Venmo has unquestionably become the go-to app for millions of people in the United States. This is because it has an incredibly intuitive interface that has made sending and receiving money between friends, relatives, and business partners quite easy and fun.
You’ve perhaps heard phrases like “Just Venmo me” or “I’ll Venmo you” being thrown around between friends. Well, that’s because it is the popular mobile payment app that lets friends and family transfer money to one another without necessarily carrying hard cash.
The Importance of Verifying Your Identity
While it’s possible to sign up and use Venmo without fundamentally providing any personal detail, a major drawback of not verifying your identity is that Venmo places low transfer limits on your account. For this reason, you should verify your identity as soon as possible.
To verify your identity, Venmo requires you to provide your zip code, the last four digits of your Social Security Number, and your date of birth on your Venmo account. Venmo may also request additional information and documentation whenever it deems fit.
Bank Transfer Limits
In relation to bank transfers, Venmo makes it quite clear that all transfers from your Venmo balance to your bank account must be subjected to review. The point here is to mitigate illegal or suspicious activities and to make sure that users (both the sender and the recipient) comply with the user agreement.
In terms of bank transfer limits, Venmo makes it very clear that it may change the limits from time to time at its own discretion. Given that Venmo offers you the chance to add funds to your Venmo account from your bank account and vice versa let’s look at how limits apply in these two scenarios.
1. Transferring Funds from Your Bank Account to Venmo
Venmo clearly states that the limit on funds that you can transfer from your bank account to your Venmo is $1500 per week. In other words, that’s the maximum amount that you can transfer from your bank to your Venmo on a weekly basis.
2. Transferring Funds from Your Venmo to Your Bank Account
As we noted earlier, your Venmo transfer limits will largely hinge on the verification of your identity. That being said, the maximum limit that you can transfer from your Venmo to your bank account is $999.99 per week; that’s if you haven’t verified your identity.
On the contrary, you can transfer $19,999.99 from your Venmo to your bank account on a weekly basis once you have verified your identity. Keep in mind that the largest amount that Venmo allows you to transfer to your bank account on a single transaction is $2,999.99.
The above-mentioned bank transfer limits are subject to rolling limits. For instance, if you make a bank transfer at 2 p.m. on Tuesday, then making another bank transfer at 2:01 p.m. the following Tuesday will not be affected by your prior transfer.
Just like in bank transfer limits, Venmo carries out periodic review of its limits and may change them as it deems fit.
1. Making Transactions and Payments without Verifying Your Identity
While you can send and receive money on your Venmo once you sign up and open a Venmo account, your payments will be limited. In other words, Venmo places a $299.99 weekly rolling limit on your transactions. In short, you cannot make transactions worth more than $299.99 on any given week.
Venmo will start counting this limit from the moment you make your first transaction. For example, if you send or receive $150 at 10 a.m. on a Thursday, your Venmo account will have a remaining limit of $149.99 until 10:01 a.m. the following Thursday.
2. Making Transactions and Payments after Verifying Your Identity
Verifying your identity will raise your sending funds to $2,999.99 weekly rolling limits. As you can see, Venmo doesn’t stipulate how much you can receive. You can also pay for goods and services from authorized Venmo merchants for up to $2,000 per purchase. Remember, you’re allowed to make 30 transactions to the authorized merchants per day.
Generally, this gives you a total of $4,999.99 weekly rolling limits, but you can only send $3,000 per single transaction.
In essence, verifying your identity raises your limits for both bank and payment transfers. You should keep in mind that Venmo cannot raise your limits beyond the above-stated figures.
There’s no doubt that Venmo is quite convenient. It’s, however, always a good idea to carefully read the fine print before plunging in and signing up for this hugely popular mobile payment app. After all, your hard-earned money is involved, and so you need to know exactly what you’re getting involved with.
Through careful reading, you’ll definitely understand Venmo’s user agreement as it’s quite straightforward. However, there are minute details within the agreement that needs more attention. One of these details revolves around Venmo transfer limits. We hope that you are now in a much better place as far as these limits are concerned.