Venmo is one of the most popular money transfer and mobile payment applications of today, and there are plenty of reasons for that. It allows quick and safe transactions, has minimal fees, and adds a social media element to the traditionally boring financial apps. As with any money transferring app, there are limitations, and today’s article will cover everything you need to know about Venmo’s limits and how you can make the most of the service within them.
Venmo users can choose to send money from their Venmo balance, bank accounts, and credit and debit cards. No matter how they choose to send their money, the same limits apply. When you download the app for the first time, the maximum limit is quite low because users are required to verify their identity to get access to the higher limits.
How Much Money Can You Send on Venmo Without Verifying Your Identity
As a money transfer business, Venmo is regulated by federal law. The rules and regulations of this law obligate Venmo to collect certain personal information from its users to confirm their identity. When you haven’t verified your identity with Venmo, you won’t be able to use the app to the fullest, and the maximum you can send on Venmo, while unverified, is $299.99.
In addition to a weekly limit of $300, there are other restrictions for unverified users as well. They can only transfer up to $999.99 to their bank accounts using Venmo, they cannot be added as managers for group accounts, and they cannot receive payments for selling goods and services, even if they have a business account.
To get rid of these low Venmo transfer limits and constraints, users can verify their identity by going to the “Me” tab and tapping on the settings icon on the top right. Then tap on “Identity Verification” and follow the prompts to finalize the process. Verifying your identity with Venmo can only be done in the Venmo app and should not take more than a few minutes to finish.
What Is the Max Amount You Can Venmo With a Verified Identity
Once you have verified your identity with Venmo, you can start using the app to send larger amounts of money, or exactly up to $60.000 per week, to be precise. However, when using a Mastercard debit card to make transactions, users are subject to an additional Venmo weekly spending limit of $6,999.99.
Moreover, there are other personal reload limits for debit cards which vary from one user to the next, so you have to check them out yourself in the Venmo Debit Card section of the Venmo app.
In addition, users who use Venmo with their debit cards are also subject to a $400 daily Venmo limit for ATM withdrawals and over-the-counter withdrawals. The daily Venmo cashback limit is set at $400 as well.
The daily purchase limit for debit card Venmo users is $3,000.00, and it resets every day at 12:00 AM CST.
Finally, debit card users are also subject to Venmo’s daily transfer limit, which allows them to make up to 30 transactions per day. This limit also resets every day at 12:00 AM CST.
Venmo Weekly Rolling Limits
One thing you should be aware of is that Venmo has weekly rolling limits. This means that instead of resetting at a specific time, like the platform’s daily limit, Venmo’s weekly limit counts transactions precisely one week from the moment of their authorization. So, for example, if you make a transaction on a Friday at 8:00 PM, it will no longer count against your limit at 8:01 PM the following Friday.
Venmo Crypto Limits
Crypto users are also subject to a Venmo spending limit of $20,000 in cryptocurrency purchases per week and $50,000 in a year.
The Summary
All in all, Venmo is a great choice for sending money to friends and family as well as making small purchases online or in-store due to its convenience. Moreover, it provides plenty of neat features, like splitting a restaurant bill or a cab ride. However, Venmo’s transfer limits for unverified users can be pretty restrictive, so make sure you verify your identity first if you want to make larger purchases or send big amounts of money.
Disclaimer: This content is not intended to be financial advice and is for informational purposes only. aTimeforCash is reader-supported. We may earn commissions if you buy through our links at no cost to you.
Hey Venmo users!
Venmo processed over $230 BILLION in transactions in 2021.
A STAGGERING amount of money.
It makes you wonder though.
How much money can you actually send with Venmo? Not billions obviously :).
How much per day, per week, per month?
It’s IMPORTANT for you to know so you don’t find out the hard way when trying to send money or buy something.
In this blog post, I’ll answer all your questions about Venmo‘s limits and explain what happens if you exceed them as well as other important info that you should be aware of.
Venmo limits – what are they, and how do they work?
Venmo limits are the MAXIMUM amounts that you’re allowed to send or withdraw using the app.
Not surprising – right?
BUT…
There are DIFFERENT transaction limits for different types of transactions, and Venmo will let you know if you try to exceed them.
If you need to send more money than your limit allows, you can request a limit increase from Venmo (I explain how to request an increase later in this post).
What’s the Most Money I Can Send Using Venmo?
If you’re new to Venmo, you can send up to $299.99 per week.
Not very much is it?
Thankfully it’s easy to increase that amount.
Once you verify your identity, your weekly limit goes up to $6,999.99.
That includes payments to people, in-app and online purchases, and any other purchases made using your Venmo debit card or in-store QR code.
What is the Venmo Daily Limit?
Many people are familiar with Venmo as a popular way to pay friends back for dinner or drinks.
However, you may not know that Venmo actually doesn’t have a specific daily sending limit in place.
Instead, there’s a per-transaction limit and a weekly spending limit.
The per-transaction limit is currently $4,999.99, so you can technically make as many transactions as you want as long as they don’t exceed that amount.
RELATED: Blocking People on Venmo
What is the Venmo Weekly Limit?
If you’re like most people, you probably use your Venmo account to pay your friends back for dinner or drinks.
But did you know that Venmo also has limits on how much you can spend in a week?
If you haven’t verified your identity within the app yet, your weekly spending limit is $299.99.
However, if you have verified your identity, your combined weekly spending limit is $6,999.99.
This includes person-to-person payments, in-app/online purchases, and any purchases made with your Venmo debit card or QR codes.
So if you’re planning on making a big purchase, be sure to verify your identity first!
What Day & Time Does the Weekly Venmo Limit Reset?
Have you ever been in a situation where you need to Venmo someone but you’ve already hit your limit for the week?
It can be frustrating, especially if you’re not sure when the limit will reset.
Thankfully, it’s not as complicated as you might think.
There isn’t a set day or time when the weekly Venmo limit resets.
Instead, it is based on when you made your initial transaction and resets 1 week from that day and time.
For example, if your initial transaction was on Wednesday at 10 pm, your weekly limit would reset the following Wednesday at 10:01 pm.
So next time you’re wondering when your limit will reset, just think back to when you made your last transaction and add 7 days. Easy peasy!
How do I Increase my Limits?
Venmo is a great way to send and receive money from friends and family.
However, there are limits on how much you can send and receive unless you complete your identity verification.
Luckily, verifying your identity is easy to do within the app.
To Verify Your Venmo Account
- Step 1: Open Venmo and log in to your account.
- Step 2: Tap on the “Me” icon in the bottom right corner of the app.
- Step 3: Next, tap on the gear icon in the top right corner of the app to bring up your settings.
- Step 4: Scroll down and under the “Security” section tap on “Identity Verification”.
- Step 5: From there, just follow the on-screen prompts.
Once you’re verified, you’ll be able to enjoy all the features of Venmo without any limits.
What is the Withdrawal Limit for Venmo?
If you’re looking to use your Venmo debit card to withdraw cash, there are a few things you should know.
First, there’s a daily limit of $400 for ATM and over-the-counter withdrawals, as well as cashback.
This limit resets at Midnight CST each day, so if you’re planning on making a large withdrawal, you’ll need to do it before the end of the day.
Additionally, your bank account may impose its own bank transfer limits on how much cash you can withdraw from an ATM, so be sure to check with your bank before using your Venmo debit card.
Withdrawals are also subject to fees, so be sure to factor that into your decision.
All things considered, it’s important to be aware of the limitations of your Venmo debit card before using it to withdraw cash.
RELATED: How to Cancel a Venmo Payment
What is the ATM Limit for Venmo?
Have you ever been out with friends and realized that you don’t have enough cash to cover your share of the bill? Venmo has got you covered.
With their ATM limit, you can withdraw up to $400 from an ATM in a single day.
And if you need more, don’t worry – the limit resets every day at Midnight CST.
So whether you’re covering a lunch tab or picking up the bar tab, Venmo has you covered.
What is the Venmo Reload Limit?
If you’re looking to reload your Venmo balance, there’s a limit of $500 that resets each week.
You can check your current limit at any time in the debit card section of the app.
Keep in mind that you’ll need to have reloads enabled in order to see your limit. Once you’ve reached your limit, you’ll need to wait until the next week to reload again.
So if you’re planning on making a big purchase, make sure to do it early in the week!
Related: Venmo Deposit Questions (Answered & Explained!)
What is the Spending Limit on Venmo?
If you’re looking to use Venmo to make payments or send money to friends, it’s first important to verify your identity.
Once that’s been taken care of, you’ll have a rolling weekly transaction limit of $6,999.99.
This applies to any type of transaction – whether you’re sending funds to someone else, making authorized merchant payments, or using your Venmo debit card for purchases.
How to Venmo a large amount of money
If you need to Venmo a large amount of money, the first thing you need to do is make sure your Venmo account is verified. Once it has been verified, you’ll be able to send up to $6,999.99 per week.
What to do if you hit your Venmo limit
If you’ve hit your Venmo limit, you’ll need to wait until the next week to make any more transactions.
That means no more payments, no more sending money to friends, and no more using your Venmo debit card for purchases.
However, if you need to make a large purchase, there are a few things you can do.
First, you can try to split the payment up into multiple transactions.
For example, if you’re trying to buy a $500 TV, you could Venmo $250 to the seller and then pay the remaining $250 with another method.
Second, you could ask a friend or family member to help you out.
They can Venmo you the money you need and then you can repay them later.
Just make sure to set up a repayment plan so they don’t end up stuck with the bill!
Finally, if all else fails, you can always try to negotiate with the seller.
They may be willing to accept another form of payment or let you pay in installments
Tips for staying under your Venmo limit
If you’re looking to stay under your Venmo limit, there are a few things you can do.
First, try to be mindful of the payments you’re making.
If you can avoid large purchases, that’s one way to stay under your limit.
Second, make sure to keep an eye on your balance.
If you’re getting close to your limit, try to make smaller payments or wait until the next week to make a payment.
Finally, if you’re ever in doubt, always check your limit before making a payment.
That way, you’ll know exactly how much money you have to work with and you can plan accordingly.
Wrapping Up – Venmo Limits
Venmo is a great way to pay for small things, like lunch or picking up a bar tab. If you need to reload your Venmo balance, there’s a limit of $500 that resets each week.
You can check your current limit at any time in the debit card section of the app. Keep in mind that you’ll need to have your identity verified in order to use Venmo. Once you’re verified, you’ll have a rolling weekly transaction limit of $6,999.99.
If you need to make a large purchase, try splitting the payment up into multiple transactions or ask a friend or family member to help you out.
Stay under your limit by being mindful of the payments you’re making and keeping an eye on your balance. If you ever have any doubts, always check your limit before making a payment.
References
- //help.venmo.com/hc/en-us/articles/221010968-Personal-Profile-Payment-Limits
- //help.venmo.com/hc/en-us/articles/209690048-Personal-Profile-Bank-Transfer-Limits
- //www.gobankingrates.com/banking/mobile/venmo-limits/
Author Profile
Jeremy Davidson is a feature writer at aTimeforCash who enjoys helping people with financial apps, online banking, crypto, and other areas of basic personal finance. In addition to a passion for helping others, Jeremy also enjoys storm chasing and has seen over 60 tornadoes since 2006. He lives in Omaha, Nebraska with his wife and two children.