Venmo has become an indispensable tool for sending and receiving money effortlessly. However, like many financial services, Venmo imposes transaction limits to safeguard against fraud and misuse. Understanding these limits and knowing how to increase them can enhance your experience and make managing finances more convenient. This article explains Venmo's transaction limits and provides a step-by-step guide on how to increase your Venmo limit.

Understanding Venmo Limits

Venmo sets various transaction limits based on the type of account and whether the user's identity has been verified. Here are the primary limits you need to be aware of:

1. Person-to-Person Payment Limit

This limit refers to the maximum amount you can send to other Venmo users.

1. Purchase Limit

This is the amount you can spend using your Venmo balance or linked payment methods for purchases with authorized merchants.

1. Weekly Rolling Limit

Venmo uses a rolling seven-day period to calculate limits, meaning your limit refreshes every seven days from the date of your transaction.

1. ATM Withdrawals and Cashback Limit

If you have a Venmo debit card, there is a daily limit on how much you can withdraw from ATMs or get as cashback from purchases.

Default Venmo Limits

For unverified accounts:

• Venmo Person-to-Person Payment Limit: $299.99 per week
• Venmo Purchase Limit: $299.99 per week

For verified accounts:

• Person-to-Person Payment Limit: $4,999.99 per week
• Purchase Limit: $6,999.99 per week
• ATM Withdrawals and Cashback Limit: $400 per day

How to Check Your Current Venmo Limits

Before attempting to increase your limits, it's helpful to know what your current limits are. Here's how to check them:

1. Open the Venmo App: Ensure you are logged into your account.
2. Access the Menu: Tap the three horizontal lines (≡) or ☰ icon in the upper left corner.
3. Navigate to Settings: Scroll down and select "Settings."
4. Select Payment Limits: In the Settings menu, tap on "Payment Limits."
5. Review Your Limits: Your current transaction limits will be displayed, including person-to-person payments and purchase limits.

Steps to Increase Your Venmo Limit

Increasing your Venmo limits involves verifying your identity. This process ensures that Venmo can trust you with higher transaction amounts.

1. Go to the Verification Section
2. Open the Venmo app and log into your account.
3. Access the menu by tapping the three horizontal lines (≡) or ☰ icon.
4. Select "Settings" and then "Identity Verification."
5. Provide Required Information

Venmo will ask for the following information to verify your identity:

• Legal name
• Date of birth
• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Current address

1. Submit Verification

Once you've entered all the required information, submit it for verification. Venmo will review the details, and upon successful verification, your transaction limits will be increased.

Tips for Managing Your Venmo Limits

1. Monitor Your Transactions

Regularly check your transaction history to stay aware of your spending and remaining limits. This helps in managing your finances better and avoiding any surprises.

1. Plan Ahead for Large Transactions

If you foresee the need for a large transaction, check your limits ahead of time. If your current limits are insufficient, complete the identity verification process in advance to ensure the transaction can proceed smoothly.

1. Keep Your Information Updated

Ensure that all your personal information in Venmo is up-to-date. This includes your contact information, address, and payment methods.

1. Contact Venmo Support

If you encounter any issues or have specific questions about your limits, Venmo Support is available to help. You can reach them through the app or their website for prompt assistance.

Conclusion

Understanding and managing your Venmo limit is crucial for a seamless transaction experience. By verifying your identity, you can significantly increase your transaction limits, allowing you to send and spend more freely. Regularly monitoring your limits and planning for large transactions will help you make the most out of Venmo's services.