Good afternoon everyone, I hope your week is going well. Last night, I received an email regarding “New and upcoming changes to Venmo” – a pretty generic looking email with generic looking text that I skimmed through and almost deleted. Buried in the text were 2 changes about seller transaction fees and instant transfer fees. I decided to dig into these changes to see what they really meant for me and other Venmo users. Here are the 2 changes that I researched:
3) Effective July 20, 2021, users who receive payments that are identified by senders as for goods and services will be charged a seller transaction fee of 1.9% + $0.10.
4) Effective August 2, 2021, the fee for instant transfers will be 1.5% per instant transfer ($0.25 minimum fee, $15 maximum fee).