What are instant transfers and how much do they cost?
Instant transfers with Venmo allow you to send money to any eligible U.S. bank account or Visa/Mastercard debit card, typically within 30 minutes. A 1.75% fee (with a minimum fee of $0.25 and a maximum fee of $25) is deducted from the transfer amount for each transfer.
Feel free to take a quick look at our fees page for more information. As of 5/23/22, our pricing for instant transfers has changed to a 1.75% fee (with a minimum fee of $0.25 and a maximum fee of $25).
There are a few important things to keep in mind regarding instant transfers:
- Instant transfers can be made 24 hours a day, 365 days a year regardless of holiday or weekend schedules
- Transfers may be affected by Venmo service disruptions
- Transfers are reviewed and could be declined, delayed, or blocked if we identify an issue
- Reviews may result in funds being frozen or removed from your account
- For more information, please read about Reviews of Transfers Out of Venmo
Is my bank or card eligible for instant transfers on Venmo?
Instant transfers only work with U.S. bank accounts or Visa/Mastercard debit cards that participate in instant transfer services (like Visa Fast Funds or Mastercard Send).
You can find out if your bank account or card is eligible by adding it to your Venmo account.
If your bank account or debit card is listed as a payment method but greyed out when you try to make an instant transfer (you can't select it), your bank does not currently participate in an instant transfer service.
In this case, you can reach out to the bank that issued your bank account or debit card to request that they enroll. Having your bank enroll in an instant transfer service is the only way to be able to use the feature with Venmo.
Why did I get an error when I tried to instant transfer?
Instant transfers can be reviewed and declined for a variety of reasons, including Venmo’s automated internal security measures. Before attempting an instant transfer, we recommend making sure you’re using a card that is registered in your own name, and that your Venmo account has your legal first and last name on file.
If you continue to receive an error after taking the above steps, this means that the instant transfer feature is not currently available. This might happen even if you’ve used the card or bank account for instant transfer successfully in the past. Our Support teams are not able to override instant transfer declines, but you can instead choose to initiate a standard bank transfer for free. For more details, please read our Standard Bank Transfers FAQ.
How can I check on the status of my instant transfer?
Once you start an instant transfer, you’ll see a green check mark as confirmation that the transfer has begun. When the transfer completes, you’ll also receive a notification in the Venmo app. If the transfer still shows as pending in your app, you’ll want to wait 30 minutes before checking your bank account statement for the deposit.
You can reach out to your bank directly if your transfer is not showing on your bank statement. When you contact them, it’s important to explain that the money will appear as an original credit transaction (OCT) or a real-time payment, not a missing ACH/direct deposit.
Why do standard transfers take longer than instant transfers?
Although standard bank transfers are free, they use the ACH (Automated Clearing House) banking process, which typically takes 1-3 business days to reach your bank account. Instant transfers are processed through different networks so that the money can reach your bank account much more quickly (typically within 30 minutes).