By justin142smith April 5, 2024 - 2:53am

Venmo, the popular peer-to-peer payment app, has become a staple in the way we exchange money with friends and family. Whether it's splitting the bill at a restaurant or sending a birthday gift, Venmo offers a convenient way to manage these transactions. However, like any financial service, Venmo has its limits, and it's essential to understand them to make the most out of your experience. In this article, we'll explore the various Venmo Limit, including the daily and weekly sending limits, instant transfer limits, bank transfer limits, and online purchase limits. We'll also guide you on how to verify your identity on Venmo to increase your limits.

What Is The Venmo Daily & Weekly Sending Limit?

Venmo imposes certain limits on the amount of money you can send to friends and family. For unverified users, the Venmo weekly sending limit is $299.99. This limit is applied to all transactions combined, including payments to friends and payments for purchases.

Once you verify your identity, your Venmo limit for sending money increases significantly. Verified users can send up to $4,999.99 per week to friends and family. This limit is separate from the limit for authorized merchant payments, which is also $4,999.99 per week. It's important to note that the weekly limit is reset every rolling seven-day period, not based on the calendar week.

What Is The Venmo Instant Transfer Limit?

Venmo offers an Instant Transfer feature, allowing users to transfer their Venmo balance to their bank account or eligible debit card within minutes. For this convenience, there is a 1% fee (with a minimum fee of $0.25 and a maximum fee of $10). The Venmo instant transfer limit is $10,000 per transfer, and you can make up to 30 transfers per day.

What Is The Venmo Limit For Bank Transfers?

When transferring money from your Venmo account to your bank account using the standard transfer option, which is free and typically takes 1-3 business days, there is a limit of $19,999.99 per week. However, the maximum amount you can transfer in a single transaction is $2,999.99.

What Is The Venmo Limit For Online Purchases?

When using Venmo to make online purchases from authorized merchants, verified users have a separate weekly spending limit of $4,999.99. This limit is in addition to the limit for sending money to friends and family, giving you more flexibility in your spending.

How Do I Verify My Identity On Venmo To Increase My Limit?

Verifying your identity on Venmo is a straightforward process that can significantly increase your sending and receiving limits. To Venmo verify your identity, follow these steps:

1. Open the Venmo app and tap the menu icon (three horizontal lines) in the top-right corner.
2. Tap Settings (gear icon) and select Identity Verification.
3. Provide the required information, which may include your Social Security number (or Tax Identification Number), date of birth, and address.
4. Submit the information and wait for Venmo to verify your identity. This process may take a few days.

Once your identity is verified, your limits will be automatically Increase Venmo Limit, allowing you to send and receive more money with Venmo.

Conclusion

Understanding the Venmo limits imposed by Venmo is crucial for a seamless experience when sending money to friends and family, making online purchases, or transferring funds to your bank account. By verifying your identity, you can significantly increase these limits and enjoy greater flexibility in your transactions. Whether you're splitting bills or shopping online, knowing your Venmo limits will help you manage your finances more effectively.