Jan. 29, 2018
In what looks like a response to Zelle’s promise of “instant” person-to-person payments, Venmo announced Monday a way for users to transfer their Venmo balances within “minutes”, albeit with a fee, according to a company blog post.
“Starting today you can transfer your Venmo balance to your bank account within minutes using an eligible MasterCard or Visa debit card,” Venmo wrote in the blog post. “There’s a $0.25 flat fee for each transfer. We’ll continue to offer our standard bank transfer method at no charge.”
Venmo noted that transfer speeds will depend on an individual’s bank and could take up to 30 minutes. The company also noted that transfers are reviewed, which could delay the process, funds being frozen or removed from a Venmo account.
One of the key differences between Venmo and Zelle is that Venmo users must first store received funds in the app’s wallet before transferring them to a bank account. Zelle offers straight bank-to-bank transfers.
Topics: Money Transfer / P2P