Venmo's ability to instantly transfer money to the bank account linked to its debit card is excellent. In the last two months, I routinely exchange my Venmo balance for cash, and it usually appears in my second checking account after I initiate the transfer, all for a very low fee of 25 cents.
But something seems to have gone wrong with convenient, almost immediate Venmo money transfers. For now, the company is completely eliminating the function, since it works to make "some changes". There is currently no deadline for the instant transfers to return, and Venmo encourages users to follow the traditional bank transfer option on the next business day. for now.
We are making some changes to our instant transfer feature, and currently it is not available. Our priority is to make sure we provide the best experience and regret any inconvenience. Our standard bank transfer option is still available in the meantime.- VenmoSupport (@VenmoSupport) March 21, 2018
This is not the first instance of problems with instant transfer. In February, the option temporarily disappeared from Venmo due to a "brief interruption". For users who have become accustomed to the speed and convenience without worrying about having their funds immediately available in an appropriate bank account, these interruptions have proved to be annoying.
How can I get my money today?!? They pay me through Venmo and, if I make the standard transfer, I will not arrive until Monday. Unless they are going to pay my bills, they will need a solution for this. Let me know who I should speak with at a corporate meeting: Shani, B. (@melanaire_) March 22, 2018
Venmo says the instant transfer is "in maintenance," and the company will alert users on Twitter when it returns. For me, it has worked largely as advertised and is a big reason why I rarely use Square Cash anymore. (The Square & # 39; s Cash application also offers an "instant deposit," but requires you to have a balance of at least $ 50 and charge a 1 percent fee when you opt for the fastest transfer.)
The introduction of the instant transfer of Venmo followed closely after the major US banks collaborated with Zelle, allowing customers to make personal payments and move money between different banks instantly.