collaborators and banks. The increasing E-Commerce business encouraged Venmo to increase charges on instant transfer. Apart from this, the high trend of Freelancing is adding to the number of account holders on Venmo. The above said business practices would significantly lift-up Venmo’s revenue trends in the coming years.
People who use their Venmo account for the quick transfer of significant amounts are expected to become the potential sufferers of this new policy. Although, the company incorporated some relaxation for users who transfer moderate figures by setting various ranges for example, upon a transfer of $25 the fixed charges are $0.25.
Instant transfer works when users want to transfer an amount within a limited time from their Venmo accounts to their bank accounts via debit card. For now, standard bank transactions are free, which means no transfer charges will be applied on standard bank transactions.
Are you a Venmo user? Check your account settings soon. Stay tuned for more updates!
Hafsa Akbar Ali
Amnah Fawad
Jazib Zaman
