Understanding Venmo Daily and Weekly Sending Limit

Venmo, a popular mobile payment service, imposes limits on the amount of money users can send daily and weekly. These limits ensure secure transactions and comply with financial regulations. Understanding Venmo limits can help you manage your transactions efficiently.

What is the Venmo Daily Sending Limit?

The Venmo daily sending limit refers to the maximum amount of money you can send in a single day. Currently, Venmo does not specify a separate daily limit for transactions. Instead, they focus on weekly sending limits, which are cumulative over seven days.

What is the Venmo Weekly Sending Limit?

The Venmo weekly sending limit is the total amount of money you can send within a seven-day period. This limit is applicable to all payment types, including person-to-person payments and payments to authorized merchants.

For unverified accounts: The weekly sending limit is $299.99.

For verified accounts: After identity verification, the weekly sending limit increases to $6,999.99.

How to Increase Your Venmo Sending Limit

To increase your Venmo sending limit, you need to verify your identity. Here's how you can do it:

Open the Venmo app on your mobile device.

Go to the menu by tapping the three horizontal lines in the upper-left corner.

Select "Settings" and then tap on "Identity Verification."

Follow the prompts to provide the required information, such as your name, date of birth, and the last four digits of your Social Security number.

Submit the information and wait for Venmo to process your verification.

Once your identity is verified, your weekly sending limit will increase significantly, allowing you to send up to $6,999.99 per week.

Why Knowing Your Venmo Limit is Important

Understanding your Venmo limits is crucial for planning large transactions. Whether you're paying rent, splitting a bill, or sending money to friends and family, knowing these limits helps you avoid transaction delays and manage your finances better.

FAQs

Q1: What happens if I reach my Venmo weekly sending limit?

A1: If you reach your Venmo weekly sending limit, you will need to wait until the seven-day period resets before you can send more money.

Q2: Can I increase my Venmo limit without verifying my identity?

A2: No, the only way to increase your Venmo limit is by completing the identity verification process.

Q3: How long does it take for Venmo to verify my identity?

A3: Identity verification usually takes a few minutes to a few hours. In some cases, it may take up to 3 business days.

Q4: Is there a limit on how much money I can receive on Venmo?

A4: There is no specified limit on receiving money, but there are limits on how much you can send.

Q5: Are there any fees associated with sending money on Venmo?

A5: Sending money using a linked bank account or debit card is free. Using a credit card incurs a 3% fee.

Understanding these limits and how to manage them can help you use Venmo effectively for your financial needs.