Did your Venmo payment not push through? If so, then you might have hit the Venmo instant transfer limit without even realizing it.
Venmo ranks among the most popular mobile payment platforms today. Reports even indicate that Venmo broke past 40 million users back in 2019.
While Venmo offers a convenient, user-friendly money transferring platform, it still has limitations. Users can’t just send several grand every day.
These limitations vary based on your account, transaction type, and transfer history, which might look confusing for first-time users.
In this article, we explain everything you need to know about Venmo max transfers. We looked at official sources and researched the web to curate this in-depth, comprehensive guide for you.
You’ll be able to familiarize yourself with the different limitations, and understanding them creates realistic expectations about Venmo transactions and helps you manage your money better
Read the entire piece to gain insights into daily, weekly, and monthly limits. Otherwise, you might end up with multiple failed transfers if you don’t know how to time and monitor your transactions correctly.
Let’s get started!
In this article
Venmo Transaction Limits
Venmo places different transaction limits, and you may encounter some of these one way or another. You’ll understand exactly how much money you can spend or forward using your Venmo account.
On an unverified account, your person-to-person sending limit is $299.99. However, you can start sending more after verifying your account because you’ll get a weekly rolling limit of $4,999.99.
As per the Venmo Mastercard Cardholder Agreement, you can only withdraw up to $400 per day, regardless of whether you use an in-network or out-of-network ATM. This limit applies to both verified and unverified accounts.
If you have reloads enabled, your Venmo account will automatically pull funds from your debit or credit card when you pay for something that exceeds your current balance. Reloads pull funds in $10 increments.
You have a $500 Venmo reload limit. Once you hit $500, you’ll have to wait until the end of the week to execute another reload.
Unverified accounts have a $299.99 spending limit. However, verified accounts can work with a combined weekly spending limit of $6,999.99, which breaks down to:
|Spending Limitations||Venmo Mastercard Purchases||Authorized Merchant Payments||Person-to-Person Payments|
Venmo withdrawal limits cap at $400, regardless of whether you do cashbacks, ATM withdrawals, or over-the-counter requests. Limitations reset after midnight CST.
Business Account Limits
Unverified and verified profiles have the following weekly limitations on bank transfers:
|Weekly Limitations||Bank Transfer Limits||Person-to-Person Transfers|
As for instant transfer per-transaction limits on verified accounts, you can only send:
- $10,000 to your debit card
- $50,000 to your bank account
What Day & Time Does the Weekly Venmo Limit Reset?
Your weekly Venmo limits reset exactly one week or 168 hours after your transaction. It doesn’t follow fixed schedules.
For instance, let’s say you maxed out your account on Thursday at 8:00 PM. Considering these numbers, Venmo will lift your limitations at exactly Thursday 8:01 PM the following week.
Can You Increase Your Venmo Limits?
Venmo lifts the limits after verification. However, your post-verification limits are fixed, and there’s nothing you can do to increase your weekly or per-transaction rolling balance.
Have your account verified as soon as possible. Venmo just needs to verify your legal name, age, primary residence, tax identification number, and social security number before raising your limits.
What Are the Venmo Fees?
Venmo offers industry-low rates. You don’t have to pay any monthly subscription fees, plus you can send funds to your linked debit card, bank account, or Venmo balance for free.
Here are some more insights into Venmo account and transaction fees:
Sending and Spending Funds
|Sending users money via your linked credit card||3%|
|Sending users money via your linked debit card, bank account, or Venmo balance||$0|
Transferring Funds to Your Account
|Receiving money from Venmo users||$0|
|Receiving merchant refunds||$0|
|Receiving payment for goods and services||1.9% + $0.10|
|Adding government checks, payroll, or faster check deposits||1% to 5% ($5 minimum)|
Moving Money Out of Your Account
|Standard electronic withdrawal||$0|
|Instant transfer electronic withdrawal||1% ($0.25 minimum; $10 maximum)|
|$1.00 – $24.99 worth of crypto||$0.50|
|$25.00 – $100.00 worth of crypto||2.3%|
|$100.01 – $200.00 worth of crypto||2.0%|
|$200.01 – $1000.00 worth of crypto||1.8%|
|$1,000+ worth of crypto||1.5%|
Venmo Mastercard Transactions
|In-network ATM withdrawal||$0|
|Out-of-network ATM withdrawal||$2.50|
|Over-the-counter cash withdrawal||$3|
Is Venmo Safe?
Venmo ranks among the safest mobile payment service platforms on the market. It utilizes state-of-the-art data encryption technology to protect your money.
No one else can access your account. Whether you’re sending or receiving money, you can rest assured that all data circulating will remain encrypted.
Is Venmo FDIC Insured?
Venmo’s user agreement states that the money you added via remote check capture, direct deposit, and cryptocurrency acquisition is insured by the Federal Deposit Insurance Corporation (FDIC). However, the FDIC doesn’t insure Venmo funds acquired through transfers.
As such, avoid keeping too much money on Venmo. Without the FDIC backing up your account, you’ll risk losing your funds for good if Venmo faces financial hardships, data breaches, or bankruptcy.
For long-term investments, get an FDIC-insured savings account. That way, the government will insure up to $250,000 of your money if your chosen financial institution goes bankrupt.
Venmo Pros and Cons
Although Venmo stands among the most widely used money-sending platforms, many new users still doubt its reliability.
Don’t worry if you’re still on the fence about Venmo. We made a quick list of the app’s pros and cons to help you reach an objective, fact-based decision.
What Are Alternatives to Venmo?
If Venmo doesn’t suit your daily finance needs, check out these other social payment apps:
- PayPal: If you need a universal payment processing solution, you can opt for PayPal. It processes overseas transactions, connects with various banking platforms, and boasts one of the most advanced encryption technologies on the market.
- Zelle: The Zelle app seamlessly integrates with various banking apps like Wells Fargo and Chase.
- Cash App: Very few social payment apps accommodate cryptocurrencies. If you’re a crypto investor, you can use a Cash App to buy and sell Bitcoin.
- Apple Pay: If you and your friends primarily use iPhones, you can switch to Apple Pay. It accommodates contactless payments, integrates seamlessly with iOS devices, and doesn’t require internet connectivity.
- Google Pay: This platform enables you to monitor your transactions from various devices, such as smartphones and laptops.
Understanding Venmo max transfers is a must if you use the app regularly. Monitor your transactions; otherwise, you might end up accidentally reaching transfer limits at the most inconvenient instances.
Also, verify your account as soon as you can. Remember that you can only send out a few hundred bucks with an unverified account, but the limit increases to several grand once you send the necessary identification paperwork.