We all knew this was going to come to an end sometime...
So, what's changing?
Until May 1st,
• You can continue using Venmo the way you do now.
• You can opt to switch to bank payments at any time by following a few simple steps. Click here to switch now.
Starting May 1st for you (and starting today for new users),
• To continue using Venmo for free, you must switch to bank payments.
• If you still want to use your credit card, you can set it as your funding source, but you will be charged 3% to cover credit card processing fees.
When you're signing up your friends, you should know that they can send their first $500 from their credit card for free.
Why the change?
At Venmo, we've always wanted payments between friends to be free. Until now, the only way we could offer fast and simple payments was with credit cards. So, we've been happily covering credit card processing fees for you while working hard to perfect the bank payment experience. We've spent months building this new funding option, and today we are excited to launch the best bank payment experience available.