Venmo has become a popular platform for sending and receiving money, making transactions seamless and convenient. However, there are limits to how much money you can send on both verified and unverified accounts. In this comprehensive guide, we'll delve into the specifics of Venmo Limit, including daily, weekly, and monthly caps, as well as How To Increase Venmo Limit through identity verification.
What Is Venmo Limit?
Venmo imposes certain limits on the amount of money you can send or receive to ensure security and compliance with regulations. These limits vary based on whether your account is verified or unverified.
How Much Can You Send On Venmo Verified Account?
Venmo Daily Limit/ Venmo Limit Per Day
For a Venmo verified account, the daily limit is typical $4,999.99. This means you can send or receive up to this amount in a single day. This limit applies to both person-to-person payments and authorized merchant payments.
Venmo Weekly Limit
The Venmo weekly limit for a verified Venmo account is around $6,999.99. This includes all transactions within a 7-day rolling period. Once you reach this limit, you won't be able to send or receive more money until the following week.
Venmo Monthly Limit
The monthly limit for a verified Venmo account is about $19,999.99. This sum encompasses all transactions made within a calendar month.
Venmo Person To Person Limit
For person-to-person payments on a verified account, the limit is the same as the daily, weekly, and monthly limits mentioned above.
How Much Can You Send On Venmo Unverified Account?
Venmo Daily Limit/ Venmo Limit Per Day
Unverified Venmo accounts have a lower daily limit, usually around $299.99. This limit applies to both sending and receiving funds.
Venmo Weekly Limit
The weekly limit for unverified accounts is approximately $499.99. This limit includes all transactions made within a 7-day period.
Venmo Monthly Limit
Unverified accounts have a Venmo monthly limit of roughly $999.99. This amount covers all transactions during a calendar month.
Venmo Person To Person Limit
Similar to the daily, weekly, and monthly limits, the person-to-person limit for unverified accounts is also lower.
How To Increase Venmo Limit?
If you find that the standard limits are too restrictive for your needs, you can increase your Venmo limits through identity verification. This process involves providing additional information to Venmo to confirm your identity. Here's how you can do it step by step:
- Access Verification Settings: Log in to your Venmo account and navigate to the settings section. From there, select "Identity Verification."
- Provide Personal Information: Venmo will request specific personal information, including your legal name, date of birth, and Social Security number. Ensure that the information you provide matches your official identification documents.
- Verify Identity: Venmo will use the information you provided to verify your identity. This may involve cross-referencing your details with external databases.
- Confirm Your Address: Venmo may ask you to confirm your residential address. Make sure to provide accurate information.
- Link a Bank Account: To further increase your limits, you can link a bank account to your Venmo account. This adds another layer of verification.
- Wait for Approval: Once you've completed the verification process, you'll need to wait for Venmo's approval. This may take a few business days.
- Enjoy Higher Limits: Once approved, your Venmo limits will be increased, allowing you to send and receive larger amounts of money.
FAQs
Q: Can I increase my Venmo limits without identity verification?
A: No, identity verification is necessary to increase your Venmo limits beyond the standard caps.
Q: Are there any fees associated with increasing my Venmo limits?
A: Venmo doesn't charge fees for increasing your limits through identity verification.
Q: Is my personal information safe during the identity verification process?
A: Yes, Venmo takes security seriously and uses encryption to protect your information.
Q: What documents do I need for identity verification?
A: While Venmo typically uses the information you provide directly, having official identification documents on hand can be helpful if further verification is needed.
Q: Can I still use Venmo if I don't verify my identity?
A: Yes, you can continue using Venmo with the standard limits on an unverified account.
Q: Can I verify my identity using a passport?
A: Yes, Venmo accepts passports as a valid form of identification for verification.
Conclusion
Understanding the limits on Venmo transactions, both for verified and unverified accounts, is essential for managing your financial activities on the platform. By following the steps for identity verification, you can increase your limits and enjoy greater flexibility in sending and receiving money. Remember to provide accurate information and follow Venmo's guidelines for a smooth verification process.
