Understanding Venmo limits is crucial for managing your transactions effectively. Here’s what you need to know about Venmo limits before you send or spend money:
Types of Limits
Person-to-Person Payments:
Unverified Accounts: $299.99 per week.
Verified Accounts: Up to $60,000 per week.
Purchases with Venmo Mastercard Debit Card:
Venmo Daily Spending Limit: $3,000.00.
Venmo Weekly Spending Limit: $4,999.99.
ATM Withdrawals and Cashback with Venmo Mastercard Debit Card:
Daily Limit: $400.00.
Payments to Authorized Merchants:
Unverified Accounts: $299.99 per week.
Verified Accounts: Up to $7,000 per week.
Bank Transfers:
Standard Transfers: Up to $19,999.99 per week.
Instant Transfers: $0.26 to $25,000 per transaction, up to $50,000 per week.
Verification Process
To increase your limits, you need to verify your identity:
Open the Venmo app.
Tap on the menu icon (three horizontal lines) in the upper-left corner.
Go to "Settings".
Select "Identity Verification".
Follow the prompts to provide your personal information, such as your full name, date of birth, and the last four digits of your Social Security number. Venmo may also request a photo of your government-issued ID.
Monitoring Your Limits
You can check your current limits by:
Opening the Venmo app.
Tapping on the menu icon (three horizontal lines) in the upper-left corner.
Going to "Settings".
Selecting "Limits".
Tips for Managing Limits
Plan Ahead: If you anticipate making a large transaction, verify your account in advance.
Use Linked Bank Accounts: Linking and verifying your bank account can help increase your transaction limits.
Regular Transactions: Maintaining a consistent transaction history can sometimes result in increased limits over time.
By understanding and managing these limits, you can use Venmo more effectively for your daily transactions. For the most current information, refer to Venmo’s official website or Help Center.