Venmo has significantly replaced cash transactions over the years. Whether splitting bills or buying bulk merchandise, you can send and receive money from your smartphone. But is there a limit on Venmo? Venmo applies certain transaction limits on different accounts, which users can quickly increase by verifying themselves. That’s all you need to do to increase Venmo limit!
If you have a personal account on Venmo, you’ll have a weekly limit of transferring $299.99 to an individual without verifying your identity. Upon verification, your limit can reach up to $60,000. The business-to-business transactions have a limit of $2,499.99 per user without verification. Completing the verification process will boost this limit to $25,000.
Similarly, there are purchase limits on crypto and bank transfers, which you can increase through identity verification. Remember, Venmo calculates the limits every week instead of daily. If you reach your limit early in the week, you’ll still have to wait until the end for the limit to renew.
Venmo also applies separate limits on Mastercard debit cards. Let’s discover more about increasing Venmo limits in this guide!
Is There a Limit on Venmo?
Venmo is a popular platform which can be used for a wide variety of transactions. However, a common question that is asked is “is there a limit on Venmo?” The answer is yes, but the limit varies depending on the account or transaction. Venmo limits are the platform-determined maximum amounts users can send, receive, and withdraw from the app. Since business transactions differ from person-to-person payments, Venmo applies varying limits to each account.
For example, personal accounts, business profiles payment, card limits, and bank transfers all have different limits. You can increase Venmo limits by requesting the platform or completing the identity verification process.
Venmo allows you to send up to $299.99 a week on a personal account. You can verify yourself and increase your weekly combined limit to $7,000. This includes any in-app, online, or individual purchases and in-store QR code or Venmo debit card transactions.
Venmo: Weekly or Daily Limits?
Venmo has a weekly rather than a daily limit, which is quite unusual for a money-sending platform. It works on a “weekly spending” and “per-transaction” limit basis.
Understand it this way. The personal account has a weekly limit of $299. You can increase the pre-transaction limit by verifying your identity to $7,000. So, you can now make unlimited transactions if they stay within the weekly limit amount.
When Do Venmo’s Weekly Limits Reset?
If you primarily make transactions with your Venmo account, you might have been unable to pay someone because you have hit your weekly limit. That’s the most frustrating thing! Even more so when you don’t know the exact time and date your Venmo limit will reset.
The calculation is relatively easy to understand. Venmo doesn’t have any predetermined day or time for weekly limits reset. Instead, it varies from person to person, depending on when you made the initial transaction. The limit will be applied one week from the exact transaction day and time. That’s called a “rolling limit” or “calendar basis.”
For instance, suppose you make a transaction on Monday at 3:00 pm. In this case, your weekly limit will reset the following week’s Monday at 3:01 pm. So, you can track your reset limit by adding seven days to the date you made your latest transactions.
5 Steps to Increase Venmo Limit
Be prepared to verify your account if you want to increase Venmo limit. That’s the easiest way to send and receive large sums without worrying about money limits. Follow the below steps to verify your Venmo account:
Step 1: Sign in to Venmo
Start by launching the Venmo app and logging in to your account if it hasn’t already. If you don’t have the app on your smartphone, you might need to download it from Google Play Store in case of Android or App Store if you have an iPhone. The icon is dark blue with a big, white V in the middle.
Step 2: Open Menu
As the Venmo homepage loads, tap the hamburger or three-bars icon on the top left corner of the screen. It will instantly open a side menu.
Step 3: Choose Settings
Now, find “Settings” and tap it. It’s the second last option on the menu.
Step 4: Select Identity Verification
On the next screen, scroll to the bottom to the “Security” section and locate the “Identity Verification” option. Tap it.
Step 5: Tap Next and Follow the On-Screen Instructions
As you choose “Identity Verification,” you will have a series of on-screen prompts asking for your personal information. Provide all the documentation on each step. The primary things you’ll need include your legal name, physical address, Social Security Number, and date of birth.
Wait for a few hours after submitting your request. If Venmo accepts all the documents, you’ll receive a verification email from the platform shortly. However, in rare instances, the platform also asks for additional documents, such as a driver’s license, passport, pay stub, or SSN assignment later.
Once you’ve uploaded all the documents, wait for a few days for the ID verification confirmation email. Venmo typically takes three days maximum for user authentication. As you’re verified, you can increase Venmo limit and enjoy its unique features.
What Are Venmo Limits for a Personal Account?
As you set up a personal account on Venmo, you can spend a maximum of $299.99 a week without identity verification. As you already know, Venmo calculates weekly limits according to a rolling calendar.
The $299.99 weekly limit is for unverified users. If you complete the verification process, you can increase Venmo limit and pay more than $60,000 a week, depending on your payment method and other factors. Just invest a few minutes in verifying your account to enjoy this weekly limit.
Verification will also allow you to make a maximum of a combined $7,000 in purchases from your Venmo QR code, online Venmo, or any other app. So, here is what Venmo limits for personal accounts look like:
- Weekly spending limit (before verification): $299.99
- Weekly sending limit (after verification): $60,000
- Weekly combined purchasing limit (after verification): $7,000
Venmo will apply extra limits to your account if you’re a cardholder. You can withdraw $400 daily from ATM and cashbacks. You will also have a $3,000 daily purchasing limit with a transaction restriction of 30 maximum a day.
Here is the purchase limit Venmo applies to Mastercard Debit holders:
- Weekly expenditure: $7,000
- Limit for every transaction: $2,999.99
While weekly limits renew on a rolling calendar basis, the reset time for Venmo Mastercard Debit limits is midnight CST.
What Are Venmo Limits for Bank Transfers?
You can link your bank account to Venmo for more convenient money transfers. Users with verified bank accounts can add money to their wallets in two ways: Standard Add Money and Instant Add Money.
The Standard Add Money requires three to five days for a successful payment with no minimum transfer limit. However, according to the rolling calendar, the maximum weekly limit is $1,500.
The Instant Add Money is only available for selected Venmo Mastercard Debit holders. It allows users to make transactions of up to $500 weekly from their bank accounts. The payment will instantly appear in the digital wallet. However, it will be debited from the user’s bank account after three to five days.
The best part? You can still transact with your Venmo account even if you haven’t added a verified bank account or don’t possess a Venmo Mastercard. Simply link another payment method to your account, and you’re good to go.
Without ID verification, you can transfer funds from Venmo to your bank account with a weekly limit of $999.99. This amount may vary depending on Venmo’s security protocols. To increase Venmo limit, you’ll have to verify yourself.
After verification, your bank account limit can increase to $19,999.99 weekly. Here is what the Venmo transaction limits look like:
- Weekly Venmo-to-bank-account limit: $19,999.99
- Limit for every transaction to a bank account: $5,000
- Minimum transfer limit (bank transfers): $0.26
Note: Venmo increased its transfer fees in May 2022. Users with personal accounts must now pay 1.75% of their actual transfer amount at $0.25 minimum and $25 maximum.
What Are Venmo Limits for a Business Account?
Venmo applies different limits on business accounts than personal accounts. However, one thing remains the same: you must verify your identity to increase Venmo limit. The company abides by the USA Patriot Act for verifying a registered business account.
According to it, you must submit your business’s address and employer identification number (EIN). Here are Venmo limits for business accounts for person-to-person transactions:
- Weekly limit (before verification): $2,499.99
- Weekly limit (after verification): $25,000
Venmo limits for standard and instant bank transfers are:
- Weekly limit (before verification): $999.99
- Weekly limit (after verification): $49,999.99
With Instant Transfer, you can send up to $10,000 for every transaction to debit cards. For bank accounts, the per transaction limit is $50,000.
What Are Venmo Limits on Cryptocurrencies?
Venmo allows personal account holders to buy, sell, and even hold different cryptocurrencies, including Litecoin, Bitcoin, Bitcoin Cash, and Ethereum. However, that applies only to US citizens.
Remember, you can’t use cryptocurrencies to make payments or purchase anything. You can’t transfer cryptocurrencies outside of Venmo. You can’t send or receive cryptocurrencies if you’re a business account holder.
The limits for cryptocurrencies on Venmo are:
- Weekly crypto-buying limits: $20,000
- Annual maximum limits: $50,000
There is no information about whether you can increase Venmo limit for cryptocurrencies with verification.
How to Increase Venmo Limit: Summary
Before ID verification, Venmo will apply a weekly limit of $299.99 on all your transactions. As you complete the verification process, you can increase Venmo limit, which resets on a rolling or weekly basis. This means your purchasing limit on Venmo will automatically refresh the following week at the exact date and time of your initial transaction.
So, after verification, your personal account’s weekly limit will increase to a $60,000 sending limit and $7,000 combined purchasing limit from only $299.99 before authentication. Users with Venmo Mastercards will have a $7,000 weekly expenditure and a $2,999.99 per transaction limit.
The rules for bank accounts vary from personal ones. The Standard Add Money has a maximum transfer limit of $1,500 a week. Meanwhile, the Instant Add Money allows Venmo Mastercard Debit holders to make transactions of $500 weekly. You can increase Venmo limit with verification to $19,999.99 a week. The limit per transaction will become $5,000, and the minimum bank transfer limit will be $0.26. Verifying your account is the easiest way to increase Venmo limit, regardless of your account type.
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