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Venmo is one of the most popular peer-to-peer payment services, offering a convenient way for users to send and receive money instantly. While Venmo makes payments easy, it’s important to understand its limits and transaction fees to avoid any surprises.
Venmo limits and transaction fees can vary depending on whether your account is verified and the type of transaction you are making. In this article, we will explore the various Venmo limits for both unverified and verified accounts, and break down important fees to help you understand how they may affect your transactions.
Introduction to Venmo Limits and Transaction Fees
Venmo’s flexibility makes it an excellent choice for managing daily transactions. However, there are different limits in place to ensure that the platform remains secure and adheres to financial regulations. These limits are based on whether your account is verified, as well as the type of transaction you are making.
If you’re new to Venmo, or if you’re considering making a larger transfer, knowing these limits can help you plan your transactions more effectively. By understanding how Venmo limits and transaction fees work, you can use the app without encountering any restrictions that could hinder your transactions.
Personal Profile Limits: Unverified vs. Verified Accounts
The limits on your Venmo account depend largely on whether your account is verified or unverified. Let’s break down the limits for both types of accounts.
Unverified Account Limits
For users who have not completed Venmo’s verification process, there are strict spending limits. These limits are put in place to protect both the user and the platform from potential fraud. Here’s a closer look at the limits for unverified accounts:
- Weekly Spending Limit: $299.99
- This includes all types of transactions such as peer-to-peer payments and purchases.
- Weekly Bank Transfer Limit: $999.99
- If you want to transfer money to your bank account, this is the maximum amount you can transfer per week.
- Per-Transaction Transfer Limit: $5,000
- For transferring money to a bank account, this is the maximum amount that can be sent per transaction.
An unverified account is limited in terms of how much money it can send or receive in a week. If you regularly exceed these limits, you will need to verify your account.
Verified Account Limits
Once you complete Venmo’s verification process by linking and confirming your bank account, your spending limits are significantly increased. Here’s a breakdown of the limits for verified accounts:
- Weekly Spending Limit: $7,000 (combined total)
- This is the total amount you can spend per week across all transactions.
- Weekly Bank Transfer Limit: $19,999.99
- With a verified account, you can transfer up to $19,999.99 per week to your linked bank account.
- Per-Transaction Transfer Limit: $5,000
- Just like unverified accounts, you can transfer up to $5,000 per individual bank transfer.
- Weekly Sending Limit: $60,000
- This is the maximum amount you can send per week in Venmo transactions, which includes person-to-person payments and purchases.
As you can see, verified accounts enjoy much higher limits, allowing for larger transactions and more flexibility. Verifying your account is essential if you plan to use Venmo for larger transactions.
Venmo Card Purchases and Limits
Venmo also offers a Venmo card, which can be used for making purchases at stores and online. The card has specific limits that are important to keep in mind if you plan to use it frequently.
- Per-Purchase Limit: $2,999.99
- This is the maximum amount you can spend on any single purchase with the Venmo card.
- Daily Spending Cap: $3,000
- Venmo allows you to spend up to $3,000 per day using your Venmo card.
- Weekly Spending Limit: $7,000
- Similar to other transactions, there is a cap on how much you can spend per week using the Venmo card.
- Daily Transaction Limit: 30 transactions
- The Venmo card allows you to make up to 30 individual transactions per day.
If you use the Venmo card regularly, these limits help you manage your spending. However, it’s important to monitor your transactions to avoid hitting the limits.
Rolling Weekly Limits
One important thing to note about Venmo limits is that they operate on a rolling weekly basis. This means that a transaction counts against your limit for one calendar week from the time it is authorized. For example, if you make a transfer on a Monday, it will be counted as part of your weekly limit until the following Monday.
This rolling system helps prevent users from running into issues when trying to make large transactions, as long as they are mindful of the timing of their transfers. If you need to send money across multiple days, it’s a good idea to plan accordingly to avoid hitting the weekly limit too soon.
Instant Transfers and Associated Fees
Venmo offers an instant transfer service, which allows users to send funds to their debit cards or bank accounts in a matter of minutes. However, this service comes with an additional fee.
- Instant Transfer Fee: Typically, Venmo charges a 1.75% fee for instant transfers.
- Transfer Limits:
- The limit for transferring money to a debit card is $10,000 per transaction.
- The limit for instant transfers to your bank account is $50,000.
This option can be especially helpful if you need money immediately, but keep in mind that the instant transfer fee will reduce the amount you receive.
Adding Money to Venmo
Venmo allows users to add funds to their Venmo balance, which can be used for payments or transfers. There are limits on how much money can be added each week, depending on whether your account is verified or not.
- Unverified Account:
- You can add up to $10,000 per week via bank transfers.
- You can add up to $2,000 per week via debit card.
- Verified Account:
- You can add up to $10,000 per week via bank transfers.
- You can add up to $2,000 per week via debit card.
These limits apply to the total amount you can add in a given week, so it’s important to be mindful of how much you are adding if you plan to load your account frequently.
Teen Account Limits
Venmo also offers accounts for teens, allowing them to use the service with parental oversight. These accounts come with their own set of limits.
- Teen Debit Card Purchases:
- Teens can spend up to $3,000 per day and $7,000 per week with their Venmo card.
- ATM Withdrawals:
- Teens can withdraw up to $400 per day from ATMs.
- Person-to-Person Payments:
- Teens can send up to $2,000 per week in person-to-person payments.
- In-Store QR Code Payments:
- Teens can make up to $2,000 in purchases per week using QR code payments.
These limits help ensure that teens use Venmo in a responsible way while still providing some flexibility for everyday spending.
Other Important Points to Consider
In addition to the specific limits outlined above, there are other important factors to keep in mind when using Venmo.
- Peer-to-Peer Payments: Venmo allows users to send money to friends and family with ease. However, for unverified accounts, sending limits are restricted. Verified accounts enjoy much higher limits, making it easier to send money for larger purchases.
- Payment Methods: Venmo allows you to link various payment methods, including bank accounts, debit cards, and credit cards. Each payment method comes with its own set of fees and limits. For example, sending money via a debit card may come with a fee, while credit card payments typically incur a 3% fee.
- Security and Fraud Protection: Venmo implements several security features to protect users from fraud, including multi-factor authentication. However, always be cautious when sending large amounts of money, especially to people you don’t know well.
If you’re using Venmo to make purchases, send money, or transfer funds, it’s essential to understand the platform’s limits, including its daily, weekly, and withdrawal restrictions. Knowing these limits will help you manage your transactions more efficiently and avoid surprises.
Venmo’s limits are often “rolling,” meaning they reset after a specific period, typically one week, from your first transaction.
17 Crucial Venmo limits and transaction fees FAQs
Here are some crucial Venmo limits and transaction fees FAQs:
1. Venmo Daily Limit
Venmo does not have a fixed daily spending limit. However, there are limits on individual transactions and your overall weekly spending, which depend on your account verification status.
2. Venmo Weekly Limit
For unverified accounts, the weekly spending limit is $299.99. However, once your Venmo account is verified, the weekly spending limit increases significantly to $6,999.99. This limit covers:
- Person-to-person payments
- In-app/online purchases
- Transactions using the Venmo debit card or QR codes.
3. Maximum Amount You Can Send via Venmo
As a new Venmo user, your weekly sending limit is $299.99, including payments to individuals and merchants. After verifying your identity, this limit jumps to $6,999.99 per week, covering both person-to-person transactions and purchases made with the Venmo debit card or through online and in-app transactions.
4. Venmo Bank Transfers
- If your identity is unverified, you can transfer up to $999.99 per week to your linked bank account.
- After verifying your identity, you can transfer up to $19,999.99 per week, with a maximum of $2,999.99 per individual transaction.
5. How to Increase Your Venmo Limits
To increase your Venmo limits, you must verify your identity. Here’s how you can do it:
- Go to the Settings menu in your Venmo app.
- Tap Identity Verification and follow the instructions to complete the process.
Once verified, your limits will increase, including the ability to transfer up to $2,999.99 per transaction and a weekly limit of $19,999.99 to your bank account.
6. Venmo ATM Withdrawal Limit
Venmo’s ATM withdrawal limit is $400 per day. This limit resets daily at midnight CST.
7. Venmo Debit Card Withdrawal Limit
When using a Venmo debit card, your daily withdrawal limit is $400 for both ATMs and over-the-counter withdrawals. This limit also resets at midnight CST.
8. Venmo Debit Card Spending Limits
- Daily: The spending limit on a Venmo debit card is $3,000.
- Weekly: The weekly spending limit is $7,000.
9. Venmo Weekly Limit Reset
The weekly limit on Venmo doesn’t reset on a fixed schedule. It is based on the time and date of your first transaction. For example, if you make your first transaction at 10 p.m. on a Monday, your limit will reset the following Monday at 10:01 p.m.
10. Venmo Reload Limit
If you use the Venmo reload feature, the maximum amount you can reload to your Venmo account is $500 per week. This limit resets one week after your initial reload. You can track your reload limits in the Debit Card section of the app.
11. Instant Transfer Limit on Venmo
To make an instant transfer, the minimum transfer amount is $0.26. If your transfer is less than $0.25, you will need to use Venmo’s standard transfer option, which takes longer to process.
12. Venmo Business Account Limits
For verified business accounts, the weekly spending limit is $49,999.99, and the maximum limit for instant transfers to a debit card is $10,000 per transaction. If you want to transfer funds to your business’s bank account instantly, the limit is $50,000 per transaction.
For unverified business accounts, the weekly spending limit is $2,499.99, and the transfer limit to your bank account is $999.99.
13. Venmo Spending Limit
Once your identity is verified, your weekly spending limit is $6,999.99, which includes payments to others, authorized merchant transactions, and purchases made using your Venmo debit card.
14. Venmo Funding Limits from Bank Accounts
There are two limits for adding funds to your Venmo account:
- Standard Add Funds: Up to $1,500 per week.
- Instant Add Funds: Available to some Venmo debit cardholders, with a separate weekly limit of $500.
15. Venmo Cryptocurrency Transaction Limits
If you buy cryptocurrency through Venmo, you are subject to the following limits:
- $20,000 per week.
- $50,000 within a 12-month period.
16. Venmo Fees for Sending Money
Sending money using a Venmo balance, debit card, or bank account incurs no fee. However, if you fund a payment with a credit card, you will be charged a 3% fee.
17. Venmo ATM Fees
You will not be charged a fee for purchases made with your Venmo debit card. However, if you use your card for ATM withdrawals, you may incur the following charges:
- $2.50 per ATM withdrawal transaction.
- $3 for over-the-counter bank withdrawals.
To avoid these fees, use a MoneyPass ATM, where there are no charges for withdrawing from your Venmo balance.
Key Takeaways:
- Verification is crucial: Verifying your identity significantly increases your spending and transfer limits.
- Venmo resets limits based on your transaction times, so plan your activities accordingly.
- Be mindful of transaction and withdrawal limits, especially when using Venmo for business or large transfers.
Understanding Venmo’s limits helps you make the most of the platform while avoiding any transaction errors. Always double-check the limits before making large payments or withdrawals!
Frequently Asked Questions
Here are some of the related questions people also ask:
1. What is the Venmo daily limit for unverified accounts?
Venmo does not have a fixed daily limit. Instead, it has weekly and transaction-specific limits. For unverified accounts, the weekly limit is $299.99, and there is no set daily limit. However, once you verify your identity, you can increase your weekly spending limit to $6,999.99.
2. How can I increase my Venmo transaction limit?
To increase your Venmo transaction limit, you need to verify your identity. This can be done by navigating to the Settings menu in your Venmo app and tapping on Identity Verification. Once verified, your weekly limit increases significantly.
3. What is the maximum amount I can transfer from Venmo to my bank account?
If your Venmo account is unverified, you can transfer up to $999.99 per week to your bank account. After verification, this limit increases to $19,999.99 per week, with individual transfers capped at $2,999.99.
4. What is the Venmo limit for cryptocurrency purchases?
Venmo allows you to buy up to $20,000 worth of cryptocurrency per week, with a $50,000 purchase limit over a 12-month period.
5. What is the Venmo debit card withdrawal limit?
The withdrawal limit for the Venmo debit card is $400 per day. This includes ATM withdrawals, over-the-counter bank withdrawals, and cashback transactions, with the limit resetting daily at midnight CST.
6. Can I send money to anyone with Venmo?
You can send money to anyone with a Venmo account, provided they are in your contact list or you know their Venmo username. However, your weekly spending limit applies, which can vary depending on whether your account is verified.
7. What happens if I exceed my Venmo limit?
If you exceed your Venmo limit, the transaction will fail. You’ll need to either adjust the transaction amount to stay within your limits or complete identity verification to increase your limits.
8. Is there a fee for using Venmo to send money?
Venmo charges a 3% fee for transactions funded with a credit card. However, if you use a Venmo balance, bank account, or debit card to send money, there is no fee.
9. What is Venmo’s limit for ATM withdrawals using a debit card?
The limit for ATM withdrawals using your Venmo debit card is $400 per day. This includes both ATM withdrawals and over-the-counter bank withdrawals, and it resets daily at midnight CST.
The Bottom Line
Understanding Venmo limits and transaction fees is crucial for using the service effectively. Whether you are using Venmo for everyday purchases, sending money to friends and family, or transferring larger sums, knowing your account’s limits will help you avoid any setbacks.
Unverified accounts come with stricter limits, while verified accounts enjoy more flexibility in terms of transaction amounts and fees. Additionally, Venmo offers the option of instant transfers, but these come with additional fees.
By staying aware of these limits, you can use Venmo efficiently and avoid unexpected fees. With the right approach, Venmo can be an invaluable tool for managing your money in a simple and secure way.