Venmo can now instantly deposit money into your bank account
Photo by Amelia Holowaty Krales / The Verge
Venmo has added the ability to transfer your balance funds into a bank account in mere seconds. The PayPal-owned peer-to-peer payments company has offered this instant deposit capability with Visa and Mastercard debit cards for some time, but opening it up to bank accounts adds more flexibility.
As with instant transfers to a debit card, Venmo will take 1 percent of the money for itself. That’ll be at least 25 cents no matter how much you’re depositing, but there’s also a maximum of $10. Transfers can take up to 30 minutes but are often completed in under 60 seconds in my experience. As with other transactions, Venmo reviews instant deposits and says they could be subject to delays or frozen funds.
The convenience of moving cash to a…