Venmo noted that transfer speeds will depend on an individuals bank and could take up to 30 minutes. The company also noted that transfers are reviewed, which could delay the process, funds being frozen or removed from a Venmo account.
One of the key differences between Venmo and Zelle is that Venmo users must first store received funds in the apps wallet before transferring them to a bank account. Zelle offers straight bank-to-bank transfers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now