Fees & Venmo – VenmoMajor Banks Charge Cash Advance Fees For Peer-To-Peer Here’s How to Choose the Best Credit Card for Venmo [2021 Beware the Fees That Come With Some Money Transfers on 03/09/2019 · What's the cash advance fee? It's the same fee that's charged when using a credit card to withdraw money from an ATM or branch. The interest rate is usually higher than using the credit card for a purchase. So when you send money to a friend, you may be charged an additional fee based on dollar amount or percentage rate–whichever is ;· American Express: The NYT article suggests that Amex does not charge a fee. Bank of America: NYT reports on someone who was charged a cash advance fee for using a Bank of America credit card with both Paypal and Venmo. And a reader comments about getting a fee on their Bank of America business Cash Rewards card with ;· American Express: Venmo transactions using Amex credit cards typically code as purchases, not cash advances. They shouldn’t incur a cash advance fee, though this may be subject to change. Bank of America: If using a Bank of America card on Venmo, you’ll likely get hit with a cash advance ;· In mid-April, she was surprised to see “cash equivalent” fees of $10 for Venmo and PayPal transactions on her Bank of America credit card statement. The charges totaled $40 for four transaction fee is a fee charged when making Balance Transfers, Direct Deposit or Check Cash Advances, or other Bank Cash Advances, such as ATM cash advances, with your credit card. A transaction fee may also be charged if you make a foreign transaction or if you have overdraft protection on a deposit account that's tied to your credit card.
