PayPal has finally rolled out its Instant Transfer feature on Venmo after first announcing that support would be coming last summer. The option allows Venmo users to pay an extra 25 cents to deposit funds to their debit cards in a matter of minutes rather than days. This is particularly useful if you need to cash out right before a holiday or on Sundays, which are times when banks typically do not process the withdrawal.
Instant Transfer was previously available only for PayPal beta users. It promises to transfer funds to your account within 30 minutes even on holidays and weekends. A free option will still remain for those who don’t mind waiting the one to three days for payments to process. According to PayPal, Venmo instant transfers will only work with Visa and Mastercard debit cards.
The move comes after major US banks formed an alliance and launched Zelle, a competing peer-to-peer payment processing service that offers instant withdrawals for free and does not charge for transfers between different banks.