Venmo’s quick transfers will soon add 1 percent charge

Venmo Instant Transfers are getting more expensive in November.


Venmo

You might want to choose Venmo’s slower transfer option from Nov. 6, because you’ll be paying a 1 percent charge for its Instant Transfers from then on.

The payment service — which is owned by PayPal — emailed users about the change and noted that the original $0.25 fee will become the minimum charge, Bloomberg reported over the weekend.

Standard bank transfers will remain free, but those take two to three days rather than the approximately 30 minutes of Instant Transfers.

“Wow, @venmo casually tells users in the late afternoon on Friday that bank transfers will now cost ‘1% of the transfer amount (minimum fee $0.25)’ ” Alexandra Rosen wrote on Twitter.

Venmo didn’t immediately respond to a request for comment.

In September, more than 25,000 Americans signed a petition asking Venmo to change its default privacy setting from public to private, but the company said it has no plan to tweak that setting.

It also introduced a debit card for US customers over the summer, allowing people to pay using their Venmo accounts anywhere Mastercard is accepted.

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