Learning about the Venmo transfer limits is critical before you use the app to make transfers regularly. But understanding these limits can be confusing. I’ll help you find your Venmo’s limits in this post.
Venmo is used by millions of people in the U.S. to send and receive money. The app has become synonymous with instant payments, and anybody can use it to transfer money on the go.
The intuitive and user-friendly interface undoubtedly plays a significant role in its popularity. You’ll be able to use it even if you aren’t very tech-savvy.
However, before you replace your wallet with Venmo, you need to learn about the Venmo transfer limits. Finding out that you’ve exceeded your transfer limit after making a purchase can cause unnecessary inconvenience.
In this post, I will help you figure out what the transfer limits are for your Venmo account.
Your Venmo Transfer Limit
Your Venmo account’s transfer limit depends on whether you’ve verified your identity with the company or not. The transfer limits differ depending on the type of transaction as well.
Let’s first get into why you should verify your identity with Venmo.
Why It’s Important to Verify Your Identity
Signing up for Venmo is super straightforward, and you can do it without providing many personal details.
While that is very convenient, there are drawbacks to not supplying the company with your details. Your transfer limit will be very low, which may undermine your ability to make purchases on the go without your wallet.
I recommend that you verify your identity as soon as you install the app. But if you haven’t done it yet, don’t worry – it’s really easy.
The company requires you to supply just three pieces of information:
- Your date of birth
- Your zip code
- The last three digits of your SSN
If these details don’t sufficiently verify your identity, Venmo may request you to supply some other documents. But this is rare, and you don’t need to be worried about it.
Bank Transfer Limits
Another big reason behind Venmo’s popularity is that every transfer between users’ bank accounts and their Venmo accounts is subject to review.
This helps with minimizing illegal activity, keeping both the sender and the receiver protected from fraud. It also helps the company ensure that the users are complying with its user agreement.
Venmo allows you to transfer money back and forth from your bank account. However, the transfer limits differ depending on if you’re transferring money to or from your Venmo account.
Let’s look at how the limits differ:
Transferring Money from Your Bank to Venmo
There is a fixed limit to how much you can transfer to your Venmo account regardless of if you’ve verified your account or not.
You can only transfer a maximum of $1500 to your Venmo account per week. After you exceed this limit, any request to add more funds to your Venmo will be declined.
It’s important to note that there is no way to increase this limit.
Transferring Money from Venmo to Your Bank
If you haven’t verified your identity with the company yet, your Venmo transfer limit is fixed to $999.99 per week.
However, your transfer limit increases substantially if you verify your identity. You will be able to transfer up to $19999.99 from your Venmo account to your bank account per week.
It’s important to note that while the weekly limits are almost $20000, you can only transfer a maximum of $2999.99 in one go. If you need to transfer more than that amount to your bank account, you will need to initiate another transaction.
Regardless of if you run a business, are a vendor of any kind, or just use your Venmo account to transfer funds to friends and family, I recommend that you get your identity verified.
Rolling Limits For Bank Transfers
Venmo also has rolling limits in place, which means “a week” does not mean the standard span of Monday to Monday.
A week is defined as any given span of seven days. If you verify your identity and make a transfer of $2000 from your Venmo to your bank on Tuesday, you will only be able to transfer a maximum of $17999.99 till Tuesday the following week.
There is also a limit to how much you can transfer to someone else’s Venmo account – be it a friend or a business. The payment limit varies depending on whether you’ve verified your identity or not.
Payment Limit (Without Verification)
You can send and receive money right after signing up. However, you will have a reduced payment limit.
You will only be able to send a maximum of $299.99 in any given period of 7 days. The rolling limit begins right after you make your first transaction.
This means if you make a payment of $10 at 2 p.m. on Tuesday, you will be able to send a maximum of $289.99 till 2:01 p.m. the following Tuesday.
Payment Limit (After Verification)
After you complete the verification process, your payment limit will increase to $2999.99 per week. You must keep in mind that this is also a rolling limit, which means you can only spend a total of $2999.99 in any given span of 7 days.
It’s important to note that you can only send a maximum of $2000 to a vendor or a business for one a purchase. You are also limited to 30 transactions per day to merchants.
However, there are no limits to how much you can receive from other Venmo users.
Venmo undoubtedly makes sending and receiving money super convenient. You only need your phone to make it work.
However, learning what your spending and transfer limits are is always a good idea before you begin to use the app regularly.
With this post, you no longer have to read through the fine print to figure out your Venmo transfer limits.
Just make sure you verify your identity right after creating your account to make the most of the app.