Venmo to increase fees on instant transfers, other services

(CNN) – Using Venmo will soon cost you more.

The peer-to-peer payment app is raising the cost of instant transfers.

Venmo says starting Aug. 2, its fee for the feature will go up 0.5%.

The instant transfer feature gives Venmo users quick access to funds by allowing them to transfer the money to a bank account or debit card within 30 minutes.

Venmo is also raising its maximum fee from $10 to $15.

And starting July 20, the mobile payment service will start charging people who receive payment for goods and services through the app a fee of 1.9%, plus 10 cents per transaction.

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