Do you want to carry out financial transactions with a Venmo account? If yes, then’ it will be good for you to know Venmo Transfer Limit to avoid being stranded, disappointed. Venmo accounts, just like other accounts, have a transfer limit for person to person payment. Not only that, it also has a spending limit for business accounts that are operating with them.
But if you don’t know the daily and weekly Venmo Transfer Limit, worry not as I have succinctly itemized all you need to know about Venmo Spending Limit which unarguably would help you to set your scale of preference as it concerns your financial transactions.
It is apt that you know the Venmo Transfer Limit because once you exceed your daily or weekly spending limit, you will not be able to make further transfers until the next day or the next week as the case may be.
Advantages Of Knowing Venmo Transfer Limit
The importance of knowing your Venmo Transfer Limit can not be overemphasized because once you know the Venmo Spending Limit, it would help you to set your priorities right, not only that it would also help you to arrange your financial transactions according to order of importance etc.
Venmo Transfer Limit
Now that you have known the importance of knowing the Venmo Transfer Limit, let’s quickly look at the various transfer limits that can be seen in Venmo financial institutions.
As it is seen in other financial institutions, where banks set limits for person to person transfer and corporate bodies transactions, the same is applicable to Venmo accounts.
The Venmo Transfer Limit is grouped into different categories depending on the type of transactions that individuals run. Below are the different Venmo transfer limit category:
Venmo Limits For Personal Accounts Transfer
For the Venmo person to person transfer, the limit is below:
- For unverified customer, the maximum expenditures for a week is $4,999.99 while per transaction limit is $4,999.99
- For verified customer, the maximum weekly expenditures is $6,999.99 while per transaction limit is $2,999.99
Limits For Venmo Debit Mastercard Users
For the Venmo debit Mastercard Users, their purchasing limit is enumerated below;
- Venmo Mastercard maximum weekly expenditure is $6,999.99 while per transaction limit is $2,999.99.
N/B; – Venmo debit Mastercard holders have additional advantages because they can still Withdraw a $400.00 daily from ATM, and also the account-users can also make a daily purchase that is worth $3,000 daily but it won’t be more than 30 transactions per day.
Bank Transfer Limits
If you want to add money to your wallets from your bank account, there are only two ways that you can do that, it can be through standard add money or by instant add money.
Instant Add Money
If you want to transfer funds from your bank account to your wallet via standard add money, the transfer takes about three to five days and the maximum weekly transfer limit is $1,500 but it has no minimum transfer limit.
Instant Add Money
Transferring of funds from Venmo account to wallet via instant add money is designed specially for some Venmo debit card holders which enables them to transfer funds instantly.
With instant add money, the verified Venmo account holder can transfer up to $500 weekly and it would be delivered directly to the recipient digital wallet but it may take about three to five days before the customer’s account will be debited.
Venmo Transfer Limit For Business Account
For all the registered businesses in the United States that have Venmo accounts, Venmo sets spending limits for them. The maximum weekly expenditure for unverified registered business is $2,499.99
While the maximum weekly expenditure for verified registered business is $24,999.99
However, the maximum weekly expenditure for Standard and Instant bank transfer for unverified registered business is $999.9 while that of verified business is $49,999.99.
Venmo Limit On Crypto
Last year around April, PayPal which is the Venmo main company revealed that the app would also be used to handle crypto related transactions.
In the release, the company stated that the individual account users can select from four different cryptocurrency offerings, hence, their customers would be allowed to use the APP’s modified buying system to invest.
But Venmo company cautioned their business account holders not to trade crypto.
Venmo’s maximum weekly crypto purchasing limit is set at $20,000 a week while the yearly maximum crypto-buying is $50,000.
Adding Funds From Your Bank Account To Venmo
This is a special offer to some customers as some users don’t have the privilege to transfer funds from their bank account to Venmo, but in case, if you are privileged to do so, there are majorly two limits for adding funding which is primarily determined by the method that you are issued with.
If you are transferring funds using Standard Add Funds, the maximum weekly expenditure is $1,500.00 but if you are using Instant Add Money, the weekly maximum expenditure is set at $500.
Transferring Funds From Venmo To Your Bank Account
If you have a Venmo account and your full identity has not been confirmed, the maximum weekly transfer that you can carry out is $999.99 but the good news is that you can raise the limit by confirming your identity with Venmo company.
Once your identity is confirmed, your weekly maximum transfer will be up to $19,999.99. Meanwhile, the per transaction limit at a time is $2,999.99
Interestingly, if you want to transfer money instantly, you can transfer from $0.26 or more but if you want to transfer any amount less than $0.25, you can always use the standard bank transfer option.
Weekly Rolling Limits
As I have stated earlier that Venmo sets limits for their transfer, if for instance, you reach your weekly maximum transfer at 10:00am on Tuesday, then you can only transfer money again from 10:00am the following Tuesday.
How To Verify Your Identity In The Venmo App
From the foregoing, you can agree with me that anyone with a verified Venmo account transfers higher funds when compared to someone without a verified Venmo account. For you to enjoy this service with someone who has a verified account, you can verify your personal identity using the Venmo app.
If You Want To Verify Your Identity In The Venmo App, All You Need To Do Is:
- Visit Google play store and download the app
- Fill in the necessary information on the app
- Click on the tab bearing “Me”
- Click on the the Settings
- Toggle to the top right corner
- Finally, click on the identity verification and guess what? Your Venmo identity has been verified and your transfer limit would be automatically increased.
N/B; Your Venmo Transfer Limit is subject to frequent review, hence, your limits may be changed based on some factors. Some of the factors that determine your Venmo spending limit are Venmo account history, the activity on your Venmo debit Mastercard etc. The power to change transfer limits lies solely in the hands of Venmo company.
In the article I was able to exhaustively discuss Venmo Transfer Limit where I highlighted all you need to know about Venmo spending limit.