In today’s world, Venmo is one of the most popular apps for mobile payments and money transfers. Financial apps traditionally lack an element of social media, but this app allows quick and safe transactions. Despite Venmo’s great features, it has limitations, and today’s article will explain how to make use of those limits while maximizing the service.
You can send money through Venmo from your Venmo balance, bank account, or debit or credit (gift card). They are limited to sending their money in the same way no matter what method they choose. You cannot access the higher limits until you verify your identity for the first time you download the app.
Related Article: Can You Venmo Yourself?
Venmo Transfer Limits
Weekly Venmo limit
You can spend and send up to $299.99 per week if you have not verified your Venmo account. The combined weekly limit for spending and sending is $6,999.99 if you have verified your account.
Daily Venmo limit
There is no specific limit on the amount you can spend each day. For verified Venmo accounts, the transaction limit is $4,999.99 per transaction.
Venmo Limits for Personal Accounts
Before having to verify their identity with Venmo, consumers can spend up to $299.99 a week on a Venmo personal account. When you finish the authentication process on the app, you have access to a $4,999.99 weekly spending limit for all payment and purchase options combined.
- Maximum weekly expenditures: $4,999.99
- Per transaction limit: $4,999.99
Authorized Merchant Purchases
- Maximum weekly expenditures: $6,999.99
- Per transaction limit: $2,999.99
Venmo Mastercard Debit Purchases
- Maximum weekly expenditure: $6,999.99
- Per transaction limit: $2,999.99
The cardholder’s daily ATM withdrawal limit, retail purchase limit, and cashback limit are $400.00. In addition to that, cardholders are limited to 30 transactions per day and must limit their daily purchases to $3,000 per day. Every limit resets at midnight, Central Standard Time.
Bank Transfer Limits
With verified bank accounts, Venmo debit card holders can add money directly to their wallets using two different methods.
Standard Add Money
Each roll-over calendar week has a limit of $1,500, and transfers typically take three to five days. Minimum transfers are not required.
Instant Add Money
Those with Venmo debit cards can use Instant Add Money to instantly transfer up to $500.00 from their verified bank accounts every week. Customers’ bank accounts may be debited after three to five days, even though the money will appear immediately in their digital wallets.
The Venmo app allows account holders to transfer funds to their bank accounts without verifying their identity, but those transfers have a limit. Venmo allows customers to send up to $999.99 per week, depending on the security checks they perform.
When Venmo’s identity verification system is activated, the limit for Venmo-to-bank-account transfers goes up to $19,999.99 per week. Bank transfers to bank accounts are limited to $2,999.99 per transaction, and instant bank transfers are limited to $0.26 per transaction.
Venmo Limits for Business Accounts
The limits on business Venmo accounts are different from those on personal accounts. According to the USA PATRIOT Act, verification of a business’s EIN is one of the requirements for verifying a registered business account.
The following limitations apply to business accounts before identity verification:
Person-to-Person Weekly Limit
- Unverified: $2,499.99
- Verified: $24,999.99
Standard and Instant Bank Transfer Weekly Limit
- Unverified: $999.99
- Verified: $49,999.99
The spending limit for unverified accounts is $299.99. Verified accounts, on the other hand, can spend as much as $6,999.99 per week, which is divided as follows:
|Spending Limitations||Venmo Mastercard Purchases||Authorized Merchant Payments||Person-to-Person Payments|
There is a $400 cap on Venmo withdrawals, regardless of whether you withdraw cashback, withdraw from ATMs, or withdraw over the counter. Once midnight CST has passed, limitations will be reset.
Business Account Limits
The following limitations apply to bank transfers for unverified and verified profiles:
|Weekly Limitations||Bank Transfer Limits||Person-to-Person Transfers|
In terms of instant transfers per transaction, verified accounts can only send:
- $10,000 to your debit card
- $50,000 to your bank account
Venmo Limits on Crypto
The parent company of Venmo, PayPal, announced in April 2021 that the app would be able to handle cryptocurrency transactions. Investors with personal accounts have the option of choosing four cryptocurrency offerings and investing using the app’s simplified purchasing system. Cryptocurrency transactions are not permitted for business Venmo account holders.
With $20,000 weekly limits and $50,000 annual limits, Venmo’s crypto-buying limits are generous.
Frequently Asked Question
What Is the Venmo Withdrawal Limit?
A Venmo account’s balance can also be withdrawn to a bank account depending on your identity verification status. The maximum amount you can send to your bank (based on security checks) is $999.99 per week if you haven’t confirmed your identity.
Verifying your Venmo account allows you to increase your daily or weekly maximum transfer. Your bank will be able to receive up to $19,999.99 per week once you confirm your identity. However, In any given transaction, you are limited to a maximum transaction amount of $5,000.
How much can you send on Venmo in 1 day?
Venmo users with debit cards have a daily purchase limit of $3,000.00, which resets every day at 12:00 AM CST. The daily transfer limit on Venmo applies to debit card users as well, which is 30 transactions per day. As with the daily limit, it also resets at 12:00 AM Central Standard Time every day.
The convenience of Venmo makes it a great way to send money to friends and family, as well as make small purchases online or in stores. Furthermore, it offers many neat features, such as splitting restaurant bills or cab rides. If you want to send or make large purchases with Venmo, make sure you verify your identity first if you are an unverified user.