Venmo instant transfers are no longer exclusive to users sending money to a debit card. The Venmo platform will now allow users to access instant transfer features to other bank accounts. The new feature will be rolled out it the next few weeks. Additionally, free transfers are still available for customers who are okay with waiting for one to three business days. Venmo's new instant transfer feature is aimed at users who require money transfers urgently and therefore may pay for the service.
The instant transfers feature will have a 1% transaction fee, which has a minimum $0.25 transfer fee, and a maximum fee of $10. The quick transfer feature could be used by people who need money to be transferred on a strict timeline.