(WTNH) – Prices are going up on just about everything, and so are the instant transfer fees for popular peer-to-peer payment apps.
Both Venmo and Paypal have announced new instant transfer fee increases for consumer accounts. With Vennmo’s new price change now in effect, Paypal users will likely see the changes by June 17.
Both companies will now charge a 1.75% instant transfer fee, which is up from the previous 1.5%.
Instant transfer pricing fees will be capped at $25 for consumers’ accounts through Paypal, and both business and consumer accounts through Venmo.
But, when it comes to Paypal business accounts, instant transfer pricing fees will remain at 1.5%. However, there is no max fee cap.
The thing to remember is that the benefit of instant transfers is that money is usually seen on the same day.
Customers who can wait a few days can transfer their money for no fee, which will typically arrive within one to three business days.