What are instant transfers, and how much do they cost?
Instant transfers allow you to send money from Venmo to an eligible U.S. bank account or Visa/Mastercard debit card, typically within 30 minutes. A 1.5% fee (with a minimum fee of $0.25 and a maximum fee of $15) is deducted from the transfer amount for each transfer. Feel free to take a quick look at our fees page for more information.
Instant transfers can be made 24 hours a day, 365 days a year regardless of holiday or weekend schedules. Please note that transfers may be affected by Venmo service disruptions. As of 8/2/21, our pricing for instant transfers has changed to a 1.5% fee (with a minimum fee of $0.25 and a maximum fee of $15).
Additionally, 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.
How do I know if I have an eligible bank account or card?
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, your bank does not currently participate in an instant transfer service.
We recommend reaching 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 to an eligible bank account/card?
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 a card or bank account for instant transfer successfully in the past. Since our Support teams are not able to override instant transfer declines, you can instead choose to initiate a standard bank transfer for free. For more details, feel free to read our Standard Bank Transfers FAQ.
How do 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 get an in-app notification. 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 was my transfer amount less than I expected?
Instant transfer fees are deducted from each transfer amount. For each transaction, the minimum fee is $0.25, and the maximum fee is $15, so you’ll have to keep these amounts in mind when transferring. Also, you can look at your personal feed in the Venmo app to see the actual transfer amount and that the fee was applied. If you need to transfer less than $0.25, our Standard Bank Transfer option is still free to use.
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).