Fees for instant transfer of funds on Venmo and PayPal are both increasing in May and June.
Instant Transfer allows customers to transfer their money instantly to a bank account or debit card for a fee. With Standard Bank Transfers, customers who can wait a few days can transfer their money for no fee, which will typically arrive within 1-3 business days.
Instant Transfer fees are going up on both Venmo and PayPal, which are both owned by PayPal Inc.
For personal accounts on PayPal and consumer and business profiles on Venmo, users will pay 1.75% of the transfer amount, with a minimum fee of $0.25 USD and a maximum fee of $25 USD.
For PayPal merchant accounts, the company will maintain the existing rate of 1.5% of the transfer amount, change the minimum fee to $0.50 USD, and remove the existing $15 USD cap in place of a new, no-maximum-fee cap structure. These pricing changes will be effective for Venmo customers on May 23, 2022. The pricing changes will be effective for PayPal customers on June 17, 2022.