Venmo, a popular peer-to-peer payment app, has become an essential tool for millions of users to send and receive money effortlessly. Understanding the Venmo limits is crucial for seamless transactions. This comprehensive guide covers everything you need to know about Venmo's sending, receiving, and withdrawal limits.
Venmo imposes certain limits on transactions to ensure security and compliance with regulatory requirements. These limits vary based on factors such as account verification status and the type of transaction.
For new Venmo users, the weekly sending limit is $299.99. Once you verify your identity, this limit increases significantly. Verified users can send up to $4,999.99 per week in person-to-person payments, and up to $6,999.99 per week in combined person-to-person payments, payments to authorized merchants, and Venmo Mastercard purchases.
Venmo has different receiving limits depending on whether your account is verified or not:
Unverified Accounts: If your account is unverified, you can receive up to $299.99 per week.
Verified Accounts: Once you verify your identity with Venmo, there is no limit to the total amount of money you can receive. However, there is a rolling limit for person-to-person payments, which is $60,000 per week. For purchases made with your Venmo Mastercard Debit Card or through authorized merchants, there are separate limits.
Venmo's withdrawal limits are tied to your account's verification status. Unverified users have a $999.99 weekly rolling limit for withdrawals, while verified users can withdraw up to $19,999.99 per week. The per-transaction limit for withdrawals is $2,999.99.
For users who need immediate access to their funds, Venmo offers an Instant Transfer option. The limit for Instant Transfers is $2,999.99 per transaction, with a weekly rolling limit of $19,999.99. There is a small fee associated with this service.
Venmo also offers a debit card that can be used for purchases or ATM withdrawals. The daily spending limit for the Venmo Debit Card is $3,000. For ATM withdrawals, the daily limit is $400, with a $2.50 fee for withdrawals at non-MoneyPass ATMs.
Understanding Venmo limit is key to making the most out of your transactions. Whether you're sending money to friends, shopping online, or withdrawing cash, being aware of these limits will help you avoid any disruptions. Always keep your account verified and monitor your transactions to enjoy seamless payments with Venmo.