Using virtual wallet apps such as Venmo is a great way to simplify how you handle your money. Venmo offers an easy way to do everything, from splitting a dinner bill with friends, to getting paid for goods and services you provide to others.
If you choose to use Venmo on a regular basis, though, you need to be aware of the transaction limits that are set. These limits can drastically change how you use the app. Let’s dive right in and learn more about using Venmo and transaction limits.
Why Should I Use Venmo?
If you have not yet discovered the convenience of virtual wallets, let me explain. A virtual wallet app is a type of app you can download on your iPhone or Android device to help you manage money and interact financially with others.
You can add money into your account and then pay individuals you add into your contacts. You can also receive payments from others who also have Venmo.
This makes financial transactions simple, convenient, and in many cases, far safer than dealing with cash. For instance, if you and your friend are planning to go to a concert, and they pre-order a ticket for you, you can instantly pay them back through Venmo. No writing checks, no visit to the ATM for cash, just a simple click, and they are paid.
Venmo is also handy for those who provide goods and services to others.
How Much Can You Send On Venmo?
Venmo limits are set up according to account type. The most common type of Venmo account is a personal account. On a personal account, you can send up to 299.99 during a single week. You can send more than this if you are willing to verify your identity. Identity authentication is super simple and can really increase your limits.
Authenticating your identity will take just a few minutes of your time. Once you have completed this process, you will then be able to transact up to $4,999.99 weekly. This includes all payment and purchase options combined.
How Much Can You Send on Venmo In One Day?
Limits on Venmo are set up on a weekly limit. The weekly limit for non-authenticated accounts is $299.99. If you choose to authenticate your account, the amount is increased to $4,999.99.
How To Increase Your Venmo Limit?
There are two ways to increase your Venmo limit. You can authenticate your account or you can upgrade to a business account.
If you choose to authenticate your account, you will be able to send up to $4,999.99 in a single week. However, you can increase this more with a business account.
After you have been using your account for a few days or weeks, you may notice that you need to change your transaction limits. If this is case, and you have already authenticated your identity, then you may want to consider upgrading to a business account. This is an easy process and can greatly improve your Venmo experience.
Venmo Business Account Limits
A Venmo business account opens up a whole new world of financial transactions. You can enjoy transaction limits of up to $24,999.99 per week. Let’s learn more about Venmo business accounts.
This type of account is great for people who are self-employed or for those who conduct gig work. If you sell goods or services to produce side income, you can use a Venmo business account to get payments faster.
Business accounts have improved limits. These limits are based on identity authentication. You will be required to verify your business according to the USA Patriot Act. This is to ensure that all business accounts operating on Venmo are safe.
If your business account has not been authenticated, transaction limits are set at $2,499.99 weekly. Once you have verified the identity of the business, those limits are increased to $24,999.99. This can make a huge difference to your bottom line if you are operating a small business, a side business, or if you are self-employed.
There are different types of transactions that you can conduct on your Venmo Business account.
There are also different limits set for different types of transactions.
Standard And Instant Bank Transfer Weekly Limit- Unverified accounts are set at $999.99. A verified account limit is set at $49,999.99
Authorized Merchant Purchase- Expenditures are set at $6,999.99. There is also a per transaction limit of $2,999.99.
Some business account holders also opt for a Venmo Mastercard Debit card. On the debit card, merchant purchase limits are the same as stated above. If using a debit card, there are also additional limits.
Venmo Weekly Sending Limit
You should also be aware that there are limits on how much money can be sent with a Venmo account as well. The limits on sending money to Venmo are the same as receiving money. Venmo limits are transaction limits and they apply both to receiving and sending money alike. Authentication rules also apply the same way whether sending or receiving money as well.
How Can You Send on Venmo Without A Fee?
On Venmo, you can send up to $4,999.99 per week without a fee on an authenticated personal account. These amounts are increased for authenticated business accounts.
Final Thoughts
To make the most of your Venmo experience, it is a good idea to have all of the information concerning transaction limits and types of accounts. You will then be able to choose the best account for the types of transactions you plan to conduct.