PayPal’s Venmo service now does instant transfers for 25 cents
As PayPal has now widely implemented a new transfer option from account funds to debit card balances, so has its youth-targeted subsidiary,peer-to-peer payments app Venmo.
Unlike direct-to-bank transfers which can take anywhere from one to three business days depending on time of deposit and are free, debit card transfers will only take minutes most times of the week and will cost 25 cents apiece. Users will need to have an eligible Mastercard or Visa card.
PayPal’s Instant Transfer feature went out to beta users last June and has only recently started becoming available to general users. Venmo users will be more fortunate in that the rollout should be mostly if not already complete by now.
Venmo has also been reportedly testing debit cards based out of users’ account funds.