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Venmo has become a popular choice for peer-to-peer payments, offering a simple and efficient way to transfer money, split bills, and make purchases. However, users often encounter transaction limits that can restrict the amount of money they can send, spend, or transfer. If you're wondering how to increase Venmo limit, you're not alone. This guide will provide detailed insights into the process and offer practical steps to help you maximise your Venmo account's potential.
What is the Venmo Weekly Limit?
The Venmo weekly limit refers to the maximum amount of money you can send or spend within seven days. This limit is crucial for preventing fraud and ensuring the security of transactions.
Unverified Accounts
For unverified accounts, the limits are relatively low:
- Sending Limit: Up to $299.99 per week.
- Purchasing Limit: Up to $299.99 per week.
- Transfer Limit: Varies, but generally lower than verified accounts.
Verified Accounts
Once you verify your account, the limits increase substantially:
- Sending Limit: Up to $4,999.99 per week.
- Purchasing Limit: Up to $4,999.99 per week.
- Transfer Limit: Up to $19,999.99 per week (individual transfers capped at $2,999.99).
How to Increase Venmo Limit?
Increasing your Venmo limit involves verifying your identity and providing additional information to Venmo. Here’s a step-by-step guide:
- Open Venmo App: Launch the Venmo app on your mobile device.
- Access Settings: Tap on the menu icon (three horizontal lines) in the upper-left corner.
- Tap on 'Settings': Navigate to the settings menu.
- Select 'Identity Verification': Choose the identity verification option.
- Enter Personal Information: Provide your full name, date of birth, and the last four digits of your Social Security Number (SSN).
- Submit Verification: Follow the prompts to complete the verification process.
Frequently Asked Questions (FAQs)
What is Venmo's weekly limit?
For verified accounts, the Venmo weekly limit is $4,999.99 for payments and purchases. For unverified accounts, the limit is $299.99 per week.
What is the Venmo limit per day?
Venmo does not specify a daily limit, but it operates within the context of the weekly limits. Daily transactions should be within the weekly limits set by Venmo.
When does Venmo's weekly limit reset?
Venmo’s weekly limit resets seven days from the date of your last transaction. For example, if you made a payment on Monday, the limit will reset the following Monday.
What is the transfer limit on Venmo?
For verified accounts, the bank transfer limit is up to $19,999.99 per week, with individual transfers capped at $2,999.99. The limits are generally lower for unverified accounts.
How to increase Venmo's weekly limit?
To increase Venmo weekly limit, verify your identity by providing your full name, date of birth, and the last four digits of your SSN. Additionally, link a bank account to your Venmo account.
Can I increase my Venmo limit?
Yes, you can increase Venmo limit by verifying your identity and linking a bank account. For higher limits, you may need to contact Venmo support and provide additional documentation.