Venmo Limits Explained 2022
Virtual wallet provider Venmo offers everything from an easy way to split the dinner bill to buying merchandise with a QR code, but every transaction comes with a limit. Here are the highlights of what account holders need to know about Venmo limits.
Venmo Limits for Personal Accounts
When consumers sign up for a Venmo personal account, they may spend up to $299.99 a week before having to verify their identity with Venmo. Going through the authentication process usually takes a few minutes on the app and opens up a $4,999.99 weekly spending ceiling — with all combined payment and purchase options.
- Maximum weekly expenditures: $4,999.99
- Per transaction limit: $4,999.99
Authorized Merchant Purchases
- Maximum weekly expenditures: $6,999.99
- Per transaction limit: $2,999.99
Venmo Mastercard Debit Purchases
- Maximum weekly expenditure: $6,999.99
- Per transaction limit: $2,999.99
Cardholders have additional limits, including a $400.00 daily limit for ATM withdrawals, retail purchases and cashback. Account-holders are also subject to a $3,000 daily purchase limit and no more than 30 transactions per day. All limits reset at midnight Central Standard Time.
Bank Transfer Limits
Select Venmo debit card holders with verified bank accounts have two ways to add money straight to their wallets.
- Standard Add Money: Transfer takes three to five days, and the limit is $1,500 per rolling calendar week. There is no minimum transfer limit.
- Instant Add Money: Available only to some Venmo debit card holders, Instant Add Money enables these customers to instantaneously transfer up to $500.00 a week from their verified bank accounts. While the money will appear immediately in the digital wallet, it may take three to five days to be debited from the customer’s bank account.
Account-holders who do not verify their identity can still transfer funds from the Venmo app to their bank accounts, but those amounts are limited. Depending on Venmo security checks, customers can send up to $999.99 per week.
Opting into Venmo’s identity verification system raises the Venmo-to-bank-account limit to $19,999.99 a week. The maximum allowable limit per transaction to a bank account is $2,999.99, while the minimum transfer limit for instant bank transfers is $0.26.
Good to Know
Venmo customers will soon be paying a little more for convenience when fees for Instant Transfers go up on May 23, 2022. Personal accounts will pay 1.75% of the transfer amount at a minimum of $0.25 and a maximum of $25.00.
Venmo Limits for Business Accounts
Business Venmo accounts have different limits than personal accounts. The standards for verifying a registered business account are required by the USA PATRIOT Act, which includes but is not limited to verifying a business’s EIN.
However, like personal accounts, Venmo sets limits on business accounts pre-identity verification:
Person-to-Person Weekly Limit
- Unverified: $2,499.99
- Verified: $24,999.99
Standard and Instant Bank Transfer Weekly Limit
- Unverified: $999.99
- Verified: $49,999.99
The weekly limit is based on a rolling calendar week.
Venmo Limits on Crypto
In April 2021, Venmo’s parent company, PayPal, announced the app would have crypto-handling capabilities. Personal account holders can choose four cryptocurrency offerings and use the app’s simplified buying system to invest. However, business Venmo account holders cannot engage in Crypto transactions.
Venmo’s weekly crypto-buying limits are generous at $20,000 a week, while the annual maximum is $50,000.
Editorial Note: This content is not provided by Venmo. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Venmo.