If you have Venmo, using the app will soon cost you more.
According to a report from CNN, Venmo will be raising the cost of instant transfers for users of the peer-to-peer payment app.
Venmo announced that starting on Aug. 2, the fee they charge for instant transfers will be increasing by 0.5%. In addition to the increase in fees for instant transfers, Venmo will also raise its maximum fee from $10 to $15.
The instant transfer feature allows Venmo users to gain quick access to money, allowing them to transfer funds to a bank account and/or debit card in 30 minutes or less.
This increase will bring the pricing fee for instant transfers from 1% (currently) to 1.5%.
For those who use Venmo for business, look for an increase in fees there too as Venmo will be charging 1.9% plus 10 cents per transaction for goods and services.
It seems to be something that is happening across the board as PayPal also recently announced they would be increasing their fees for most online transactions from 2.9% plus 30 cents per transaction to 3.49% plus 49 cents.
Of course, many were quick to point out a recent promotion from Venmo that conveniently lined up with this new increase in charges.
While there is a slight increase in the fees, users will still have the option to bypass fees for instant transfers within 30 minutes to move their money over with the delay of a couple of days at no cost.