You know an app is big when you can use its name as a verb. When you hear “I’ll Venmo you my share of the bill,” you know what that means. Venmo makes peer-to-peer money transfers quick and easy, and the money shows up in your Venmo balance right away.
However, until they’ve introduced the Instant Transfer feature, transfer to your bank accounts would take anywhere between one to three business days. So, how do you change your Venmo to Instant Transfer? And what should you know about it?
How to Instantly Send Money on Venmo
Before getting into more details about Venmo’s Instant Transfer, let’s see how to do it. Follow these steps:
- Make sure you have the latest version of the Venmo app. Check the Play Store and App Store.
- Go to the Menu tab on the left side of the screen.
- Select the “Transfer to Bank” option.
- Type the amount that you want to transfer to the bank.
- Select “Next.”
- You’ll see two options on the screen – Instant and Standard. Under the Instant option, select the bank card to which you want to transfer the money.
- Confirm Transfer.
How Long Does It Take?
The term “instant” is a bit loose in the context of Venmo Instant Transfer. Usually, it takes a few minutes. But overall, the transfer is completed within 30 minutes of sending the money. When you use the Instant transfer option, you will see a green checkmark. It means that you have initiated the transfer. When the transfer goes through, you will get a notification.
During the 30 minutes, you might see the “Pending” message on your screen. As long as the transfer doesn’t exceed that time limit, there’s no need to panic. However, if you receive the confirmation that it is complete, but you don’t see the funds in your bank account, it’s probably best to contact your bank directly. They can help you understand what happened with the transfer.
What About Fees?
The Venmo Instant Transfer can be incredibly practical, and having your money moved around quickly can be a lifesaver sometimes. But this service comes with a cost. Specifically, Venmo charges a 1% fee for Instant Transfer for every transfer that goes to your eligible bank account or debit card.
However, the minimum fee is $0.25. though the most you can be charged is $10. That means that you can’t Instant Transfer less than $0.25. If that’s the amount you’re looking to transfer, you can still use the Venmo Standard Transfer.
If you are confused that the amount you transfer is less than what you sent, that’s because the fee gets deducted from the amount you’re sending or receiving. So, if you’re looking to Instant Transfer a specific amount, make sure to calculate the fee as well.
Standard vs Instant
In case you are wondering what the fundamental difference between a Venmo Standard Transfer and Instant Transfer is, there is a clear and simple distinction. Standard transfer goes through the ACH network and lands into your verified checking account. This service is free, and it usually takes a few business days. An instant transfer is much faster and charges you a fee.
At the moment of writing, Venmo Instant transfer is only available with particular bank accounts, as well as some Mastercard or Visa debit cards. The fastest way to learn if a card qualifies is to try adding it to your Venmo. The cards which you add successfully through Payment Methods will show up, and you’ll be able to use them.
The ineligible ones will show up too, though the app will grey them out. That, unfortunately, means you can’t use those to send money via Instant Transfer. If a card you added is eligible, you won’t have any issues selecting it for a bank transfer. However, keep in mind that Venmo limits the number of cards you can add to your account.
A Venmo user can have up to four active or deleted cards in their account at any given time during six consecutive months. So, even if you delete a card, you’ll have to wait for six months for Venmo to consider it gone. If you exceed the limit, you’ll see an error message on the screen. And no, Venmo won’t increase the four cards limit.
Money Transfers Made Easy
There is no doubt that the Venmo Instant Transfer option is amazingly convenient. But it is best to use instant transfers when you need to have the money in your bank account for a specific reason. Why else pay the 1% fee? The Standard transmission is free, and all you need to do is wait a while.
But if you need an instant transfer, it’s an easy thing to set up. Just opt for Instant instead of Standard when sending money.
Have you ever used Venmo Instant Transfer? Have you had any problems with standard or quick transfer options? Let us know in the comments section below.