Venmo, the popular digital payment platform, has specific limits in place for both withdrawals and sending money. Understanding these limits is crucial for effectively managing your finances and transactions through Venmo. In this article, we'll explore the withdrawal and sending limits on Venmo, including how to increase them.
Venmo sets limits on how much you can withdraw from your Venmo balance to your bank account. These limits are in place to protect users from fraud and to comply with regulatory requirements. The withdrawal limits on Venmo are as follows:
Daily Limit: The daily withdrawal limit on Venmo is $2,999.99. This means that you can withdraw up to $2,999.99 from your Venmo balance to your bank account in a single day.
Weekly Limit: The weekly withdrawal limit on Venmo is $19,999.99. This means that you can withdraw up to $19,999.99 from your Venmo balance to your bank account in a single week.
Monthly Limit: The monthly withdrawal limit on Venmo is $19,999.99. This means that you can withdraw up to $19,999.99 from your Venmo balance to your bank account in a single month.
It's important to note that these limits apply to standard Venmo accounts. If you have a Venmo Mastercard, you can withdraw up to $400 per day at ATMs that accept Mastercard.
In addition to withdrawal limits, Venmo also has limits on how much you can send to others. These limits are in place to prevent fraud and ensure the security of Venmo transactions. The sending limits on Venmo are as follows:
Daily Limit: The daily sending limit on Venmo is $4,999.99. This means that you can send up to $4,999.99 to others in a single day.
Weekly Limit: The weekly sending limit on Venmo is $19,999.99. This means that you can send up to $19,999.99 to others in a single week.
Monthly Limit: The monthly sending limit on Venmo is $19,999.99. This means that you can send up to $19,999.99 to others in a single month.
To increase your Venmo limits, you can follow these steps:
Verify your identity: Go to the "Settings" section in your Venmo app and select "Identity Verification." Follow the prompts to provide the necessary information, such as your full legal name, date of birth, and the last 4 digits of your SSN.
Link a bank account or debit card: Linking a bank account or debit card that matches your identity can help increase your limits. Go to "Settings" > "Payment Methods" to add and verify your bank account or debit card.
Build a positive transaction history: Use Venmo regularly for transactions and ensure that your transactions are legitimate and comply with Venmo's policies.
Request a limit increase: If you have verified your identity, linked a bank account or debit card, and have a positive transaction history, you can request a limit increase by contacting Venmo customer support. Go to "Settings" > "Contact Support" in the app to submit a request.
Wait for automatic increases: Venmo may periodically review your account and automatically increase your limits based on your account activity and history.
It's important to note that Venmo's limits are subject to change and are based on various factors, including your account history, verification status, and usage patterns.
In conclusion, understanding the withdrawal and sending limits on Venmo is essential for managing your finances effectively. By knowing Venmo limits and how to increase them, you can make the most of your Venmo account and ensure a smooth transaction experience.
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