Is There a Limit to Venmo Transactions?
Unravel Venmo's transaction caps: learn their purpose, the factors that define them, and practical ways to expand your payment capabilities.
Venmo has emerged as a widely used digital platform, enabling individuals to effortlessly send and receive money. It provides a convenient way to manage payments, whether splitting expenses with others or making purchases with businesses. This service has become a common tool for daily financial interactions.
Understanding Venmo Transaction Limits
Venmo establishes various transaction limits to maintain security and comply with financial regulations. These limits vary significantly based on whether an account is unverified or has completed identity verification. Different types of transactions, such as sending money, transferring funds to a bank, or making purchases with a Venmo card, each have their own specific caps.
For personal accounts that remain unverified, a weekly spending limit of $299.99 applies, encompassing both payments made for purchases and money sent to other users. Unverified users are limited to transferring $999.99 per week from their Venmo balance to a linked bank account.
Upon successful identity verification, personal account limits increase substantially. Verified users can send up to $60,000 per week, which includes person-to-person payments and purchases. For specific person-to-person transactions, the weekly limit is $4,999.99, while combined authorized merchant payments and purchases can reach $7,000 per week. Transferring funds from Venmo to a bank account for verified users is set at $19,999.99 per week, though individual transfers are capped at $5,000. Instant transfers to a bank account carry a per-transaction limit of $2,999.99.
The Venmo Debit Card also has its own set of transaction limits for verified users. Cardholders can spend up to $2,999.99 per individual purchase, with a daily purchase limit of $3,000 and a weekly purchase limit of $7,000. Cash withdrawals at ATMs are limited to $400 per day. For business accounts, verified profiles generally have higher limits, allowing weekly sending of up to $25,000 and weekly bank transfers of up to $49,999.99.
Venmo also facilitates mobile check deposits and adding funds to the balance. Users can deposit checks ranging from $5 to $5,000 per check, with a daily limit of $5,000 and a monthly total of $15,000. Fees apply for instant check cashing, though a no-fee option is available for funds in 10 days. Adding money to a Venmo balance is limited to $10,000 per week via a linked bank account and $2,000 per week using a debit card. Most of Venmo’s limits operate on a rolling weekly basis, meaning the limit resets seven days after a transaction, rather than on a fixed calendar week.
Factors Influencing Transaction Limits
A user’s specific transaction limits on Venmo are primarily shaped by their account verification status. Unverified accounts have significantly lower limits across all transaction types compared to verified accounts.
Other factors also influence a user’s limits. The age of the Venmo account and its historical transaction patterns can influence the thresholds. A consistent and positive transaction history can lead to higher internal limits over time.
The funding sources linked to a Venmo account also play a role. Linking and verifying a bank account, for instance, can enable higher transaction limits compared to relying solely on credit or debit cards.
Increasing Your Transaction Limits
Increasing transaction limits on Venmo primarily involves completing the identity verification process. This step is required for accessing higher sending, spending, and transfer capabilities on the platform. Federal regulations require financial services like Venmo to collect certain user information, particularly for accounts with access to a balance.
To initiate identity verification, users navigate to the “Me” tab within the Venmo app, then access “Settings,” and select “Identity Verification”. The process requires providing personal details, including your full legal name, date of birth, and the last four digits of your Social Security Number. Users may also be prompted to submit a clear image of a government-issued identification document, such as a driver’s license, passport, or state ID.
Linking and verifying a bank account is another step that can contribute to higher transaction limits. The verification process usually completes within minutes, but Venmo may require additional documentation or a longer review period if automated verification is unsuccessful.