Venmo is a popular mobile payment app that allows users to send and receive payments from friends and family. The app promises “fast, easy, and free” payments, but some users have reported that Venmo transfers can take hours or even days to be processed. So what’s the deal? Is Venmo transfer instant? And if not, what are the reasons for the delay? In this blog post, we’ll take a closer look at Venmo’s processing times and offer some tips on how to avoid delays.
Is Venmo transfer instant? Venmo supports instant transfer, but it technically isn’t instantaneous. It can still take up to five minutes for an instant transfer to arrive, so if yours isn’t there yet, give them some time to process your request.
This blog will discuss how to make your Venmo transfers instant, as well as some things you should know about the process.
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Is Venmo Transfer Instant?
Instant transfers are incredibly useful for a number of reasons, so when the announcement came that the answer to “Is Venmo transfer instant” was yes, there was a reason for excitement for those eighteen and up. Getting a Venmo card is an easy process, and the value of transferring money almost instantaneously is more than enough reason to sign up.
Before the instant transfer option, it took up to three days for the money to reach the recipient’s account, which was especially concerning for people who were trying to establish any sort of trust in relationships and business partnerships.
It was genuinely awkward if you were out with a friend who said they’d Venmo their half of the bill, especially if you didn’t know them that well. You don’t want to be shafted because you were nice enough to agree to go out for pizza, or get stuck with a large Uber bill.
Before performing an instant money transfer, make sure that you have the most recent version of the Venmo app on your iPhone or Android. Go to the play store to make sure that you are up to date.
Here’s how to instantly send money on Venmo.
- Open the Venmo app and enter the menu tab on the right.
- Select the option that reads “Transfer to Bank.”
- Type in the amount that you’d like to transfer and tap “Next”.
- You’ll be presented with two options: Standard and Instant. Choose the latter.
- Confirm the transfer.
That’s pretty much all that needs to be done, but it’s always a good idea to check over the amount before sending. The last thing you want to do is send $400 when you meant to send $40, but you can always review your transaction history for errors.
How Fast Is Instant?
The term “instant” may not be as accurate as they like to let you think. They certainly aren’t trying to be dishonest, it’s more that the technology is such that instant just isn’t possible. Typically, it’ll take a few minutes for the money to reach another account.
Evidence of the transfer, however, is near-instantaneous. It takes approximately only 30 seconds for a green checkmark to appear on the screen, letting you and the recipient know the transfer is complete. You will both also receive a confirmation within a half hour.
During that 30-minute wait time, you may see a “pending” message on your screen. This is normal, however, if it’s still there after a half-hour, something must have gone wrong. If you get a confirmation email but no funds have been transferred, it’s best to contact the bank immediately and explain the situation.
It also doesn’t matter what digital wallet you’re using, be it Apple Pay, Paypal or another.
Will This Cost Me More?
Having money moved quickly is an incredible asset in a day and age where almost no one carries cash anymore. It’s not only useful if you’re in a bad situation, trapped at an airport, it’s also good for building relationships. Unfortunately, such luxuries come at a price.
Venmo charges a one percent fee on every instant transaction you make. However, they keep some control over how much they’re going to make you pay. The minimum fee is 25 cents per transfer, but no matter how much money you send, you will never be charged more than ten dollars.
So while some customers may want to avoid an additional fee, others are happy to pay into the service. If you don’t use Venmo for pressing matters or transferring money to your own account, or only use it for online purchases, then using the instant transfer service wouldn’t be helpful to you.
It’s also secure. One of the primary concerns any digital financial service is going to have is protecting your information, including your SSN. They’d be worthless if not secure.
Instead, use the standard money service. Standard transfers go through the ACH network before being verified through your checking account, this can take up to three days. It’s not the best option if you’re trying to spend money with friends, but there are plenty of useful ways to use it.