What Is The Daily, Weekly Limit For Venmo? Can I Increase My Venmo Limit? from Justin Smith's blog

Venmo, a popular peer-to-peer payment app, allows users to send and receive money with ease, making it a favorite choice for everyday transactions. Understanding the Venmo limits set by Venmo is crucial for managing your finances effectively. Venmo imposes specific daily and weekly limits on the amount of money you can send and receive. These limits are designed to safeguard users and maintain the integrity of the network.

For most users, Venmo’s daily limit for sending money is capped at $299.99. This limit applies until the user completes Venmo’s identity verification process. Once verified, the daily sending limit significantly increases, allowing for more substantial transactions. This is particularly beneficial for users who regularly engage in higher-value transactions or use Venmo for business purposes.

Venmo’s weekly limit starts at $4,999.99 for sending funds after identity verification. This limit is cumulative, encompassing person-to-person payments, payments to authorized merchants, and Venmo Mastercard debit card transactions. For withdrawals and spending using the Venmo card, different limits may apply, which are important to track for effective financial management.

Increasing your limits on Venmo is straightforward but requires completing a few essential steps. The primary method to increase your limit is by verifying your identity with Venmo. This process involves providing your full name, date of birth, Social Security Number, and occasionally additional documentation to confirm your identity. By completing these steps, you not only increase your transaction limits but also enhance the security of your account.

Enhancing your Venmo limits provides several advantages, especially for users who frequently use the service for larger transactions or business purposes. Higher limits offer more flexibility and convenience, reducing the need to split payments or delay transactions due to limit restrictions.

1. Regularly Review Your Transaction History: Keep an eye on your transaction history to understand your spending habits and ensure you remain within the set limits.

2. Complete Identity Verification Early: Completing the identity verification process early can prevent interruptions and inconvenience, particularly if you anticipate needing higher limits.

3. Understand Venmo’s Limit Resets: Venmo’s weekly spending limits reset on a rolling basis, calculated over seven days. Knowing when your limits reset can help you plan transactions more effectively.

4. Use Notifications for Tracking: Enable notifications in the Venmo app to receive alerts about your transactions and any issues related to limit breaches. This proactive approach helps manage your account more efficiently.

After verification, Venmo users have increased limits for sending money. Here's a breakdown of the daily, weekly, and monthly limits:

1. Daily Limit: The daily limit for sending money on Venmo after verification is typically $3,000. This limit resets at midnight every day, allowing users to plan their payments accordingly.

2. Weekly Limit: Once you've completed identity verification, you can send up to $5000 per week. This limit is subject to change based on Venmo's policies and your account history.

3. Monthly Limit: Venmo doesn't specify a monthly limit separate from the weekly limit, but if you calculate based on the weekly limit, theoretically, you could send up to $20000 in a month if you max out the weekly limit consecutively. However, this is a theoretical maximum and actual limits can be influenced by various factors including security checks and account activity.

No, the daily and weekly limits account for the total amount sent within the specific period, regardless of how many transactions are made.

No, receiving money does not affect your limit for sending funds. These are tracked separately by Venmo.

If you reach your Venmo limit, you will be unable to complete further transactions that exceed the limit until it resets. Planning ahead can help avoid this situation.

Venmo does not charge any fees for verifying your identity to increase your Venmo limits. However, other fees, such as instant transfer fees, may still apply.