IT.COM

news PayPal and Venmo Bump Fees

NameSilo
Watch
Well we knew it had to happen.

One of the biggest positives this year for me has been the ability to send paypal balance money direct to my debit card/ checking account within minutes. - too good to be true....

Years ago it was 1-3 days, last couple of years most ACH were one day, then came same day transfer for only .25 Cents

So paypal emailed out changes coming, instant transfer now 1%.

And i guess to keep it all in the family, Venmo - which a couple of other domainers recommended to me used to be free for an instant transfer, and now they emailed this below

FROM VENMO

Thanks for being a Venmo user!

We're reaching out to let you know about a few updates to our User Agreement.

spacer.gif
First, we've updated our Acceptable Use Policy. The Acceptable Use
Policy, along with the list of Restricted Activities in the Venmo User Agreement, explains which activities we limit on the Venmo platform. This update does not reflect a change in Venmo's policies. Instead, this update aligns a single, consistent Acceptable Use Policy that applies to both Venmo and PayPal users.
spacer.gif

spacer.gif
Second, 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.
spacer.gif

spacer.gif
Finally, we updated our User Agreement language to match how certain features and functions (for example, our privacy settings) are described in the Venmo mobile app.
 
Last edited:
3
•••
The views expressed on this page by users and staff are their own, not those of NamePros.
PayPal fees seem to constantly be rising. The nice thing is the next day transfer is free and works very well as a next day transfer Monday to Thursday.

I hear you though their fees have fees.
 
0
•••
Venmo is a service of PayPal, Inc., a licensed provider of money transfer services (NMLS ID: 910457). All money transmission is provided by PayPal, Inc. pursuant to PayPal, Inc.’s licenses. © 2018 PayPal, Inc.
 
0
•••
PayPal is killing my poor earning, not only they are getting their cut but also PayPal deducting "GST" charges.

It's look like Paypal is Tax collection agent for my government
 
0
•••
Instead, this update aligns a single, consistent Acceptable Use Policy that applies to both Venmo andPayPal users. Second, 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).
 
0
•••
Bought a domain for customer and used paypal the domain was in five fiqures mark and % what cost with paypal shocked me. Next time will use another service.
 
0
•••
Check out Transferwise.com. I think they're going to make Paypal's life harder in the coming years.
 
8
•••
Venmo or Venom))
Venmo is an ugly name IMO
 
0
•••
Buy the stock. It's been soaring as a result
 
0
•••
Check out Transferwise.com. I think they're going to make Paypal's life harder in the coming years.

Are you working with them at Undeveloped?
 
0
•••
One percent sounds pretty reasonable to me. I often process with my in house credit card machine and if I sell a 5k domain it costs me 2%

Seems to me that at 1% it's still pretty cheap and even with an in house merchant account I cannot get it that cheap.
 
0
•••
Well we knew it had to happen.

One of the biggest positives this year for me has been the ability to send paypal balance money direct to my debit card/ checking account within minutes. - too good to be true....

Years ago it was 1-3 days, last couple of years most ACH were one day, then came same day transfer for only .25 Cents

So paypal emailed out changes coming, instant transfer now 1%.

And i guess to keep it all in the family, Venmo - which a couple of other domainers recommended to me used to be free for an instant transfer, and now they emailed this below

FROM VENMO

Thanks for being a Venmo user!

We're reaching out to let you know about a few updates to our User Agreement.

spacer.gif
First, we've updated our Acceptable Use Policy. The Acceptable Use
Policy, along with the list of Restricted Activities in the Venmo User Agreement, explains which activities we limit on the Venmo platform. This update does not reflect a change in Venmo's policies. Instead, this update aligns a single, consistent Acceptable Use Policy that applies to both Venmo and PayPal users.
spacer.gif

spacer.gif
Second, 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.
spacer.gif

spacer.gif
Finally, we updated our User Agreement language to match how certain features and functions (for example, our privacy settings) are described in the Venmo mobile app.
I hear ya buddy, as for a year or so it's only be like $0.25 fee to move it no matter the amount, now will be 1% soon that is a disappointing move on PP's part. You, should be able to do the old transfer for free you'd just have to wait a few days for it to transfer-over which is a tad bad.
 
Last edited:
0
•••
Does look like Paypal is trying to become an actual bank. asking to start a money pool with friends,, well a bank does that with peoples money they don't know. that being said if you want to start a pool I am not against it as it can help the liitle guys ability to compete.
 
0
•••
Are you working with them at Undeveloped?

We are. We're testing them at the moment. If all goes well, we'll implement them as a payment method + payout method for sellers. Their processing fees are even lower than normal banks and the multi-currency account feature is also very neat for domainers.
 
0
•••
One percent sounds pretty reasonable to me. I often process with my in house credit card machine and if I sell a 5k domain it costs me 2%

Seems to me that at 1% it's still pretty cheap and even with an in house merchant account I cannot get it that cheap.

That’s not the fee for the transaction or receipt of money. It’s an added fee for moving your money out of PP fast
 
0
•••
Bought a domain for customer and used paypal the domain was in five fiqures mark and % what cost with paypal shocked me. Next time will use another service.

How did you do that unless exactly 10K ? PayPal doesn’t do transaction over 10K.
 
0
•••
Their is little bit conversion rate problem with Paypal in India
 
0
•••
Back