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Hey Venmo users! Venmo processed over $230 BILLION in transactions in 2021. A STAGGERING amount of money. It makes you wonder – How much money can you actually send with Venmo? Not billions obviously :). How much per day, per week, per month? It’s IMPORTANT for you to know so you don’t find out the hard way when trying to send money or buy something. In this blog post, I’ll answer all your questions about Venmo‘s limits and explain what happens if you exceed them as well as other important info that you should be aware of.  Venmo Limits – What are They?Venmo limits are the MAXIMUM amounts that you’re allowed to send or withdraw using the app. Not surprising – right? BUT… There are DIFFERENT transaction limits for different types of transactions, and Venmo will let you know if you try to exceed them. If you need to send more money than your limit allows, you can request a limit increase from Venmo (I explain how to request an increase later in this post). What’s the Most Money I Can Send Using Venmo?If you’re new to Venmo, you can send up to $299.99 per week. Not very much is it? Thankfully it’s easy to increase that amount. Once you verify your identity, your weekly limit goes up to $6,999.99. That includes payments to people, in-app and online purchases, and any other purchases made using your Venmo debit card or in-store QR code. If you need to Venmo someone a large amount of money, you need to verify your Venmo account first. I show you how later in this blog post. What’s the Daily Limit?Many are surprised to find out there ISN’T a daily limit when using Venmo. Instead… There’s a “per-transaction limit” and a “weekly spending limit”. That being said, if your Venmo account ISN’T verified, your daily limit is up to $299 (assuming you haven’t used Venmo throughout the week). If your account IS verified… The per-transaction limit is currently $4,999.99, so you can technically make as many transactions as you want as long as they don’t exceed that amount.
What’s the Weekly Limit?If you’re like most people, you probably use your Venmo account to pay your friends back for dinner or drinks. But… Did you know that Venmo ALSO has limits on how much you can spend in a week? If you haven’t verified your identity within the app yet, your weekly spending limit is $299.99. However… If you have verified your identity, your COMBINED weekly spending limit is $6,999.99. This includes person-to-person payments, in-app/online purchases, and any purchases made with your Venmo debit card or QR codes. So if you’re planning on making a big purchase, be SURE to verify your identity first! When Does the Weekly Limit Reset?Have you ever been in a situation where you need to Venmo someone but you’ve already hit your limit for the week? It can be frustrating, ESPECIALLY if you’re not sure when the limit will reset. Thankfully, it’s not as complicated as you might think. There ISN’T a set day or time when the weekly Venmo limit resets. Instead… It’s based on when you made your initial transaction and resets 1 week from that day and time. For example… If your initial transaction was on Wednesday at 10 pm, your weekly limit would reset the following Wednesday at 10:01 pm. So next time you’re wondering when your limit will reset, just think back to when you made your last transaction and add 7 days. Easy peasy! What’s the Withdrawal Limit?If you’re looking to use your Venmo debit card to withdraw cash, there are a few things you should know. First, there’s a daily limit of $400 for ATM and over-the-counter withdrawals, as well as cashback. This limit resets at Midnight CST each day, so if you’re planning on making a large withdrawal, you’ll need to do it before the end of the day. Additionally, your bank account may impose its own bank transfer limits on how much cash you can withdraw from an ATM, so be sure to check with your bank before using your Venmo debit card. Withdrawals are also subject to fees, so be sure to factor that into your decision. All things considered, it’s important to be aware of the limitations of your Venmo debit card before using it to withdraw cash.
What’s the ATM Limit?Have you ever been out with friends and realized that you don’t have enough cash to cover your share of the bill? Venmo has got you covered. With their ATM limit, you can withdraw up to $400 from an ATM in a single day. And if you need more, don’t worry – the limit resets every day at Midnight CST. So whether you’re covering a lunch tab or picking up the bar tab, Venmo has you covered. What’s the Reload Limit?If you’re looking to reload your Venmo balance, there’s a limit of $500 that resets each week. You can check your current limit at any time in the debit card section of the app. Keep in mind that you’ll need to have reloads enabled in order to see your limit. Once you’ve reached your limit, you’ll need to wait until the next week to reload again. So if you’re planning on making a big purchase, make sure to do it early in the week!
What’s Spending Limit?If you’re looking to use Venmo to make payments or send money to friends, it’s first important to verify your identity. Once that’s been taken care of, you’ll have a rolling weekly transaction limit of $6,999.99. This applies to any type of transaction – whether you’re sending funds to someone else, making authorized merchant payments, or using your Venmo debit card for purchases. How Do I Increase My Venmo Limits?The easiest and most effective way to increase your Venmo limits is to verify your Venmo account (if you haven’t already). To Verify Your Venmo Account
Once you’re verified, you’ll be able to enjoy all the features of Venmo without any limits. What If I Hit My Venmo Limit?If you’ve hit your Venmo limit, you’ll need to wait until the next week to make any more transactions. That means no more payments, no more sending money to friends, and no more using your Venmo debit card for purchases. However, if you need to make a large purchase, there are a few things you can do. First, you can try to split the payment up into multiple transactions. For example, if you’re trying to buy a $500 TV, you could Venmo $250 to the seller and then pay the remaining $250 with another method. Second, you could ask a friend or family member to help you out. They can Venmo you the money you need and then you can repay them later. Just make sure to set up a repayment plan so they don’t end up stuck with the bill! Finally, if all else fails, you can always try to negotiate with the seller. They may be willing to accept another form of payment or let you pay in installments Tips for Staying Under Your LimitIf you’re looking to stay under your Venmo limit, there are a few things you can do. First, try to be mindful of the payments you’re making. If you can avoid large purchases, that’s one way to stay under your limit. Second, make sure to keep an eye on your balance. If you’re getting close to your limit, try to make smaller payments or wait until the next week to make a payment. Finally, if you’re ever in doubt, always check your limit before making a payment. That way, you’ll know exactly how much money you have to work with and you can plan accordingly. Wrapping Up – Venmo LimitsVenmo is a great way to pay for small things, like lunch or picking up a bar tab. If you need to reload your Venmo balance, there’s a limit of $500 that resets each week. You can check your current limit at any time in the debit card section of the app. Keep in mind that you’ll need to have your identity verified in order to use Venmo. Once you’re verified, you’ll have a rolling weekly transaction limit of $6,999.99. If you need to make a large purchase, try splitting the payment up into multiple transactions or ask a friend or family member to help you out. Stay under your limit by being mindful of the payments you’re making and keeping an eye on your balance. If you ever have any doubts, always check your limit before making a payment. References
Author Profile Jeremy Davidson is a feature writer at aTimeforCash who enjoys helping people with financial apps, online banking, crypto, and other areas of basic personal finance. In addition to a passion for helping others, Jeremy also enjoys storm chasing and has seen over 60 tornadoes since 2006. He lives in Omaha, Nebraska with his wife and two children. |
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