Among all mobile-based money transfer applications, one thing is common that is the limit on money sending. Whether it is Square Cash App, Zelle, or Apple Pay, all peer-to-peer payment apps let the users send, receive and withdraw money in a limited quantity. And the same limitation perspective comes with Venmo as well. From the title of this post, you might have realized that today I am going to answer one of the most frequent questions- What is the Venmo transfer limit? Also, you will get an overview of the simple steps to increase the daily money spending limit on Venmo.
Basically, how much one can send and withdraw money in a week and month, largely depends upon a fact- whether you are a verified user or not. Scroll down to find more information.
Is there a transfer limit on Venmo? Yes, there is a money sending limit. Find here how much you can send and withdraw on the Venmo payment app. Before I proceed, let me clear one thing. Venmo has divided limits on the basis of week and month, not per day. And the second point to bear in mind is that verification is a decisive factor in deciding how much you can send money in Venmo.
Those Venmo users who either have not verified their accounts or have failed in verification, they can't send more than $299.99 in a week. It means you can send, receive, and make payment with your app or card up to $299.99 in a week. This is a total combined fixed amount for all unverified Venmo users. Once you reach up to the limit then you will not be able to make further payment. Any attempt of additional transactions over the limit will fail.
How to increase my Venmo transfer limit 2020?
The million-dollar question is- how can I increase my money sending limit on Venmo? Here is the solution.
All you have to do to increase your money transfer limit is just get a verified user. To do so, you have to share your personal details like SSN number, billing address, and card details. Once you clear the verification process, you will be able to send, receive, and transfer up to $6,999.99. This is the overall combined sending, person-to-person, Authorized merchant, and Venmo Mastercard debit card purchases.
As far as the matter of per transaction is concerned, be informed that the Person-to-Person Payments limit is set up to $4,999.99 and for Authorized Merchant Payments/ Venmo MasterCard Debit Card Purchases, the limit is $2,999.99.
How to verify your Venmo account?
As I mentioned earlier, it's all about verification on Venmo. There is a direct correlation between being a verified user and a money sending limit. Get verified and draw the maximum benefits of Venmo. It is as simple as that.
It is quite simple to be a verified user of Venmo. Just open the Venmo app on your phone and press the menu tab (three short line icons available at the top corner of the home screen). Now from the drop-down menu, choose the "Setting" button and then further select "Identity Verification" option.
Now just follow the step by step instructions that appear on the screen. Once you complete the process, you will all be set to enjoy the fullest benefits of the Venmo payment app.
Money sending limits up to only $299.99 may sound ridiculous to a large number of people. That's why in today's topic we have discussed the Venmo transfer limit and how to increase it. I am sure; you will find all the information quite helpful. In case if you face any kind of issue or need quick assistance, feel free to reach us directly.