Venmo is a popular peer-to-peer payment service, but like any financial platform, it has transaction limits. Understanding these limits and how to increase them is crucial for maximizing your usage. In this guide, we will break down Venmo’s transfer limits and provide actionable steps to increase them.
What Are Venmo’s Transfer Limits?
Venmo imposes different limits based on whether your account is verified or unverified. These limits affect person-to-person payments, purchases, and withdrawals.
1. Person-to-Person Venmo Payment Limits Unverified Accounts: $299.99 per week
Verified Accounts: $60,000 per week
Verifying your identity significantly increases your ability to send money through Venmo.
If you have a Venmo Debit Card, you can spend up to the following limits:
Purchases: $7,000 per transaction
ATM Withdrawals: $400 per day
Over-the-Counter Withdrawals: $400 per day
Cash Back at Point of Sale: $400 per day
3. Venmo Instant Transfer Limits
Venmo offers two transfer speeds:
Standard Bank Transfer: No limit (subject to available funds)
Instant Transfer:
Unverified Accounts: $999.99 per transaction
Verified Accounts: $50,000 per transaction
4. Venmo Business Profile Limits
For users with a business profile:
Receiving Payments: No set limit
Sending Payments: Up to $60,000 per week (if verified)
How to Increase Your Venmo Limit?
Step 1: Verify Your IdentityTo increase your Venmo limits, Venmo requires identity verification. Follow these steps:
Open the Venmo app.
Go to Settings > Identity Verification.
Provide your full legal name, date of birth, and Social Security Number.
Follow the prompts to complete verification.
Step 2: Link and Verify Your Bank Account
Verifying your bank account helps increase your Venmo transfer limits. Here’s how:
Open the Venmo app.
Tap Settings > Payment Methods.
Select Add a Bank or Card.
Choose Bank and enter your account details.
Confirm the verification by following Venmo’s micro-deposit process.
Step 3: Apply for a Venmo Debit Card
Holding a Venmo Debit Card can help increase your spending and withdrawal limits.
Navigate to Settings.
Select Venmo Card and apply.
Once approved, activate your card to enable higher limits.
Step 4: Maintain a Good Transaction History
Venmo monitors account activity. Regular, legitimate transactions help establish credibility, which can lead to limit increases over time.
Frequently Asked Questions (FAQs)
1. How can I check my Venmo limit?
To check your venmo limit, open the Venmo app and navigate to Settings > Payment Limits.
2. Why is my Venmo transfer limit low?
Your limit may be low because your identity is unverified. Complete the verification process to increase your limit.
3. How long does Venmo verification take?
Verification is typically completed within a few minutes but may take up to 48 hours in some cases.
4. Can I request a limit increase beyond $60,000?
Venmo does not currently allow users to exceed the $60,000 Venmo weekly limit for verified accounts.
5. Are there different limits for business and personal accounts?
Yes. Business accounts can receive unlimited payments but have the same $60,000 weekly sending limit as personal accounts.
Conclusion
Venmo’s transfer limits depend on your account verification status. By verifying your identity, linking a bank account, and applying for a Venmo Debit Card, you can maximize your sending and withdrawal capabilities. Keep your account in good standing to ensure a smooth payment experience.
