Are you searching for a quick and easy way to pay for goods and services?
If you live in the United States, you are likely to be aware of Venmo. This service allows you to leave your wallet at home and pay using a handy mobile app.
However, you need to read the terms and conditions carefully to make sure that this payment service meets your needs. This includes being aware of the restrictions and making sure you can operate within them.
So, let’s find out, does Venmo have a limit?
Contents
About Venmo
Venmo is an American mobile payment service that was founded in 2009. Account holders can use the company’s official app to make free peer-to-peer transfers. This makes it a particularly popular way to send friends and family members money. The app also makes it easy for housemates to split bills and pay their share of the rent.
The app can also be used to pay for meals in restaurants, purchase tickets, and pay bar tabs. There are no transaction fees for using this contactless payment method. Moreover, the payment method has an excellent reputation for being secure. Most customers also find that it is very easy to use.
Who owns Venmo?
Venmo was purchased by PayPal in 2012 and has become increasingly popular since then. The company processed a reported $230 billion in transactions alone. These transactions netted a reported profit of $850 million.
However, while the app offers a certain amount of financial freedom, it is quite limited compared to certain options. Firstly, the app can only be used in the United States and is only currently available in English. Both the sender and receiver have to live in the United States for transactions to be processed. There are also various other limitations that users need to be aware of.
Personal Account Limits on Venmo
When you sign up for a personal account, you are automatically able to connect your bank account. This gives you instant access to your funds when you are out on the town. You can use your card or the app to pay for goods and services and send people money.
When you want to make a purchase, there are several ways to complete the transaction. You can use your QR code, use the dedicated app, or another app. Transactions are usually very smooth and are completed very quickly.
Ok, but what about the limit?
The daily restrictions are reset at midnight CST. The weekly restrictions are based on a weekly rolling calendar and begin from the time and date of your first transaction. You can also choose to increase the set limits by verifying your account.
The restrictions for personal accounts include:
- Person-to-Person Transfers up to $60 per week
- Purchases up to $3,000 per day / $7,000 per week
- ATM withdrawals up to $400 per day
- Cashback up to $400 per day
- Over-the-counter withdrawals up to $400 per day
- Cash transfers up to $6,000 per week
Bank Transfer Limits
Once you have verified your bank account, you can send money straight to your wallet. There are two main ways to do this. Let’s take a closer look at the options and the processes involved.
Standard Add Money
This standard transfer method typically takes between three and five days. You can transfer up to $1,500 during a rolling calendar week. While the maximum is set, there is no minimum transfer restriction.
Instant Add Money
This option is only available to certain users. If you qualify, you can use Instant Add Money to make an instant transfer of up to $500 per week. You need to have a verified bank account in order to take advantage of this option.
When you use Instant Add Money, the money will show up in your digital wallet without any waiting time. However, it can take up to five days for the money to be debited from your bank account.
Unverified Accounts
You can still make payments if you don’t have a Venmo debit card and can’t verify your bank account. In this case, you will need to link to another type of payment method. You will be subjected to additional security checks, and the usual restriction is up to $999.99 per week.
Verified Accounts
The limitation is raised considerably once your bank account has been verified. Once verification is complete, the Venmo-to-bank-account limit is increased to $19,999.99 a week. The maximum you can transfer in a single transaction is $5,000, while the minimum is $0.26.
Business Account Limits
If you own your own business, opening a business account can be a convenient option. This makes it easy to take care of business expenses such as purchasing equipment and entertaining clients. The restrictions for business accounts depend on whether or not your identity has been verified.
The USA PATRIOT Act sets the requirements for verifying a registered business account. This requires you to submit information that proves you have a business and discloses the nature of the business. This is likely to include your Employer Identification Number and the full address of your business.
The limits for business accounts include:
- Unverified Person-to-Person – $2,499.99 per week
- Verified Person-to-Person – $25,000 per week
- Unverified Standard & Instant Bank Transfer – $999.99 per week
- Verified Standard & Instant Bank Transfer – $49,999.99 per week
- Verified Instant Bank Transfer to a debit card – $10,000 per transaction
- A Verified Instant Bank Transfer to bank account – $50,000 per transaction
Crypto Limits
You can use your personal account to buy, sell, and hold different types of cryptocurrencies. These include Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. However, the cryptocurrency cannot be used to send payments, make purchases, or transfer off the Venmo platform.
The restriction for using your account to buy cryptocurrency is $20,000 a week. However, this is capped off at a maximum of $50,000 for the entire year. Any personal account holder in the United States can purchase cryptocurrency except for people who live in Hawaii. But you cannot engage in cryptocurrency transactions if you have a business account.
MasterCard Debit Card Limits
There are additional restrictions for Venmo MasterCard debit card users. These restrictions control the amount that you can withdraw and spend within 24 hours. This is intended to prevent scammers from emptying your bank account if they get their hands on your card.
The MasterCard Debit card restrictions include:
- ATM withdrawals – up to $400 per day
- Purchases – up to $2,99.99 per day and $7,000 per week
- Cashback – up to $400 per day
- Over-the-counter withdrawals – up to $400 per day
- Monthly card transactions – up to $6,000
- Daily transactions – up to 30 per day
The daily restrictions reset at 12:00 AM CST. So, if you need to make large transactions, you can get around the limitations with careful timing. But you may need to split large transactions into parts and complete them on consecutive days.
Now that I’ve answered, Does Venmo have a limit? And confirmed all limits to be aware of; let’s talk about…
How to Increase Your Limit?
Restrictions on the amount you can send and receive are set to protect you against fraud. This helps to prevent your bank account from getting wiped if someone gains access to your details. However, you can apply for higher limits through the company’s app if you want.
Top tip…
The more information you provide, the more likely you are to be approved for a higher limit. To get started, select ‘Settings’ followed by ‘Payment Limits’ in the Venmo app. You will then see an option named ‘Apply for higher limits.’
Once you tap on the option, you will see a list of the additional information you need to provide. This information will be carefully checked before a decision is made. But you should receive a decision within 48 hours once your request has been reviewed.
More on Venmo
There are a few other recent articles that we think might be relevant to you. Including our answers to, What stores accept Venmo pay in-store, Does Walmart Accept Venmo, Where Can You Cash A Personal Check Besides Banks, and How And Where To Cash A Check Without ID in 2023?
There’s more…
Interested in our answers to, Can You Withdraw Money from Netspend for Free, More on NetSpend Withdrawal at Walmart, Does Dollar General Load Cash App, Netspend, Green Dot, and Chime Cards, and Does Kroger Do Cash Back?
Or please feel free to search our site with any questions you may have about your service providers.
Ok, back to…
Final Thoughts
Yes, it does, but it varies depending on whether or not you have verified your account.
Using Venmo is a great way to transfer money and make payments while you’re on the move. This is a safe and secure way of making payments and sending money to loved ones. However, certain restrictions are put in place to help protect cardholders from getting scammed.
Therefore, it’s important to check the limits carefully and make sure that they match your needs. If not, it’s possible to raise the limits by verifying your identity. Doing this will allow you to send up to $5,000 in a single transaction.
Happy transacting!
