Show stefanamer / iStock.com Virtual wallet provider Venmo offers everything from an easy way to split the dinner bill to buying merchandise with a QR code, but every transaction comes with a limit. Here are the highlights of what account holders need to know about Venmo limits. Venmo Limits for Personal AccountsWhen consumers sign up for a Venmo personal account, they may spend up to $299.99 a week before having to verify their identity with Venmo. Going through the authentication process usually takes a few minutes on the app and opens up a $4,999.99 weekly spending ceiling — with all combined payment and purchase options. Person-to-Person Transfers
Authorized Merchant Purchases
Venmo Mastercard Debit Purchases
Cardholders have additional limits, including a $400.00 daily limit for ATM withdrawals, retail purchases and cashback. Account-holders are also subject to a $3,000 daily purchase limit and no more than 30 transactions per day. All limits reset at midnight Central Standard Time. Bank Transfer LimitsSelect Venmo debit card holders with verified bank accounts have two ways to add money straight to their wallets.
Account-holders who do not verify their identity can still transfer funds from the Venmo app to their bank accounts, but those amounts are limited. Depending on Venmo security checks, customers can send up to $999.99 per week. Opting into Venmo’s identity verification system raises the Venmo-to-bank-account limit to $19,999.99 a week. The maximum allowable limit per transaction to a bank account is $2,999.99, while the minimum transfer limit for instant bank transfers is $0.26.
Venmo Limits for Business AccountsBusiness Venmo accounts have different limits than personal accounts. The standards for verifying a registered business account are required by the USA PATRIOT Act, which includes but is not limited to verifying a business’s EIN. However, like personal accounts, Venmo sets limits on business accounts pre-identity verification: Person-to-Person Weekly Limit
Standard and Instant Bank Transfer Weekly Limit
The weekly limit is based on a rolling calendar week. Venmo Limits on CryptoIn April 2021, Venmo’s parent company, PayPal, announced the app would have crypto-handling capabilities. Personal account holders can choose four cryptocurrency offerings and use the app’s simplified buying system to invest. However, business Venmo account holders cannot engage in Crypto transactions. Venmo’s weekly crypto-buying limits are generous at $20,000 a week, while the annual maximum is $50,000. Editorial Note: This content is not provided by Venmo. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Venmo. Lindsey Boycott is a freelance writer specializing in business and technology trends. She has a B.A. in psychology and over five years experience writing in the financial sphere. When not working, Lindsey likes to play vintage video games, read books, and go skiing. Learn More |