Venmo increases transfer fees of 1% of the total cash amount
Paypal has changed the transferring fees on it’s application Venmo lately and The company said the transfer of funds to banks would make up 1% of the total amount, which was previously $ 0.25.
The new change in remittance ratio reflected the value of the Venmo service, providing customers with speed and convenience while transferring their money to their bank accounts in as little as an hour or less, and this may be a problem for the usual people To transfer their money through this service, because of the increase in fees, but in any case remain a good options open to people using the same means of payment or change according to their interests and what they see fit.
Venmo application is is a mobile payment service owned by PayPal and designed to facilitate the rapid dispatch and exchange of funds between individuals in less than half an hour, and then transfer them to banks to be dealt with.
Venmo allows users to transfer money to others using the service using a mobile phone app; both the sender and receiver have to live in the U.S.
the service had handled $12 billion in transactions in the first quarter of 2018.