Do you know there are many things you can do with Venmo?
Venmo is one of the best online money transaction platforms in the United States. As a Venmo user, sending and receiving money from family and friends is safe, fast, and reliable.
With the app, you can pay for your purchases using the Venmo Mastercard debit card. Not just that, you can as well make withdrawals at the ATM with it.
However, all these come with limits. There’s a limit to how much you can send, the amount you can withdraw, the limit you can load in your account, the cryptocurrency purchasing limit, and many more.
In this post, you’ll learn about the various Venmo transaction limits, both for personal and business profiles. Stay glued.
There’s a limit placed on your Venmo weekly activities. If your account is not verified, your weekly sending and spending limit will be low. Once you verify your account, either a personal or business account, your limit will increase.
Venmo Personal Profile Weekly Limit
As a Venmo user, you’re eligible for personal and business profiles. Although both profiles have different transaction limits.
Now, let’s see the limit attached to a personal profile.
If your Venmo personal account is not verified, you can only spend $299.99 per week. (Mind you, the limit is exclusive to both person-to-person transactions and payments to authorized stores).
Once you verify your account, (it doesn’t take time anyway), your sending limit will increase to a whopping $60,000 weekly. Sounds pretty good right? It doesn’t end there, you will also enjoy an increase of &7,000 per week, for your purchases using either the Venmo QR Code or another Venmo payment gateway.
To verify your account on Venmo,
- Open your Venmo app
- Go to the “Me” tab
- Click on the “Settings” icon, located at the top right corner
- Finally, click on “Identity Verification” and provide the required information.
What Day and Time does the Venmo Weekly Limits Reset?
Venmo calculates its weekly limits by rolling. For instance, let’s say you initiated a transaction on Friday at 1:20 PM, your weekly limit will clear the next Friday by 1:21 PM.
Venmo Business Profile Weekly Limit
As I said earlier, the personal account limit differs from a business account on Venmo. Again, a non-verified business profile limit is way lower, compared to a verified profile.
Unverified business profile: there is a $999.99 weekly limit for bank transfers and a $2,499.99 weekly limit for person-to-person transactions.
Verified Business Profile: there is a $49,999.99 weekly limit for bank transfers and a $24,999.99 weekly limit for person-to-person transactions.
Venmo Bank Transfer Limit
When it comes to Bank transfers, there are limits as well.
With your verified linked bank account, you can load money to your Venmo balance in two different ways.
Standard Add Money and
Instant Add Money
Standard Add Money: using this method, your transfer limit will be $1,500 per week. It takes 3-5 days for the money to show in your Venmo balance. However, if you’re not verified, you can only transfer $999.99 in a week. While the transfer limit increases to $19,999.99 in a week once you verified the account.
Instant Add Money: to use this method, you must have a Venmo Mastercard debit card. It allows you to send up to $500 instantly in a week and it reflects immediately in your balance.
The maximum amount you can move from Venmo to your bank account is $5,000 per transaction and a minimum of $0.26.
Venmo Mastercard Debit Card Limit
You can use the Venmo card anywhere Mastercard is accepted in the US and its territories.
Nevertheless, here are the limits it comes with.
You can only spend $2,999.99 per purchase using the card
Your daily purchase limit is $3,000.00 and it reset at 12 AM CT.
You can’t exceed more than 30 transactions with the card in a day and it reset at 12: AM CST.
For Reload Limit, go to the “Venmo Debit Card” tab on your Venmo app.
Note:with the instant transfer, you can load up to $10,000 to your debit card per transaction and up to $50,000 to your bank account per transaction.
Venmo Spending Limit
For an unverified account, you can spend a maximum amount of $299.99 weekly. verified account can spend a maximum of $7,000 per week.
Venmo ATM Limit
When making withdrawals with the card, you can only withdraw $400 in a day. The same goes for Cashback.
Venmo Cryptocurrency Purchasing Limit
You can’t invest in Crypto with a Venmo business profile, is a no-no. For now, the option is only available for Venmo personal accounts. Again, to be eligible, make sure you reside in the US and not in its territory.
Here are the Cryptocurrencies you can buy on Venmo.
I know you would like to know if there’s a restriction. Yes, it comes with a minor restriction. You can only buy, sell, or hold the coin, you can’t pay for your purchases or transfer funds using the cryptocurrency.
Also, there is a limit. You can purchase up to $20,000 worth of Crypto in a week on Venmo. But the ugly part is, you can’t buy more than $50,000 worth of Crypto in a year.
Is There a Limit on Venmo Per Day?
No. There is nothing like a daily limit on Venmo, rather they have a weekly limit. They calculate the limit every week.
There’s a sending limit of $299.99 for an unverified personal profile. But for a verified account, you can send up to $60,000 in a week.
Can You Transfer $5,000 Through Venmo?
The answer is Yes. Once your account is verified, you can send the sum of $5,000 per transaction. To send more than that, you’ve to initiate another transfer.
How to Increase My Venmo Limit?
To increase your Venmo limit from $299 to &60,000, you’ve to verify your account.
Venmo fees and how they work
Generally, Venmo has a low-fee rate. Venmo doesn’t charge monthly subscription fees. Again, you can transfer funds to your debit card, Venmo account, linked bank account totally for free.
However, here is a rate attached to your Venmo transactions.
- Payments made with a credit card on Venmo are charged a 3% fee.
- For online purchases, there’s no fee attached.
- Money sent to a Venmo account, linked debit or bank accounts, comes with no fee. It’s completely free.
READ MORE ON VENMO👇
There are different limits on Venmo.
The limits for Personal and Business Profiles are not the same. Same as the bank transfer and the Venmo Mastercard debit card.
Is good to know them in order to avoid some unnecessary embarrassment.
To enjoy high spending or sending limits Venmo, endeavor to verify your account.