Payments service Venmo, which is owned by PayPal is now offering quicker cash withdrawals from the app to your debit card for a fee. Now you can get your hands on fund within 30 minutes for a fee of $0.25. This is a new service for users in the United States.
You can still move the funds for free but it will just take longer, an average of 1 to 3 working days depending on who you bank with. The new instant transfer option will roll out to Venmo users over the next few days. Just update your Venmo app to see if you have access, yet.
This follows on from the development last year that enabled a similar feature for PayPal users. Again you can pay 25 cents there for near instant withdrawl. It’s interesting to note that instant withdrawal from a PayPal account is one of the few things that has been a commonplace advance seen in the UK before the states. And even in Britain, it’s a free of charge service.
What is Venmo?
You might not be familiar with the Venmo system so it’s worth having a quick look to understand why it’s important and, potentially, how you could use it in the future.
It’s a youth orientated payment app that is particularly popular in the USA. It allows you to pay and request money from your friends and family. At its core, Venmo provides a social way to pay your friends when you owe them money and don’t want to deal with cash. Say when paying a meal bill or taking a cab.
Any balance held can be used to pay other users and can be sent to your bank account. When setting up your account you decide whether you fund your payments from a credit or debit card or your bank account.