Venmo has become a popular digital wallet for sending and receiving money quickly and easily. However, to ensure security and regulatory compliance, Venmo imposes various limits on transactions. This comprehensive guide will help you understand these limits, how they work, and how you can manage them effectively.
Types of Venmo Limits
Venmo imposes several types of limits on users, including:
Venmo Sending Limits: The maximum amount you can send to others.
Venmo Receiving Limits: The maximum amount you can receive from others.
Venmo Bank Transfer Limits: The maximum amount you can transfer to your bank account.
Venmo Spending Limits: The maximum amount you can spend using your Venmo balance or linked card.
Initial vs. Verified Account Limits
Venmo distinguishes between initial and verified accounts:
Initial Account: When you first create a Venmo account, you have limited transaction capabilities.
Venmo Sending Limit: Up to $299.99 per week.
Venmo Receiving Limit: No specific limit, but transactions might be subject to review.
Bank Transfer Limit: Up to $999.99 per week.
Spending Limit: Depends on the linked funding source limits.
Verified Account: By verifying your identity, you can access higher limits.
Sending Limit: Up to $6,999.99 per week.
Receiving Limit: No specific limit, subject to review.
Bank Transfer Limit: Up to $19,999.99 per week, with a maximum of $2,999.99 per transaction.
Spending Limit: Depends on the linked funding source limits.
How to Verify Your Venmo Account?
To increase your limits, you need to verify your account:
Open the Venmo app and go to the settings menu.
Select "Identity Verification" and follow the prompts.
Provide the required information such as your legal name, date of birth, and social security number.
Submit additional documentation if requested (e.g., government-issued ID).
Verification typically takes a few minutes to a few days.
Understanding Weekly Rolling Limits
Venmo uses a rolling weekly limit system, meaning your limits reset based on the date and time of each transaction, not a fixed calendar week. For example, if you make a payment on Monday at 3 PM, that amount will count against your limit until the following Monday at 3 PM.
Limits for Business Accounts
Venmo also offers business profiles with different limits:
Unverified Business Account: Similar to initial personal accounts.
Sending Limit: Up to $299.99 per week.
Receiving Limit: No specific limit, but transactions might be subject to review.
Verified Business Account: Higher limits after verification.
Sending Limit: Up to $24,999.99 per week.
Receiving Limit: No specific limit, subject to review.
Bank Transfer Limits
When transferring money from Venmo to your bank account:
Standard Transfer: Typically takes 1-3 business days. Limits vary by verification status.
Initial Account: Up to $999.99 per week.
Verified Account: Up to $19,999.99 per week.
Instant Transfer: Transfers money within minutes for a small fee.
Limit: Up to $2,999.99 per transfer, with a weekly cap of $19,999.99.
Managing and Increasing Your Limits
To manage and potentially increase your Venmo limits:-
Verify Your Account: Follow the steps mentioned earlier.
Link and Verify Bank Accounts and Cards: This can help establish trust and increase limits.
Maintain Good Account Standing: Avoid disputes and follow Venmo’s user agreement.
Common Issues and Troubleshooting
Transaction Declines: If a transaction is declined due to limits, try splitting the amount or wait until your limits reset.
Pending Verifications: If your verification is pending, ensure all information is accurate and complete.
Customer Support: For persistent issues, contact Venmo support through the app or website.
Staying Updated with Venmo Policies
Venmo’s policies and limits can change, so it’s important to stay informed. Regularly check the Venmo app or website for updates on limits and other account-related information.
Conclusion: Understanding and managing your Venmo limits is crucial for seamless transactions. By verifying your account, keeping track of your rolling limits, and following best practices, you can maximize your use of Venmo while staying within its guidelines.