Venmo, one of the most popular payment methods in the US, dominates the P2P payment market for a variety of reasons. This convenient, secure, and fast application allows users to request, send, and receive money in just a few taps. However, like other payment apps, Venmo places some specific limits on the amount of funds you can send and receive to prevent fraud and other criminal activity. And if you’re an active Venmo client, you may be interested in the app’s limits, which set bounds on transactions, payments, and purchases.
In this article, we will talk about everything you should know about the regulations of this payment system — what types of Venmo limits there are, the reasons for their existence, steps to check your limits, ways to increase them, and much more. Keep reading if you want to get the most out of your Venmo experience!
Understanding Venmo’s Transaction Limits
The first and most important reason why Venmo imposes restrictions on users is safety. The service needs to somehow maintain account security, protect money from criminals, ensure the reliability of transfers, and follow all necessary financial and legal standards. Note that Venmo limits also vary based on the transaction type, your account status, and previous activity.
Venmo Daily Limit
Venmo transfer limit per day indicates how much money the user can send and receive per twenty-four hours, and it depends, first of all, on whether the account is verified. If your profile is unverified, your daily transactions are capped at $300, while after verification your Venmo max transfer per day limit increases to $5,000.
Venmo Weekly Limit
This type of limit works similarly to the previous one, specifying the allowed sum of transactions per week, and also depends on profile verification. For users who have not completed the procedure, the total amount of transferred funds must not exceed $500 per week, which increases to $5,000 after verification.
Venmo Monthly Limit
As you’ve probably figured out by now, this limit governs monthly transactions. Clients with an unverified account can transact $1,000 per month, while verified can send and receive up to $20,000. However, each individual operation is still capped at $5,000.
Venmo Withdrawal Limit
This parameter puts a limit on how much money a user can transfer from their Venmo to their bank account. As a rule, the standard amount is $400 per day. However, depending on your account's activities, this limit can be either higher or lower.
How to Increase Venmo Limit?
As can be concluded from the previous section, the key factor in determining Venmo person-to-person limit for both sending and receiving is whether the user has a verified account. Therefore, the first thing you should do to avoid the restrictions is complete your profile verification. To do this, you need to go to Settings and provide your name, date of birth, ID, social security number, and other required personal information.
Another method of getting approved for a higher Venmo limit is linking your bank account. This allows Venmo to access your account data and, as a result, expand limits based on your transaction history and account balance. Please note that the service may require you to provide additional documentation before changing your account status and increasing the maximum amount for your transactions.
So, if you’re wondering how to increase the Venmo limit, verifying your profile and linking your bank account are the two simplest ways to go.
Monitoring Your Venmo Limit
To avoid exceeding the Venmo sending limit and Venmo receiving limit, consider:
- Monitoring your Venmo usage by accessing your payment history;
- Verifying your current sending and receiving money limits;
- Frequently checking your remaining balance for each limit category.
You can go to your account settings at any time and review all transaction limits for your profile type. By the way, if you are approved for limit increase, all relevant information will be automatically changed as well.
Conclusion
Venmo is a fast, secure, and convenient payment platform with advanced functionality, a simple interface, and low fees. However, before you become a client of this payment system, you need to understand the nuances of using the application, including types of Venmo limits on daily, weekly, and monthly transactions. Remember, to get the most out of your Venmo profile, you should verify it and link your bank account. These simple steps will allow you to avoid unpleasant surprises and increase your sending, receiving, and spending limits.
To find out more, you can visit the Venmo Help Center.
FAQ
What are the fees for using Venmo?
Venmo does not charge any fees for standard bank transfers or personal payments to friends and family. However, there is a 3% fee for credit card transactions and a 1% fee for instant transfers (minimum $0.25 and maximum $10). Theoretically, the app can be considered free for as long as you don’t use instant transfers and credit cards.
How does Venmo compare to other payment apps?
In addition to the standard basic functionality, Venmo has several unique features that distinguish the app from the competitors. The key feature of Venmo is the built-in social network for communicating with friends and reading the news feed, which is also a convenient way to communicate any changes to Venmo limits.
Can I use Venmo internationally?
Sadly, you can’t, as Venmo currently operates exclusively in the United States. However, the company is constantly working to expand its services, which means that Venmo may be available in other countries in the future.
