Venmo Weekly spending limit is set to $299.99 if you are a not verified user. You can increase this spending limit on Venmo after you verify your Venmo account
Venmo allows its users to send or receive money instantly through the app. However, just like any other P2P app, Venmo also has set restrictions on the amount that you can send to someone.
In this article I will explain everything about Venmo weekly spending limit, how to increase your weekly spending limit on Venmo and when will your spending limits reset.
Let’s dive in…
What is Venmo?
Venmo is a digital wallet owned by PayPal. You can download Venmo on your Android as well as iOS devices. This app allows its users to enjoy a cash-free life.
You can send or receive money on Venmo instantly. You can make online purchases with Venmo. You can also use Venmo’s MasterCard debit card to buy things at stores.
Features of Venmo
- Instant online P2P payments.
- Make online purchases
- Withdraw money from ATMs with a Venmo debit card.
- Make purchases at stores that accept Venmo
- Pay your bills online.
- Set up a direct deposit account with Venmo to receive your paycheck.
- Receive price alerts for cryptocurrencies.
Is there a Spending Limit on Venmo?
With all of the awesome features that I have explained above, you have to be careful about Venmo weekly spending limit. These spending limits are there to keep the users safe in case of scams or to prevent fraudulent transactions.
Venmo spending limits are different for the users who have provided their personal details and submitted the required legal documents. If you are not a verified user on Venmo, you are limited to a bare minimum.
What are Venmo Weekly Spending Limits?
If you are new to Venmo and you have just signed up, chances are that you have not yet provided your Social Security Number or government-issued ID details to Venmo for verification. In this case, your Venmo weekly spending limit is only $299.99.
You can increase your spending limits on Venmo by getting your account verified. All you have to do is provide your personal details. Once verified your weekly spending limits will be increased to $6999.99.
Note: These weekly spending limits on Venmo are combined for all peer-to-peer transactions, online/offline purchases, and Venmo Mastercard debit card purchases. I will explain the limitations of each type in a moment.
Venmo Weekly Spending Limit for P2P Payments
Your peer-to-peer payments are capped to $299.99 if you have not verified your Venmo account. This means you can not send more than $299.99 to other Venmo users in a week.
If you are using a verified account, your weekly spending limit is $4999.99. That is a lot of money compared to other online P2P payment platforms like Cash App.
Check out How to Increase Cash App Limit?
Venmo Weekly Spending Limit for Authorized Merchant Payments
For unverified accounts, the limit is $299.99 whether used for P2P payments or merchant payments. This is the combined overall limit that you can spend per week on Venmo.
The good news is for the Verified users, you make online payments, in-app purchases, and other merchants that are authorized by Venmo for up to $6999.99.
Weekly Spending Limit on Venmo Debit Card
You are allowed to spend up to $6999.99 with your Venmo Mastercard debit card at places that accept Mastercard. You can make purchases at all authorized stores through the debit card until you hit the weekly limit of $6999.99. This privilege is only for verified users only.
If you have not verified your Venmo account you will not get the Mastercard debit card.
Combined Overall Spending Limits on Venmo
Now for the combined overall spending limit on Venmo, you are allowed to spend the maximum amount of $6999.99 with your Venmo account per week. Now it depends on how are you gonna use it.
Let’s say you have spent $4000 combined with your Venmo Mastercard debit card, you can only use $2999.99 for P2P payments. So the total amount that you can use adjusts automatically.
You can transfer money from Venmo to Cash App, Interested to How?
If you have spent $6999.99 with your Venmo Mastercard debit card. You can not send P2P payments until your weekly payment limits are reset.
Note: Venmo weekly spending limit for P2P payments are caped to $4999.99. So you can use the remaining amount for paying to authorized merchants or with your Venmo Mastercard debit card.
What is Daily Transaction Limit On Venmo
Your maximum transaction limit for P2P payments is $4999.99 per transaction. If you want to use the money for online purchases with authorized merchants you are allowed to spend $2999.99 per transaction.
If you are using a Venmo Mastercard debit card to make payments the maximum amount that you can use per transaction is $2999.99. You can make up to 30 transactions per day.
Check out this table to understand Venmo Weekly Spending limits
[table id=1 /]
When Does Weekly Spending Limit on Venmo Reset?
Your combined spending limit is a rolling limit. So let’s say you have made your first payment on Monday at 7 A.M, your weekly spending limit will reset exactly at the same time the following Monday.
Daily spending limits reset every day at 12 A.M CST.
Is there are Weekly Spending Limit on Venmo Business Accounts?
Venmo allows its users to keep their business and personal spending separate. You can have a business account to receive payments for your services and goods.
Venmo weekly spending limit on business accounts is different than the personal accounts.
If you have an unverified business account on Venmo. You will have lower payment limits as well as lower bank transfer limits. You can only make payments up to $2499.99 and you can not transfer more than $999.99 to a bank account.
Venmo weekly spending limits increase substantially if you have completed the verification process. Your weekly payment limits will increase to $24999.99 and you will be able to make bank transfers of up to $54999.99 per week.
[table id=2 /]
Venmo Withdrawal Limits
If you are using a Venmo Mastercard debit card, you can withdraw money through it. You can go to any ATM that supports Mastercard to withdraw your money.
You can also get cashback after a purchase at the authorized stores. Cash backs are free, however, you may be subjected to a withdrawal fee for getting money from an ATM.
The Daily ATM withdrawal limit with Venmo Mastercard Debit Card is $400. This limit will reset at 12 A.M CST every day.
How to Verify Venmo Account?
If you are a new user and you have not yet verified your Venmo account, follow these steps to get yourself verified and increase your weekly spending limits on Venmo
Steps to Verify Venmo Account
Step 1- Launch Venmo
Step 2- Tap on the “Menu” button in the top left corner
Step 3- Select “Settings” in the menu
Step 4- Tap on “Identity Verification” under the security section
Step 5- Hit the “Next” button
Step 6- Provide your personal information like full name, DOB, SSN, and address
Step 7- Hit “Next” and follow the prompts
Once done, Venmo will verify the information that you have provided, if nothing goes wrong your Venmo account will be verified within 24 hours.
Once you have verified your Venmo account your Venmo weekly spending limits will increase and you will be able to spend larger amounts.
Venmo has set weekly spending limits for the protection of customers as well as to curb the money laundering issue and fraudulent payments. If you have not verified your account you will have lower spending limits.
Once your identity on Venmo is verified your weekly spending limits on both personal and business accounts will increase. You will also be able to deposit larger amounts to your bank account.
I hope this article was helpful and you have got all the information that you were looking for. Please share your thoughts on Venmo weekly spending limits and your experience with Venmo.
Frequently Asked Questions
How do I increase my withdrawal limit on Venmo?
Venmo has set lower withdrawal limits on the accounts of unverified users. If you want to increase your withdrawal limits you will have to verify your Venmo account.
Does Venmo has daily limit?
Yes, Venmo has a daily limit of $3000 on purchase, you are also limited to withdraw $400 daily through Venmo Mastercard debit card. Venmo has a daily transaction limit of 30 transactions per day.
What is the Venmo weekly limit?
Venmo weekly limit is different for a verified account, you are allowed a combined weekly spending limit of $6999.99. Your weekly P2P transaction limit is capped at $4999.99.
The weekly limit on Venmo for authorized merchant payment is set to $6999.99, so weekly MasterCard debit card.
When does the Venmo Weekly Limit reset?
Your Venmo weekly limit resets after a 7 day period from the time of initiating your payment. If you have sent the payment at 7 A.M on Wednesday, your weekly spending limit will reset exactly at 7:01 A.M on the following Wednesday.