Venmo bumps up instant transfer fee to 1 percent of the total amount

If you’re a frequent Venmo user, you might want to double-check your settings because the company just changed up their fee structure for instant transfers and it may result in more of your balance slipping away.

The fee for instant transfers where a user would move their Venmo balance to their bank account via debit card used to be just $0.25, but the company shared in an email to users late Friday that the fee is increasing to 1 percent of the transferred amount with the company taking at least a $0.25 fee.

So, basically, if you’re transferring any more than $25 in the future via this method, you’re going to end up paying Venmo more thanks to this new fee structure.

A PayPal spokesperson tells TechCrunch, in part, that “The change reflects the…

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