Introduction:
Venmo is one of the most famous payment apps. The app has been trending for quite some time in the U.S. Venmo has many amazing and innovative features. The app enables you to send money to your friends and family. Venmo also allow you to split bills and even to pay for your goods and services. And the best thing is that you can do it with just a few taps. But do you know that how much can you send on Venmo?. The answer depends on whether your account is verified and how you are using Venmo.
Don’t you know how much can you send on Venmo?. You need not to worry. In this article, I will be telling you everything about how much you can send on Venmo. I will also be telling you about how you can increase your limits. Moreover, I will tell you about what rules and regulations you should follow to avoid different problems. Then what are you waiting for?. Let’s begin the show.
How Much Can You Send on Venmo?.
Your Venmo sending limit depends on your account status.
Unverified Accounts:
If you have an unverified Account, then your weekly limit will be $299.99. This means that you can only send up to $299.99 per week to other people on Venmo. So verifying your account is very important.
This limit includes:
- The payments you can made to your friends.
- The payments you can send to different businesses.
- The purchases you make through different authorized merchants.
It is true that this is a pretty low limit. So if you use Venmo often, then it is a very good idea for you to verify your identity.
Verified Accounts:
Once you verify your identity with Venmo, your sending limit increases too. Remember that your total Weekly Limit becomes $60,000 once you verified your account. Your Person-to-Person (P2P) Payments limit increases to $4,999.99 per week. Moreover, your Authorized Merchant Payments limit goes up to $6,999.99 per week.
Remember that these limits reset on a rolling basis not on every Monday. This means that your limit refreshes one week after your transaction.
How to Verify Your Identity on Venmo?.
If you want to raise your Venmo limit, then you will need to verify your identity. This a very simple process. You will have to follow some simple steps for this purpose. These steps are:
1. Open the Venmo app:
First of all, you should open your Venmo app on your cellphone.
2. Tap the menu (☰):
Next, you should tap on the menu button:
3. Go to Settings:
After that, you should go to the settings of your account. Here, you should look for the “Identity Verification” option. When you find it, you should click on it.
4. Provide Your Credentials:
Now, you should provide your name and address. You should also provide your birthdate and your SSN. You should confirm these details. And click on the submit button.
Your documents will be added to the application. The process usually takes just a few minutes. But in some cases, Venmo can ask you for some extra documents. You should provide these documents and you will be good to go.
Can You Send Money for Business on Venmo?.
Yes. Venmo allows business payments as well. The platform allow these payments through Business profiles and Approved merchants. Remember that if you are using Venmo for business, then your limits can be different. It is because this is based on your account type and activity level.
Can I Send Money to Someone Without a Venmo Account?.
No. The person you are sending money to must have a Venmo account. If you send money to someone without an account, then they will get an invite to create one. They should download the app and create an account. And then, they can claim the payment.
Remember that if you don’t sign up within 30 days, then the money will be returned to the sender.
What Happens If I Try to Send Over the Limit?.
If you try to send more than your weekly limit, then the payment will fail. Venmo will show you an error in such. Now, you will have to wait until part of your limit resets before sending your money again.
Can I Increase My Venmo Limit Even More?.
Right now, Venmo does not allow its users to request a custom limit. The only way to unlock higher limits is by verifying your identity. You can also get higher limits if you are using the Venmo Mastercard Debit Card (which has separate transaction limits).
So, if you need to send more, then you should consider splitting large payments into smaller ones. You can also use a different service like Zelle or PayPal for this purpose.
Tips for Sending Large Amounts on Venmo:
There are some tips to avoid issues when you are sending large payments. These tips are:
- You should verify your identity first if you want to get higher limits.
- You should not wait until the last minute. It is because your limit will refresh on a rolling basis.
- If you are going for big purchases, then you should consider using PayPal. It is because it has more flexible limits.
- You should always double-check the recipient’s name or username before you send them money.
- You should avoid sending large payments to people you don’t know. It is because Venmo is not for buying from strangers.
How to Check Your Current Venmo Limits:
If you want to check your Venmo limit, then you should follow these steps:
- First of all, you should open your Venmo app.
- Now, you should tap on the menu (☰) button.
- Next, you should go to Settings and click on the “Limit” option.
This will show you your current sending, spending and bank transfer limits.
Conclusion:
Venmo is a very famous online transaction application. The application is very famous among different states of the USA. You can send and receive money with this app easily. But there is a money limit you can send on the app. If you are an unverified user, then you can send up to $299.99 per week. If you are a verified user, then you can send up to $60,000 per week (collectively) in total. This means that if you want to get the most out of Venmo, then you should verify your identity. You should also understand your limits and avoid breaking the rules. By doing so, you will be able to send your money smoothly and more securely. Best of luck with your payments.
FAQS:
Q: What is the maximum amount I can send on Venmo per day?.
Ans: Venmo does not have a specific daily limit. But if you are a verified user, then you can send up to $4,999.99 per week to other people. This means that you could send around $714 per day on average.
Q: How can I increase my Venmo sending limit?.
Ans: If you want to increase your Venmo sending limit, then you should verify your identity in the app. This will unlock higher limits for you up to $60,000 (collectively) per week.
Q: Can I use Venmo to send $10,000 in one transaction?.
Ans: No. Venmo does not allow that. The max you can send to another person is $4,999.99 per week if your identity is verified.
Q: Do Venmo limits reset every Monday?.
Ans: No. Venmo uses a rolling weekly limit. This means that your limit will reset one week after the time of your transaction.
