PayPal-owned Venmo just rolled out a previously announced feature called Instant Transfer. The company first announced the support for the feature in early summer last year. Now they company is making good on its promise by rolling out the feature to everyone.
Instant Transfer allows Venmo users to pay an extra 25 cents to deposit the funds to their debit cards in a matter of minutes rather than having to wait days for the transaction to go through. This is especially useful if you need the money right away before a holiday break or if you need to purchase something fairly quickly. Typically, holidays or Sundays are when banks don’t process any type of withdrawals, so you have to wait until regular business days for things to process.
Previously, Instant Transfer feature was only available for PayPal beta users. The feature promises to transfer the funds to your account within 30 minutes even on weekends and holidays. If you’re wondering about the free feature, yes, it will still be there, if you don’t mind waiting one to three days for payments to process. PayPal did note that instant transfers will only work with Visa and MasterCard debit cards.