Sellers beware! PayPal and Venmo will increase instant transfer fees in the United States!

According to foreign media reports, PayPal and Venmo recently announced that they will increase instant transfer fees for U.S. consumers and merchants. That is, when customers withdraw money to bank accounts or debit cards, they need to pay more transfer fees.

The new price changes will reportedly take effect for Venmo customers on May 23 and for PayPal customers on June 17. In a blog post about the announcement, PayPal said it is making adjustments to prices to ensure they are more aligned with the value the company provides.

According to the report, for personal accounts on PayPal and consumers and businesses on Venmo, they need to pay 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $25. Before this, they only had to pay 1.5% of the transfer amount, with the minimum fee unchanged and the maximum fee being $15.

In addition, for PayPal merchant accounts, the transfer fee rate of 1.5% remains unchanged, the minimum fee will increase from US$0.25 to US$0.50, and the existing US$15 cap will be cancelled, with no maximum fee cap.

It is learned that PayPal acquired Venmo in 2014. Starting in 2019, PayPal and Venmo provided instant transfer services to bank accounts, with an initial transfer rate of only 1%, a minimum fee of 25 cents, and a maximum fee of $10.

The adjustment of this fee will require people who use PayPal and Venmo to make large payments and those who urgently need to deposit cash into the bank to pay more fees. In addition, although the bank transfer function of PayPal and Venmo is free, it usually arrives within 1-3 business days, which is a slow arrival time.

Editor ✎ Nicole/

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