Venmo and PayPal increase fees for transferring money

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FOXBusiness

In an email to users last week, Venmo informed its customers that as of July 20, “users who receive payments identified by senders as for goods and services will be charged a transaction fee of $ 1. , 9% + $ 0.10 “. These transactions are so far free on Venmo, with the exception of credit card transactions, which incur a 3% service charge.

The company further informed users that its current fees for instant transfers to bank accounts will also increase soon. As of August 2, the fee for an instant transfer estimated in 30 minutes or less will be 1.5% with a minimum charge of $ 0.25 and a maximum of $ 15. the running the instant transfer fee is 1% with a maximum of $ 10. However, slow transfers, which typically take between one and three business days, will remain free on the app.

PayPal explained in a Press release that the new ability for users to tag items as “goods and services” on Venmo means that these transactions will also be covered by Venmo’s purchase protection program. The fees are paid by the seller.

Meanwhile, PayPal itself increases its own customer and merchant fees on August 2, when the payments giant will charge 3.49% plus $ 0.49 more on most transactions. This is an increase from the current standard fee of 2.9% plus $ 0.30.

Fast businessArianne Cohen pointed out that competitors Apple Pay and Google Pay do not charge transaction fees.

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