Payment sharing services from Paypal, Square and Venmo are great, but it can take some time to move funds from those accounts to your bank so you can use them in real life. Last year, Paypal introduced $ 0.25 instant transfer fees to make it much faster to move money to your real-life bank. Now Paypal-owned Venmo is doing the same, offering transfers of funds in less than 30 minutes.
Beginning this week, you can transfer your Venmo balance to your Visa or Mastercard debit cards for a flat 25 cent fee. You can still move the funds the old way for free; it will just take longer. The new instant transfer option will roll out to Venmo users over the next few days. Just update your Venmo app to see if you have access, yet.
Source: Venmo
