Financial, How To, Lifestyle, News

How To Choose Between Venmo Instant and Standard Transfer For a Particular Transaction?

Venmo Logos

Were you ever caught in a situation where you had to Venmo request everyone at the table to pay for their portion of the meal in a restaurant before you cleared the check? There are some payments that you need to process instantly and that is why apps like Venmo, PayPal, and Cash App let you choose between standard mode of transfer and instant transfer depending on how quickly you want the funds to go through. 

However, there are some basic differences in sending money instantly or choosing the conservative mode to transfer funds. They differ in how much it costs as well as the time it takes to process the transaction. 

If you are a Venmo user and want to understand how standard/instant transfer works, this guide is for you! Let’s talk about the factors you need to consider before choosing between Venmo instant transfer and Standard transfer. 

Venmo Instant vs Standard Transfer of Money

The biggest difference between the two is the speed at which the funds go through. Instant transfer promises that your money will reach the recipient or vice versa in just a couple of minutes. 

Standard transfers typically take 1 to 5 business days to deliver. You will be notified once the money reaches your account. You might wonder “who would go for such a slow service?” but the truth is even the standard transfers are quick as compared to traditional means of sending money such as mailing a check. 

The transfer happens electronically and thus, pretty quickly. The time it takes for a standard transfer to finish depends on different factors. For example, some banks’ clearing process is slower than others and that can cause a delay. Typically, the majority of US banks use the Automated Clearing House network to process standard transfers that can take up to 3-5 business days. 

Some users did point out that Venmo instant transfer was not working at some time but this is often just a result of glitches in venmo that takes hardly a minute or so to settle down. Other than these bumps in the road, you will observe that Venmo instant transfer takes only 30 minutes to make the money available in the recipient’s bank account. 

There Are Still Different Factors To Consider 

If we go by the book, standard transfers should not take longer than 5 days and instant transfers should be processed within 30 minutes but that is not always the case. 

There are a lot of moving parts when we look at a transfer moving a certain amount of funds through one account, processing it via a third-party network, and then depositing the funds into another account. Consequently, the bank through which the transfer happens, the amount of money involved, as well as the time of the day on which you initiate the transfer affect how quickly it goes through. 

Charges For Instant Transfers on Venmo

Standard transfers do not have any additional fees but instant transfers charge you depending on the amount of money that you have to send. Typically, it charges 1.5% of the amount as a fee. The minimum charges are $0.25 and the maximum is $15. 

The Bottom Line 

There are a lot of things to consider when you have to decide between a payment platform as well as the mode of payment. For Venmo users, the instant transfer is a huge benefit especially if you consider the minimal fee that it charges for processing your payment almost instantaneously. 

Moreover, the procedure to make an instant transfer is no different than sending money through standard mode. You just have to keep in mind that the account balance should be enough to accommodate a 1.5% fee. Also, regardless of the type of transfer you choose, delays can occur depending on how the bank processes the transfer and if any bank holiday comes up. Payments are also put on hold over the weekends so any you make during this time will be processed on the next working day. 

Don’t forget to visit Venmo’s official website to gather more information on how its instant and standard transfers work!


More on this topic:

How Important Is It to Have a Digital Wallet for A Company

How Important Is It to Have a Digital Wallet for A Company

Previous ArticleNext Article
THE USE OF ANY COPYRIGHTED MATERIAL IS USED UNDER THE GUIDELINES OF "FAIR USE" IN TITLE 17 § 107 OF THE UNITED STATES CODE. SUCH MATERIAL REMAINS THE COPYRIGHT OF THE ORIGINAL HOLDER AND IS USED HERE FOR THE PURPOSES OF EDUCATION, COMPARISON, AND CRITICISM ONLY. NO INFRINGEMENT OF COPYRIGHT IS INTENDEDX