How much can you send on Venmo? You asked. Read on to find out.
Venmo is one of the most efficient digital platforms for money transactions.
It allows users to send and receive money, as well as make payments to merchants and business owners.
Do you want to know how much you can send on Venmo? Let this article be your guide as I bring you information on the Venmo transfer limit.
What is Venmo?
It is a mobile app that allows the exchange of money between individuals or businesses.
Venmo was founded in the year 2009 and is currently owned by PayPal.
The service is only available in the United States and is only compatible with US-based bank accounts.
Some amazing features of Venmo
The app tones down the seriousness of commerce by allowing the use of emojis and stickers in the payment description.
Venmo transactions are free, save a transaction with a credit card and an instant transfer to your bank account.
You can opt for a Venmo Mastercard debit card which can be used for ATM withdrawals and in-store payments
Cash added to Venmo account via direct deposit, or cryptocurrency is eligible for FDIC insurance.
The latest version of the app has a QR code that makes it easy to add and pay friends as well as make in-store payments in stores around the US only.
How Much Can You Send On Venmo? Check Out The Transfer Limits
Venmo places a limit on the amount of cash transferrable per transaction, per week, and month.
The various types of transactions are:
- Person to person payments.
- Purchases with the Venmo Mastercard.
- Online and in-app purchases.
- QR code purchases.
A ‘normal’ Venmo account without identity verification has a spending limit of $299.99 per week, but for only person-to-person transactions and payments to authorized merchants.
Verification increases your weekly limit to $6,999.99 and includes all the above-listed types of transactions.
However, the maximum amount for a peer-to-peer transfer is $4,999.99 and the maximum for payments to merchants is $2,999.99.
If you have to pay merchants more than $2,999.99, your person-to-person transfer reduces.
Other Venmo transfer limits
There is a $400 daily limit for ATM and over-the-counter withdrawals.
A weekly $20,000 limit on cryptocurrency purchases and a $50,000 monthly limit.
A maximum weekly transfer of $1,500 from your bank account.
All these transfers are on a rolling basis.
It means that if you exceed the weekly transfer limit at 11 am on Monday, you will have to wait till 11 am the next Monday to make new transfers.
How to verify your Identity on Venmo
Identity verification can only be done on the Venmo mobile app.
- Click on the menu icon on the app or the single person icon that opens the ‘You’ tab [on the new app version].
- Select ‘Settings’.
- Tap ‘Identity verification’.
- The prompts on the screen will guide you to complete the process.
What do you need for Venmo identity verification?
- Current address.
- Date of birth.
- Social security number (SSN) or Taxpayer Identification number.
How long does verification take?
Usually, it should take only a few minutes to verify your identity, but if your information cannot be found on the National database due to unavailability or a change in your name and/or address, you would be asked to send the documentation that confirms your identity.
Your identity will be verified after a review process, which takes 2-3 business days.
When do I verify my identity?
Venmo sends an email to all its users with access to a Venmo balance, requesting them to verify their identity.
Without verification, you will be unable to make payments with your Venmo balance;
your transactions will be limited to receiving payments, bank transfers, and payments using a linked account, and credit or debit card.
And of course, you’ll have a very small transfer limit.
So take the opportunity to verify soonest.
Venmo has amazing benefits for the user especially the verified user and now that you have known how much you can send on Venmo, I’m sure it’ll help you make better financial plans and decisions.