Venmo Limit? Daily and Weekly Limit

Jul 9, 2024 - 11:51

Venmo, a popular digital wallet service, allows users to send and receive money quickly and easily. However, understanding Venmo's limits, both daily and weekly, is crucial to fully utilizing its services. In this comprehensive guide, we will delve into Venmo limits, how they work, and what you can do to maximize your transactions.

Understanding Venmo Limits

Venmo imposes certain limits on transactions to ensure the security of its users. These limits include person-to-person payments, purchases with the Venmo card, and bank transfers. They are categorized into daily and weekly limits, which vary depending on whether your identity is verified.

Unverified Accounts

For users with unverified accounts, Venmo imposes stricter limits. Unverified accounts are those where the user has not completed the identity verification process.

Daily Limit: Unverified accounts have a daily limit of $299.99 for person-to-person payments. This means you cannot send more than $299.99 in a single day to other Venmo users.

Weekly Limit: The weekly rolling limit for unverified accounts is $299.99. This includes all person-to-person payments and purchases made with the Venmo card.

Verified Accounts

Once you verify your identity on Venmo, the limits increase significantly. Verification involves providing personal information such as your full name, date of birth, and the last four digits of your Social Security Number.

Daily Limit: For verified accounts, Venmo does not explicitly state a daily limit for person-to-person payments. However, the overall weekly limit still applies.

Weekly Limit: Verified accounts have a higher weekly limit of $4,999.99 for person-to-person payments. Additionally, there are sub-limits within this overall limit:

Person-to-Person Payments: $4,999.99 per week.
Purchases from Authorized Merchants: Up to $6,999.99 per week.
Purchases with the Venmo Debit Card: Up to $6,999.99 per week.

Venmo Card Limits

The Venmo Debit Card, linked to your Venmo account, also comes with its own set of limits.

Daily Limit: The daily purchase limit with the Venmo card is $3,000.00. This includes any transactions made using the card at physical or online merchants.

ATM Withdrawals and Cashback: You can withdraw up to $400.00 per day from ATMs or as cashback when making purchases with your Venmo card.

How to Increase Your Venmo Limits

To fully leverage the capabilities of Venmo, you may want to increase your transaction limits. Here’s how you can do it:

Complete Identity Verification

The most straightforward way to increase your Venmo limits is by completing the identity verification process. To do this:

Open the Venmo app and navigate to the menu by tapping the three horizontal lines in the upper-left corner.
Select "Settings" and then tap on "Identity Verification."
Follow the prompts to enter your personal information, including your full name, date of birth, and the last four digits of your Social Security Number.
Submit the information and wait for Venmo to verify your identity.

Once your identity is verified, your limits will automatically increase to the higher thresholds for verified accounts.

Use the Venmo Card Wisely

To maximize your spending power, ensure that you use your Venmo card for both person-to-person payments and purchases at authorized merchants. This will help you utilize the full extent of your available limits.

Common Issues with Venmo Limits

While Venmo aims to provide a seamless transaction experience, users may sometimes encounter issues related to their limits. Here are some common problems and their solutions:

Exceeded Weekly Limit

If you receive a notification that you have exceeded your weekly limit, you will need to wait until your rolling limit resets. Venmo’s limits operate on a rolling basis, which means the limit is reset based on the time and date of your transactions over the past week.

Verification Problems

If Venmo cannot verify your identity, ensure that all the information provided is accurate and matches your official documents. Double-check for any typos or errors in the data entered. If problems persist, contact Venmo’s customer support for assistance.

Declined Transactions

Transactions may be declined if they exceed your daily or weekly limits. Ensure you are aware of your current spending levels and plan your transactions accordingly.

Frequently Asked Questions (FAQs)

1. What is the maximum amount I can send with Venmo?

For verified accounts, the maximum amount you can send in a week is $4,999.99 for person-to-person payments. Unverified accounts are limited to $299.99 per week.

2. How often do Venmo limits reset?

Venmo limits reset on a rolling basis. This means the limits are recalculated based on the time and date of your transactions over the past week.

3. How do I verify my Venmo account?

To verify your Venmo account, go to Settings > Identity Verification in the Venmo app and follow the prompts to enter your personal information.

4. Can I increase my Venmo limit beyond $4,999.99?

Currently, $4,999.99 is the maximum weekly limit for person-to-person payments for verified accounts. There is no option to increase this limit further through Venmo.

5. Are there any fees associated with Venmo transactions?

Venmo does not charge fees for standard person-to-person payments from your Venmo balance, bank account, or debit card. However, there is a 3% fee for payments made using a credit card.

6. What should I do if my Venmo transaction is declined?

If your transaction is declined, check to see if you have exceeded your daily or weekly limits. Ensure your account is verified and that all information is accurate. If issues persist, contact Venmo customer support.

Conclusion

Understanding and managing your Venmo limits is essential for seamless transactions. By verifying your identity and staying within the set limits, you can make the most out of your Venmo account. For more detailed information and updates, always refer to Venmo’s official guidelines and support.