What is Venmo ATM Withdrawal Limit and How to Increase It?

Venmo has revolutionized how people send and receive money, offering a simple and convenient way to handle finances directly from your mobile device. However, understanding Venmo's withdrawal limits, especially the Venmo ATM withdrawal limit, is crucial for managing your account and avoiding surprises when you need to access your funds. In this article, we will explore Venmo's ATM withdrawal limits, how to increase them, and key details about other related Venmo limits such as Venmo bank transfer limits and Venmo daily limits.

Understanding Venmo ATM Withdrawal Limit

Venmo offers an ATM withdrawal feature through its Venmo Debit Card, allowing you to withdraw funds directly from your Venmo account. However, this service comes with certain limitations, particularly when it comes to the amount you can withdraw per day. Here’s a breakdown of the Venmo ATM withdrawal limit and related limits.

Venmo ATM Withdrawal Limit

The Venmo ATM withdrawal limit is set at $400 per day. This means you can withdraw up to $400 from an ATM using your Venmo debit card within a 24-hour period. It's important to note that while you can withdraw this amount from ATMs, Venmo may charge fees depending on whether the ATM is within the Venmo network.

Venmo Daily Withdrawal Limit

The Venmo daily withdrawal limit applies to all withdrawals made from ATMs or using your Venmo debit card. For most users, this limit is $400 per day. This means that if you need more than $400, you'll have to wait until the next day to make additional withdrawals or consider transferring funds to your linked bank account.

While $400 per day may be sufficient for many, users needing higher withdrawals may look into other methods of accessing their funds.

Venmo Bank Transfer Limit

The Venmo bank transfer limit refers to how much money you can transfer from your Venmo balance to your linked bank account. Typically, you can transfer up to $1,000 per day to your bank account, though this limit may vary depending on your account status and whether your account is verified.

Venmo Weekly Sending Limit

The Venmo weekly sending limit for most verified accounts is $4,999.99, which includes person-to-person payments, purchases, and transfers to linked bank accounts. This limit is cumulative and applies across all transactions throughout the week, meaning if you reach the $4,999.99 cap, you’ll need to wait until the following week to send more money.

Venmo Weekly Transfer Limit

Similar to the sending limit, the Venmo weekly transfer limit is also set at $4,999.99 for most verified accounts. This means that in any given week, you can transfer up to $4,999.99 between your Venmo account and your linked bank account. If you are not verified, these limits will be significantly lower, and you may face restrictions on transfers and withdrawals.

Venmo Daily Send Limit

The Venmo daily send limit is typically $999.99 for verified users. This limit applies to how much money you can send to friends, family, or businesses on a given day. If you reach your daily send limit, you must wait until the next day for the limit to reset.

How to Increase Your Venmo ATM Withdrawal Limit

While the Venmo ATM withdrawal limit is fixed at $400 per day, there are ways to increase your Venmo limits for other transactions. If you want more flexibility, especially for sending and receiving money, here are some tips to increase your Venmo account limits:

1. Verify Your Venmo Account

Verifying your Venmo account is the most effective way to increase your limits, including your Venmo daily send limit and Venmo weekly transfer limit. Once you verify your account, your withdrawal and transfer limits will be significantly raised.

To verify your account, follow these steps:

1. Open the Venmo app.
2. Go to Settings and select Identity Verification.
3. Provide the required documentation, such as your government-issued ID or passport.
4. Follow the prompts to submit your details.

Upon verification, you will have access to higher limits for sending, receiving, and withdrawing money from your Venmo account.

2. Link a Bank Account or Debit Card

Linking a bank account or debit card to your Venmo account also plays a role in increasing your Venmo limits. With a verified bank account linked to your Venmo, you can transfer money to and from your Venmo account seamlessly. This also ensures your account remains active and can handle larger transactions.

To link your bank account:

1. Go to the Venmo app.
2. Tap on Settings.
3. Select Payment Methods and choose Add Bank Account.
4. Follow the prompts to link your account.

3. Use Venmo for Business Transactions

If you're a business owner, you can apply for a Venmo business account. Venmo business accounts offer higher transfer limits and the ability to accept payments for goods and services. These accounts typically allow for larger transactions, making them ideal for those running businesses or accepting payments regularly.

4. Consider Alternative Methods for Larger Withdrawals

If you find that the Venmo ATM withdrawal limit of $400 per day isn't enough, you may want to consider transferring money from Venmo to your linked bank account. This option can help you access larger sums of money, and depending on your bank, the transfer may be instant or take a few business days.

If you need more immediate access to cash, consider using the Venmo debit card for purchases or ATM withdrawals from locations that allow for higher withdrawal amounts, though be aware of any additional fees associated with out-of-network ATMs.

5. Monitor Your Limits and Stay Informed

Venmo updates its policies and limits from time to time, so it's essential to stay informed about any changes. Venmo will notify you if there are adjustments to your account’s limits, and you should regularly review your account settings to ensure you're not hitting any unexpected restrictions.

Frequently Asked Questions (FAQs)

1. What is the Venmo ATM withdrawal limit?

The Venmo ATM withdrawal limit is $400 per day. You can withdraw this amount using your Venmo debit card from ATMs that are within the Venmo network.

2. Can I withdraw more than $400 from Venmo?

No, the Venmo daily withdrawal limit is set to $400. If you need more than that, you can either wait until the next day or transfer funds to your linked bank account for larger withdrawals.

3. How do I increase my Venmo limits?

To increase your Venmo limits, you need to verify your account. This involves submitting proof of identity, such as a government-issued ID. Once verified, you’ll have access to higher limits for sending, receiving, and withdrawing money.

4. What is the Venmo daily send limit?

The Venmo daily send limit for verified accounts is $999.99. You can send this amount each day to friends, family, or businesses.

5. What is the Venmo weekly transfer limit?

The Venmo weekly transfer limit is $4,999.99 for most verified accounts. This includes transfers to your bank account or between Venmo users.

6. What is the Venmo direct deposit limit?

The Venmo direct deposit limit is $5,000 per deposit. This means you can have direct deposits up to this amount transferred directly to your Venmo balance.

Conclusion

Venmo offers a convenient and accessible way to manage your money, but understanding your Venmo withdrawal limits is key to avoiding disruptions. Whether you're using your Venmo debit card to make ATM withdrawals or transferring money to your bank account, knowing the limits will help you plan your transactions accordingly. By verifying your account and linking it to a bank or debit card, you can increase your Venmo limits and make the most out of this versatile platform. Stay informed about any policy changes and explore alternatives when necessary to avoid hitting your Venmo withdrawal limits.