Venmo users will soon see an increase in instant transfers.
The peer-to-peer payment app said that beginning Aug. 2, their pricing fee for instant transfers would increase from 1% to 1.5%.
The way instant transfers work allows consumers to get access to funds and transfer the money to any bank account or debit card within 30 minutes.
Venmo added that it's also increasing its maximum fee from $10 to $15.
Venmo is also increasing its fee for goods and services transactions, the Wall Street Journal reported. Starting July 20, sellers will be charged 1.9% plus 10 cents, the newspaper reported.
This comes as PayPal also announced that it would be raising its transaction fees for most online transactions from 2.9% plus 30 cents per transaction to 3.49% plus 49 cents.
