Venmo is a Payment and financial platform acquired by Paypal. In simple words, Venmo is a peer-to-peer payment platform. Using this service, you can easily send or receive money from your friends. There are a lot of platforms that offer payment exchange services, but you need to link your bank accounts with them.
On the other hand, you just need to link your credit card to Venmo, and you are ready to use it. A lot of business accepts the Venmo as a payment method, and you can also buy goods using the Venmo app.
Venmo also offers Venmo Mastercard Debit Card that can be used anywhere in the U.S. This sounds really good, right? Well, yes, it is very useful, but there are Payment limits in the Venmo account. You need to verify your identity verification process in order to increase your spending limits using the Venmo app. There are different limits, and we are going to explain these payment limits in this article.
What are The Payment Limits in Venmo Account?
First of all, if you are a new user, you get the weekly limit of $299.99. This is common for all new users. However, you can remove this limit easily after the identity verification on the Venmo app.
This limit of $299.99 includes person-to-person payments and payments to authorized merchants of the Venmo app. You can simply verify your identity from settings> identity verification.
Also read: How To Delete Venmo Transaction History
Once you are done with the identity verification process, your spending limit will increase. After the identity verification, the overall weekly spending limits increase to $6,999.99 from $299.99.
This increased limit includes person-to-person payments, Online in-app purchases, and purchases made through your Venmo Mastercard Debit Card, and also the purchases using your in-store QR code. We are providing an easy and understandable breakdown of payment limits on the Venmo app.
Breakdown of Payment Limits in Venmo
- Overall Combined weekly Sending Limit is $6,999.99.
- The maximum weekly spending on Person-to-Person Payments is $4,999.99.
- The authorized Merchant’s weekly Payment limit is $6,999.99.
- The weekly Venmo Mastercard Debit Card Purchases limit is $6,999.99.
- These were the weekly spending limits that reset every week. There is also a transaction amount limit per transaction on the Venmo app.
- The limit per single transaction of Person-to-Person Payments is $4,999.99.
- The limit per single transaction of Venmo Mastercard Debit Card Purchases and Authorized Merchant Payments is $2,999.99.
Conclusion
In simple words, It has a weekly limit that resets every week from the day of the first payment. Not to forget there is also a daily limit of $400.00 on ATM withdrawals, over-the-counter withdrawals, and cashback that resets every day. The account limits are subject to periodic review.
The account limits may be changed based on your Venmo Account history, activity, your Venmo Mastercard Debit Card activity. That’s all for this article. These are the details of the Payment spending limits of the Venmo app.