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HU: Paypal and Veemo increase Instant Transfer Fee to 1% (up from .25c) with a cap at $10 After Nov 6, 2018

8,921 3,892 October 24, 2018 at 06:05 AM in Free Shipping (3)
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Please be advised of the increase rate per the announcement:

"Instant Transfer pricing update
On Nov. 7 [2018], Instant Transfers will cost 1% of the amount you transfer, with a maximum fee of $10.00. Use your eligible debit card for Instant Transfers. Transfer times vary by bank and may take up to 30 minutes."

Some Google Search shows this:

https://www.doctorofcredit.com/ve...p-from-25/

"Update 10/17/18: Paypal now has a notification showing that they'll be increasing the fee to 1% on November 7th as well. They do put a cap on the fee to $10.

Original Post:

Venmo sent out an email indicating a change in the fee for the instant cash out option. Previously it was a flat $.25. Beginning November 6, it'll be 1% of the withdrawal amount. You can still withdraw free of charge, it just takes a day or two to come through to your bank.

…we're adjusting the fee we charge for Instant Transfers.* Effective on or after November 6, 2018, each Instant Transfer will cost 1% of the transfer amount (minimum fee $0.25). We continue to offer our standard bank transfer option free of charge. You can find out more information on this fee change and our other fees on our fees page.

I believe Paypal still charges the flat $.25, though I wouldn't be surprised to see that increase as well. (IIRC, Paypal business accounts already charge 1%.) It's useful especially for large withdrawals where you'll happily pay $.25 to see the money immediately. With the new 1% fee, it's way less useful."
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11 Comments

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#2
Where's the hot deal?
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Shemomedjamo
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#3
Quote from NFS4
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Where's the hot deal?
Maybe watching instant transfer fee shock and plan your accounting and pricing better? If you have like a thousand of 1K+ transactions on a daily average, the newly effective fee will bite your income. Used to be a fixed .25c across the board.
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Last edited by TekkenLord October 24, 2018 at 06:22 AM.
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#4
Why not just ACH to bank account? Always gets there the next day.
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#5
Even better, use zelle
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#6
Quote from TekkenLord
:
Maybe watching instant transfer fee shock and plan your accounting and pricing better? If you have like a thousand of 1K+ transactions on a daily average, the newly effective fee will bite your income. Used to be a fixed .25c across the board.
I believe it's only on instant transfers from paypal balance to your bank. If you use next day it should all continue as is
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Shemomedjamo
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#7
Quote from SDRebel
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I believe it's only on instant transfers from paypal balance to your bank. If you use next day it should all continue as is
Yeah, for any withdraw, it is still be free, but not instant.

"...You can still withdraw free of charge, it just takes a day or two to come through to your bank...."
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#8
Quote from TekkenLord
:
Maybe watching instant transfer fee shock and plan your accounting and pricing better? If you have like a thousand of 1K+ transactions on a daily average, the newly effective fee will bite your income. Used to be a fixed .25c across the board.
I just don't see how this is a "deal"? You know, stuff for sale for awesome prices. This just seems like a public service announcement that could go in another more appropriate forum.

Besides, why the hell would I use the instant transfer anyway? I just use the regular transfer to bank account option which takes 24 hours max to clear and is free (it used to take 3 to 5 days). I'm not that hard up for cash that I need to have money on my debit card instantly (and pay a fee on top of that, pffff).
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Shemomedjamo
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#9
Quote from NFS4
:
I just don't see how this is a "deal"? You know, stuff for sale for awesome prices. This just seems like a public service announcement that could go in another more appropriate forum.

Besides, why the hell would I use the instant transfer anyway? I just use the regular transfer to bank account option which takes 24 hours max to clear and is free (it used to take 3 to 5 days). I'm not that hard up for cash that I need to have money on my debit card instantly (and pay a fee on top of that, pffff).
It must be popular enough to increase the fee, since Paypal notices how they need to transfer the operation cost to these "instant transfer" fees. I am an occasional Paypal spender, so it won't affect me. PSA and HU are SD mods and the SD community to decide.
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#10
This obviously was the plan all along. Start out with $.25 instant transfer, get a bunch of people used to getting their money 'instantly' and then jack up the rate once they can't live without it. But as a beautiful capitalistic society, you the user have a few choices if you don't like this. 1) Just use standard transfer that take 1-2 biz days 2) Try to find a different money transfer/payment system with lower fees 3) Invest your time and money into a new system with lower fees and siphon customers away from 'Veemo' as the OP calls it. Gotta love it.
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#11
Been using the Cash app for transfers lately. Really like it.
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#12
I know most will disagree, but this is the reason why i always carry a little bit of cash on me to restaurants and such for splitting the bill. Rather pay the 1% difference to my friend than these scumbag. Support cash people! Cash is king.
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