Venmo has become a popular mobile payment app, simplifying transactions between friends, family, and businesses. Whether you’re splitting the cost of dinner or paying for services, Venmo provides a convenient digital solution. However, like many financial services, Venmo implements sending limits to ensure security and compliance. Understanding these limits is essential for managing your transactions effectively. So, how much money can you actually send through Venmo? Let’s explore the Venmo sending limits you need to be aware of.
Venmo Transaction Limits: Verified vs. Unverified Accounts
The primary factor determining your Venmo sending limit is your identity verification status. Venmo differentiates between users who have completed identity verification and those who have not, applying different limits to each category.
Sending Limits for Unverified Accounts
If you’re using Venmo without completing identity verification, your sending capacity is restricted. Unverified Venmo accounts are subject to a weekly sending limit of $299.99. This limit is cumulative, encompassing both person-to-person payments and payments to authorized merchants. If your transaction needs exceed this amount, verifying your identity is necessary to unlock higher limits.
Sending Limits for Verified Accounts
Completing identity verification on Venmo significantly increases your sending power. Once your identity is verified, your weekly sending limit jumps to a substantial $60,000. This higher limit applies to payments sent to other Venmo users. Furthermore, verified users also benefit from a combined weekly purchase limit of $7,000. This purchase limit covers a range of transaction types, including:
- Using your Venmo QR code in physical stores
- Paying with Venmo during online checkouts
- Utilizing Venmo for payments within other mobile applications
It’s important to remember that payments made to other Venmo users are also counted towards this $7,000 weekly purchase limit. Even within these limits, transactions can be declined for various reasons, highlighting the importance of maintaining a healthy account status and ensuring payment details are accurate.
How Weekly Rolling Limits Work
Venmo’s transaction limits operate on a rolling weekly basis. This means the limit isn’t reset at the start of a calendar week. Instead, each transaction counts against your limit for exactly one week from the moment it was authorized.
For instance, if you send a $50 payment on Wednesday at 10:00 AM, that $50 will be deducted from your weekly limit until the following Wednesday at 10:00 AM. After that point, the $50 is no longer considered part of your current weekly limit. This rolling system provides a continuous and dynamic calculation of your available sending amount.
Exploring Other Types of Venmo Limits
Beyond the standard sending and purchase limits, Venmo may also have other specific limits depending on the context of the transaction. These can include limits related to:
- Venmo Mastercard Debit Card Transactions: Transactions made using your Venmo debit card might be subject to separate and distinct limits.
- Cryptocurrency Purchases: Buying and selling cryptocurrencies on Venmo could involve specific transaction limits.
- Bank Transfers: Transferring funds to or from your linked bank account may also have associated limits.
- Visa+ Transfers: Using the Visa+ feature within Venmo might also come with its own set of limitations.
For detailed and precise information regarding these specific limits, it’s always recommended to consult the official Venmo help resources and support documentation.
Conclusion: Be Aware of Your Venmo Sending Capacity
Understanding how much money you can send on Venmo is crucial for a seamless payment experience. Whether you operate with a verified or unverified account, knowing the weekly sending and purchase limits helps prevent transaction issues. Remember to complete identity verification to access higher limits and always refer to the official Venmo help center for the most current details on all transaction limits. These measures are in place to protect users and maintain the security of the Venmo platform.
