Venmo has become a household name for quick and easy money transfers among friends and family. However, like any financial service, Venmo imposes certain limits to ensure security and compliance with regulatory requirements. One of these is the daily limit on transactions. In this blog, we’ll explore the Venmo daily limit, how it impacts your transactions, and the steps you can take to increase it.
Understanding Venmo Daily Limit
Venmo’s daily limit refers to the maximum amount of money you can send or transfer within a 24-hour period. Venmo limit helps protect users from potential fraud and ensures compliance with financial regulations. The Venmo Limit Per Day can vary depending on whether your identity is verified or unverified.
For Unverified Accounts
If you haven’t completed Venmo’s identity verification process, your daily limit for transactions is generally lower. Typically, unverified accounts have a combined sending limit of $299.99 per week.
For Verified Accounts
Once you complete the identity verification process, your daily limit increases significantly. Verified accounts can send up to $4,999.99 per week for person-to-person payments and up to $6,999.99 for all transactions, including purchases with the Venmo card and online purchases with Venmo.
How To Increase Venmo Daily Limit
Increasing your Venmo daily limit requires verifying your identity within the app. Here’s a step-by-step guide on how to complete this process:
Step 1: Open the Venmo App
Ensure you have the latest version of the Venmo app installed on your device. Open the app and log in to your account.
Step 2: Navigate to Settings
Tap the three horizontal lines (menu icon) in the upper left corner of the app to access the main menu. From there, select “Settings.”
Step 3: Select Identity Verification
In the Settings menu, tap on “Identity Verification.” Venmo will guide you through a series of prompts to verify your identity.
Step 4: Provide Required Information
You will need to provide personal information, including your legal name, address, date of birth, and the last four digits of your Social Security number. In some cases, Venmo may request additional information or documents to verify your identity.
Step 5: Complete Verification
Follow the on-screen instructions to complete the verification process. Venmo will notify you once your identity is verified, typically within a few minutes to a few business days.
Tips for Managing Venmo Limits
Here are some additional tips to help you manage your Venmo limits effectively:
- Plan Transactions: Be aware of your weekly and daily limits and plan your transactions accordingly to avoid hitting the maximum limits.
- Monitor Your Account: Regularly check your transaction history and account activity to ensure there are no unauthorized transactions.
- Contact Support: If you experience issues with your limits or need further assistance, don’t hesitate to contact Venmo’s customer support for help.
Conclusion
Understanding and managing your Venmo daily limit is crucial for smooth and secure transactions. By verifying your identity, you can significantly increase your daily and weekly limits, allowing you to use Venmo more freely. Remember to monitor your account regularly and contact customer support if you encounter any issues.
With these steps and tips, you can make the most of your Venmo account, ensuring you have the flexibility to send and receive money as needed.
