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Venmo is increasing the fee for instant transfers to your bank account

The payments app will deduct 1 percent of the total transfer amount

Photo by Amelia Holowaty Krales / The Verge

Ever since Venmo rolled out its instant transfer feature, which moves money from your Venmo balance to a personal debit card within minutes, the cost of this speedy transfer has been 25 cents. But soon that will be going up. Venmo today emailed users about changes to its user agreement. One of those updates will see the fee for instant transfers switch from 25 cents to 1 percent of the transfer amount (with the minimum still being 25 cents). The change is also acknowledged on this instant transfers FAQ page.

It’s not much, but the upped fee still means that the PayPal-owned company will be deducting a bigger cut if you’re moving a large amount of money over to your bank account. Venmo notes that its traditional bank transfer option remains available and is still free. That method only takes a business day or two to show up. Remember that Venmo also now offers a debit card for spending your balance directly instead of having to relocate those funds elsewhere first.