Venmo bank transfers are getting faster: PayPal announced that users will soon be able to send funds from their Venmo accounts to their banks in minutes for an extra 25 cents per transaction, as opposed to the day or so it currently takes to transfer funds.
PayPal seems to be reacting to Zelle, a new payments processing service backed by major banks like Chase, Citibank, Bank of America, TD Bank, and Wells Fargo that began rolling out earlier in June. While Zelle lacks a dedicated app (for now) and Venmo’s social features, it stood out for allowing instant withdrawals, unlike most other money sharing apps.
According to PayPal, the instant transfer feature is already in beta for select Venmo users, and will roll out to everyone with...
