Venmo transfer limit
After PayPal, Venmo has unquestionably has become the common app used by the people of states. There are millions of users who are using the app on daily bases. Some of them are even using it for every transaction but this causes a limit problem. So, what is the Venmo transfer limit? How does it affect your daily chores or how to manage it? Well you are going to get all your answers in this article.
You should understand the ease of using it and its popularity that some people even stopped using hard cash at all. Even though it is easy to use there are things you should keep in mind and those are as follows.
Importance of verifying your identity
You can start using the Venmo app without going through any verification process. But the drawback of this is that there is very low transfer limit. So, it is best for the user to get through the verification process as soon as possible. After that only there will be an increase in the Venmo transfer limit.
For the verification process Venmo will be needing the Zip code, last four digits of the Social Security Number, your date of birth in your Venmo account. Venmo sometimes ask for the additional information and documents for the verification.
Bank Transfer Limits
When you transfer the money from the Venmo to bank account the transaction can be subjected to review. This is done to mitigate the illegal or suspicious activities and to make sure that the user is complying to the user agreement. So, the transfer sometimes may take time but it for the security purpose only.
Venmo tends to keep on changing the transfer limit from Venmo to bank account for its own discretion. Given that you can transfer from bank account to Venmo and Venmo to bank account easily. Here is the limit that you can expect from the Venmo.
From bank account to Venmo
When you are transferring the money from the bank account to Venmo then the Venmo transfer limit is $1500 per week. In other words, the transfer limit on the Venmo account is weekly basis and that limit is up to $1500 only.
Venmo to bank account
If your account is not verified then the transfer limit to that is low. The reason for that is safety only. That being said, the maximum Venmo transfer limit for an unverified account is $999.99 per week. If you are looking for more transfer limit then you have to go through the verification.
If you have gone through the Venmo verification then the transferring the money is $19,999.99 per week. This is a quite big amount in comparison to the unverified transfer limit. But you have to know one more thing and that is the maximum transfer limit in single transaction is $2,999.99.
The limits that are mentioned above are subjected to the rolling limit. For example, if you crossed the bank transfer at 2 P.M on Tuesday, then making another bank transfer at 2:01 P.M the following Tuesday will not affect the prior transfer.
Venmo Payment Limit
Similar to the bank transfer limit, Venmo also carry out the periodic review of its limits and may change as they seem fit.
Without verifying your Identity
Venmo allows a limited transaction once you have signed up. Simply speaking, Venmo places $299.99 weekly rolling limit on your transactions. In short you can not make the transactions more than that.
Venmo start counting the limit from the first payment you make. For example if you make the first payment at 10:00 A.M on Wednesday then the limit new limit will start on the following Wednesday at 10:01 A.M.
After Verifying your Identity
Once you have verified your account then the sending limit is $2,999.99 weekly. There is no limit to the amount you can receive. You can pay for the goods and services as well from authorized Venmo merchants for up to $2,000 per purchase. The maximum number of transactions that you can make per day is 30.
This provides you the limit of $4,999.99 weekly but you can send $3,000 in single transaction. You should keep in mind that you can not raise the limit from the above-mentioned ones.
While signing up with the Venmo account you are provided all the information that you need. But we hope that after reading this all the doubts will be removed regarding the Venmo transfer limit.