Venmo, a popular peer-to-peer payment app, has become a staple in the digital wallet space. With its ease of use and social features, it's no wonder that users frequently ask about the limits for sending and receiving money. In this article, we will delve into the details of Venmo's transaction limits, both daily and weekly, and provide guidance on how to increase Venmo limits.
Venmo has set certain limits to ensure the security and smooth operation of its platform. These limits vary depending on whether your account is verified or not.
Unverified Accounts: For users who have not verified their identity with Venmo, the sending limit is capped at $299.99 per week. The receiving limit, however, is not explicitly stated by Venmo, but it's generally understood that unverified users may face restrictions if they receive large sums of money frequently.
Verified Accounts: Once you verify your identity with Venmo, your sending limit significantly increases. Verified users can send up to $4,999.99 per week in person-to-person payments. Additionally, they can also make up to $6,999.99 in combined purchases and payments per week.
Daily Limits: It's important to note that Venmo does not impose a specific daily limit. Instead, the weekly limit is what users should keep in mind. However, for certain transactions like Venmo Mastercard Debit Card purchases, there might be a Venmo daily limit which is separate from the weekly sending limit.
Verifying your Venmo account is a straightforward process that can lead to higher transaction limits. Here's how you can do it:
Open the Venmo app and go to the "Me" tab by tapping your profile picture or initials.
Tap the Settings gear in the top right, then tap "Identity Verification."
Provide the required information, which may include your Social Security number (or a portion of it), your date of birth, and your physical address. In some cases, Venmo may also ask for additional documentation to verify your identity.
Wait for Verification: Once you've submitted your information, Venmo will review it. This process can take from a few minutes to a couple of days. You'll receive a notification once your identity has been verified.
Apart from verifying your account, there are a few other tips that can help you manage and potentially increase your Venmo limits:
Regularly Review Your Limits: Venmo periodically reviews accounts and may adjust limits based on your usage and account history. Keep an eye on your limits by checking the app's settings.
Maintain a Good Transaction History: A consistent record of secure and trouble-free transactions can positively influence your account limits.
Contact Venmo Support: If you have a legitimate need for higher limits, reaching out to Venmo's customer support might help. They can provide guidance and, in some cases, may be able to adjust your limits.
Venmo's transaction limits are in place to ensure a safe and efficient platform for all users. By understanding these limits and verifying your account, you can enjoy a more seamless experience with higher transaction capabilities. Remember to regularly review your limits and maintain a good transaction history to potentially increase your limits over time.
