Venmo has various limits on how much money you can send through its platform, depending on whether your account is verified and the type of transaction you are trying to complete. Please note that Venmo limits may have changed since my last update, and you should check Venmo's official website or contact their customer service for the most current information.
Venmo Daily Limit
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[*]Unverified Accounts: $299.99 per week (rolling 7-day period).
[*]Verified Accounts: $2,999.99 per week (rolling 7-day period), but this can be divided across various transactions.
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Venmo Weekly Limit
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[*]Unverified Accounts: $299.99 per week (rolling 7-day period).
[*]Verified Accounts: $4,999.99 per week (rolling 7-day period). This includes a $2,000 limit per transaction.
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Venmo Monthly Limit
Venmo does not explicitly state a Venmo monthly limit on their website. However, weekly limits effectively create a monthly cap. For example, a verified user could send up to approximately $19,999.96 per month, calculated as $4,999.99 per week x 4 weeks.
Verification Process
To become a verified user, you need to complete a verification process that typically involves providing Venmo with your:
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[*]Social Security Number or Tax Identification Number
[*]Physical address (not a P.O. Box)
[*]Date of Birth
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Additional Limits
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[*]Bank Transfer (Standard): Up to $19,999.99 per week (rolling 7-day period).
[*]Bank Transfer (Instant): Up to $50,000 per transfer, with a fee of 1% (min $0.25, max $10).
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How to Increase Your Limits
The only way to increase your Venmo sending limits is to verify your identity on the platform. There is no option to request higher limits beyond the default verified account limits.
How To Venmo Identity Verification?
Identity verification on Venmo is a crucial step to increase your sending limits and gain access to the full range of Venmo’s features. Here’s a step-by-step guide on how to verify your identity on Venmo:
Step 1: Access the Venmo App
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[*]Open the Venmo app on your smartphone. Make sure that you have the latest version of the app installed.
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Step 2: Go to Settings
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[*]Navigate to “Settings.” You can find this by tapping on the three horizontal lines (&equiv usually located at the top or bottom of the screen.
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Step 3: Account Verification
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[*]Select “Identity Verification.” Look for an option related to identity verification, account verification, or something similar. The exact wording might vary.
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Step 4: Provide Personal Information
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[*]Enter Your Personal Information. You’ll be prompted to enter various pieces of personal information. This typically includes:
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[*]Legal Full Name
[*]Date of Birth
[*]Address (must be a residential address, not a P.O. Box)
[*]Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
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Step 5: Confirm Your Identity
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[*]Submit for Verification. After entering all required information, submit the form. Venmo will then work to verify your identity. This process may take a few minutes, or it could take longer if additional information is needed.
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Step 6: Wait for Verification
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[*]Wait for a Confirmation Email or Notification. Once your identity is verified, Venmo will send you a confirmation via email or an in-app notification.
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Step 7: Check Your Limits
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[*]Verify Your Increased Limits. After verification, you should have access to higher sending limits. You can check these in the app to confirm.
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