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Venmo to increase fees on instant transfers, other services

Venmo is changing the way its fees work. Instant transfers may cost more.
Venmo is changing the way its fees work. Instant transfers may cost more.(Source: CNN)
Published: Jun. 29, 2021 at 11:37 AM CDT
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(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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