Venmo Transaction Limits: How Much Can You Really Send in 2024

Venmo’s weekly sending limits range from $299 for unverified accounts up to $60,000 for verified accounts. However, within that $60,000 limit, users are restricted to $7,000 per week for certain purchases, such as transactions made using the in-store QR code, online checkout, or in other apps.

Venmo is a hugely popular peer-to-peer payment app that makes it easy to send and receive money with friends and family. Whether you’re paying your share of the rent, splitting a dinner bill, or sending a birthday gift, Venmo provides a convenient way to transfer cash digitally. But before you start sending stacks of cash, it’s important to understand Venmo’s various sending limits. Here’s a comprehensive guide to how much you can really send on Venmo.

Key Takeaways

• Verified Venmo users can send up to $60,000 per week, while unverified accounts are limited to $299.99.
• Certain transaction types, such as in-store purchases and online checkout, have a separate $7,000 weekly limit.
• Bank transfers are limited to $19,999.99 per week for verified accounts and $999.99 for unverified accounts.
• Venmo’s limits are designed to prevent fraud, comply with regulations, manage risk, and support its business model.

Personal Profile Payment Limits

For personal (non-business) accounts, Venmo imposes a few key limits on how much you can send per transaction, week, and year, according to Venmo.

Unverified Accounts: $299.99 Weekly Limit

If you haven’t completed Venmo’s identity verification process, your weekly sending limit will be capped at just $299.99. This includes all payments sent to other Venmo users as well as purchases made from authorized merchants that accept Venmo.

To unlock higher limits, you’ll need to verify your identity in the Venmo app. Simply go to the “Me” tab, tap the Settings gear icon in the top right corner, and then select “Identity Verification” to get started.

Verified Accounts: Up to $60,000 Weekly Limit

Once you’ve confirmed your identity with Venmo, your weekly sending limit increases dramatically. Verified personal accounts can send up to a whopping $60,000 per week.

However, within that overall $60k weekly cap, there are a few sub-categories of transactions with their own limits:

1. Peer-to-Peer Payments: Payments sent directly to other Venmo users count towards an overall $60,000 weekly limit.
2. Venmo QR Code Payments: If you use your Venmo QR code to make an in-store purchase, those transactions are counted in a separate $7,000 weekly purchase limit.
3. Online Checkout: When you select Venmo as a payment method at an online retailer, those purchases also fall under the $7,000 weekly limit alongside QR code payments.
4. In-App Purchases: Buying something in a different app but using Venmo as your payment method? Those in-app purchases will also count towards the weekly $7,000 limit for verified accounts.

Note that all of these limits are “rolling” limits that are calculated on a weekly basis. So if you make a $2,000 peer-to-peer payment at 11:00 AM on a Monday, that $2,000 will count towards your limit for exactly one week, until 11:01 AM the following Monday.

Also read: How to Cash Out Venmo Funds Without Linking a Bank Account

Bank Transfer Limits

In addition to the limits on sending payments, Venmo also imposes limits on how much money you can transfer in and out of your account from a linked bank account.

Unverified Accounts: $999.99 Weekly Limit

If you haven’t completed identity verification, you’ll be limited to transferring a maximum of $999.99 per week from your Venmo balance to your bank account. Note that this limit can be lower in some cases, depending on Venmo’s security checks.

Verified Accounts: $19,999.99 Weekly Limit

Verified users can cash out up to $19,999.99 from Venmo to their bank account each week. However, Venmo imposes a limit of $5,000 per individual transfer. So if you wanted to transfer $10,000, you’d need to initiate two separate transfers of $5,000 each.

There’s also a limit on how much money you can transfer into your Venmo account from a bank:

1. Bank Transfers: You can add up to $10,000 per week to your Venmo balance from a linked bank account.
2. Debit Card Transfers: If you want to add money from a debit card instead of a bank account, the limit is lower at $2,000 per week.

Keep in mind that these bank transfer limits are separate from the payment limits discussed above. So while you can send up to $60,000 per week and transfer $19,999.99 to your bank, you can only transfer $10,000 per week from your bank into Venmo.

Also read: How to Borrow Money on Venmo: A Comprehensive Guide

Venmo Debit Card Limits

Venmo also offers its own branded Mastercard debit card that allows you to spend your Venmo balance anywhere Mastercard is accepted. But the debit card comes with its own set of spending limits:

1. Per-Transaction Limit: The maximum you can spend in a single debit card transaction is $2,999.99.
2. Daily Purchase Limit: Across all your purchases in a day, Venmo caps debit card spending at $3,000. This daily limit resets every day at midnight Central Time.
3. Weekly Purchase Limit: Venmo also imposes a $7,000 weekly limit on total debit card purchase volume.
4. ATM and Cash Withdrawals: If you use your Venmo debit card to take out money at an ATM or get cash back at a store, you can withdraw a maximum of $1,000 per day.
5. Transaction Limit: Venmo limits you to 30 debit card transactions per day. This countincludes declined transactions and small transactions like balance inquiries.

Venmo Cryptocurrency Limits

In recent years, Venmo has expanded into the world of cryptocurrency, allowing users to buy, sell, and hold four types of crypto: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. But crypto transactions have their own set of limits.

You can purchase up to $20,000 in cryptocurrency through Venmo per week, with an overall limit of $50,000 in crypto purchases per 12-month period.

If you want to transfer existing cryptocurrency into your Venmo account from an external wallet, you’re limited to $5,000 per week in crypto transfers.

Also read: How to Unfreeze Your Venmo Account (A Complete Guide)

Venmo Visa+ Payment Limits

In 2023, Venmo introduced Visa+ technology, allowing qualifying merchants to accept payment via a real-time transfer from a user’s Venmo balance. However, Visa+ payments are subject to a $2500 per-transaction limit.

Venmo’s Sending Limits for Businesses

Venmo isn’t just for person-to-person payments anymore. Small businesses can also sign up for a Venmo business profile to accept payments from customers. Business profiles have higher weekly limits than personal accounts at $24,999.99 per rolling 7-day period.

There are a few conditions that business profiles must meet to access the $24,999.99 weekly limit:

• The account must have a confirmed business email address, EIN (employer identification number), and physical business address.
• The business must operate in an approved category. Certain high-risk industries like gambling, adult entertainment, and drug paraphernalia are not eligible for Venmo business accounts.
• The account must not have a history of reversals, chargebacks, fraud, or other suspicious activity.

New Venmo business profiles typically start with a lower $4,999.99 weekly limit, which gets increased to the higher $24,999.99 cap once the account establishes a positive history after a few transactions.

It’s important to note that while business profiles have higher limits, all the other rules still apply, like the $4,999.99 per transaction cap. Businesses also pay a fee of 2.6% per transaction, in contrast to the fee-free nature of most personal Venmo payments.

Venmo’s Other Transfer Limits

In addition to the standard sending limits, there are a few other transaction limitations to be aware of on Venmo:

• Daily Reload Limit: If you frequently top up your Venmo balance by transferring money from a linked bank account or credit card, be aware of the daily reload cap. Currently, you can’t add more than $1,500 per day to your Venmo balance.
• Investment Transfers: As of 2024, Venmo offers the ability to buy cryptocurrency through the app. But transfers from your Venmo balance to your Venmo crypto account are limited to $100,000 per week and $100,000 per day.
• Instant Transfers: If you need your Venmo funds in your bank account immediately, you can initiate an instant transfer for a 1.75% fee (minimum 25¢, maximum $25). Instant transfers are limited to $2,999.99 per transfer.
• Standard Bank Transfers: If you choose the standard 1-3 business day ACH transfer from your Venmo balance to your linked bank account, there’s a daily limit of $19,999.99 per transfer.

So while the core sending limit in Venmo is $4,999.99 per week, there are different caps for special transactions like transfers to crypto, instant withdrawals, and bank transfers. The key is to be aware of which limit applies to your specific transaction type.

Why Does Venmo Have So Many Limits?

With all these different limits governing how much you can send, transfer, spend, and buy on Venmo, you might be wondering what the point of it all is. There are a few key reasons why Venmo imposes so many restrictions:

1. Fraud Prevention: Limits help reduce Venmo’s fraud risk by capping the potential losses from a hacked or stolen account. Scammers can still do damage, but within a confined dollar range.
2. Regulatory Compliance: As a financial institution transferring money, Venmo is required to abide by regulations like anti-money laundering (AML) laws that mandate certain transfers be reported to authorities. Lower limits reduce the reporting burden.
3. Risk Management: Peer-to-peer transactions are inherently riskier than other payment methods since they lack the fraud protections and chargebacks of credit cards. Limits help Venmo manage the overall risk profile of the platform.
4. Business Model: Venmo makes money on fees from instant transfers and credit card transactions, but not on bank transfers or debit card payments. Certain limits help incentivize the types of transfers Venmo can monetize.

The Future of Venmo’s Limits

Venmo’s limits have increased significantly over time as the platform has gained traction. In the early days, the weekly sending limit was just a few hundred dollars. Now verified users can send up to $60,000 per week.

Going forward, it’s likely that Venmo’s limits will continue to evolve as the payment landscape changes. A few key areas to watch:

1. Cryptocurrency Limits: As crypto adoption grows, Venmo may increase the allowable trading volumes and transfer limits to and from external wallets.
2. International Payments: Venmo is currently limited to domestic US transactions. But if the platform expands globally in the future, a new set of limits on foreign transfers would likely be added.
3. B2B Payments: While Venmo has mainly focused on peer-to-peer transactions, the platform could potentially raise limits on business profiles as it competes with the likes of Stripe and Square for processing business payments.
4. Tiered Limits: Venmo could introduce a tiered limit structure that rewards highly active and trusted users with higher limits while still restricting newer and lower-volume accounts.
5. Regulatory Changes: Shifts in financial regulations around areas like AML and know-your-customer (KYC) laws could force Venmo to change its limits to remain compliant.

Ultimately, the exact trajectory of Venmo’s limits will depend on a mix of business strategy, risk management, user demand, and the broader regulatory landscape around peer-to-peer payments. But if the past is any indication, the overall trend appears to be in favor of gradually increasing limits over time.

Frequently Asked Questions (FAQs)

The Bottom Line on Venmo Limits

Venmo’s patchwork of spending limits can seem confusing and restrictive at first glance. But for most users, the current caps are more than sufficient for common use cases like splitting bills, sharing costs, and sending gifts.

If you do need to transact in larger amounts, verifying your identity is the first step to unlocking Venmo’s highest limits of up to $60,000 per week in payments and $19,999.99 in bank transfers. The Venmo debit card provides another avenue to access your funds up to $7,000 in weekly spending.

And if you still find yourself chafing at Venmo’s limits, the company does sometimes increase them on a case-by-case basis for certain high-volume users. But you’ll need to work directly with Venmo support to plead your case.

For most users, learning to navigate Venmo’s various limits is simply part of the process of enjoying the convenience of fast, fee-free money movement. By understanding the caps and planning your transactions accordingly, you can make the most of Venmo’s hugely popular payments platform.