Venmo is a mobile payment service owned by PayPal. Venmo account holders can transfer funds to others via a mobile phone app; both the sender and receiver have to live in the U.S. Venmo is a type of payment rail.
Since 2008, cash transfers using Venmo were not instantaneous and could be canceled after an initial transfer is sent. Like traditional wire transfer they can take one to three business days to become final. Back in January 2018,PayPal rolled out an instant transfer feature on Venmo, allowing users to deposit funds to their debit cards typically within 30 minutes. A 1% fee is deducted from the amount for each transfer, while the standard bank transfer (typically completed within 1–3 business days) is available for no fee.
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