Making the switch from standard to instant transfers on Venmo is a quick process that can get your money moving faster, though it’s worth knowing the trade-offs involved. Let me walk you through it.
How to Change Your Venmo Transfer Speed
The next time you’re ready to transfer money from Venmo to your bank account, you’ll notice two options during the transfer process. Just tap the “Transfer” button, select your amount, and you’ll see both the standard (1-3 business days) and instant (30 minutes or less) transfer options.
Step-by-Step Instructions
1. Open your Venmo app
2. Tap the “Transfer to Bank” option
3. Enter your transfer amount
4. Look for “Instant” instead of “Standard”
5. Select your linked debit card or bank account
6. Confirm the transfer
What You Need to Know About Fees
Here’s the part where I need to be upfront with you – instant transfers aren’t free. While standard transfers don’t cost anything, instant transfers will charge you 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum of $25. For example, if you’re transferring $100, you’ll pay a $1.75 fee.
Is Instant Transfer Worth It?
I often get asked whether the instant transfer fee is worth it. Honestly, it depends on your situation. If you need the money right away for an emergency or time-sensitive purchase, paying that 1.75% might make perfect sense. However, if you can wait the 1-3 business days, standard transfers are completely free.
Important Considerations
Before you make the switch, keep in mind that instant transfers require a valid debit card linked to your account. Also, while Venmo advertises transfers within 30 minutes, I’ve seen them complete in as little as a few minutes – though this isn’t guaranteed.
Troubleshooting Tips
If you’re having trouble changing to instant transfer, make sure:
– Your Venmo account is verified
– You have a supported debit card linked
– Your bank participates in instant transfer
– You have sufficient funds (including the fee)
Remember, you can switch between standard and instant transfers for each transaction – you’re not locked into one option. By 2025, Venmo plans to introduce even more flexible transfer options, but for now, these are your two main choices.
Pro tip: If you regularly need faster access to your Venmo funds, consider getting a Venmo debit card, which gives you immediate access to your balance without transfer fees.
