SAN JOSE, Calif.—Venmo has added the ability to transfer consumers’ balance funds into a bank account in seconds.
The PayPal-owned peer-to-peer payments company has offered this instant deposit capability with Visa and Mastercard debit cards for some time, but opening it up to bank accounts adds more flexibility, The Verge said.
As with instant transfers to a debit card, Venmo will take 1% of the money for itself.
“That'll be at least 25 cents no matter how much you're depositing, but there's also a maximum of $10. The convenience of moving cash to a bank account instantly brings Venmo closer in line with Zelle,” The Verge said.