One of the most common modern methods of making a digital money transfer is by using a mobile app. PayPal, the one of the international market toppers in digital payments, has Venmo operating in the United States as one of its subsidiary companies. Venmo specializes in the mobile-app payment segment. In this article, we will answer one of the most frequently asked questions related to Venmo — what is the Venmo limit per day?
What Is the Venmo Limit Per Day?
When it comes to paying money online through Venmo, there are different options available. Different methods prove to be useful on different occasions where you can pay, considering factors such as your verification, existing limit, and your account history. Below is the answer to the question: what is the Venmo limit per day?
Each mode of payment will have a different limit per transaction. Let us look into these limits in detail.
Type of Transactions and Their Limits
A new Venmo app user gets a lower money transfer limit than the standard one until he completes the identity verification process. The current limit for unidentified customers is $299.99 per week. This limit is inclusive of personal transfers and payments to the merchants. Although there is no hard and fast rule about the daily limit, you can decide an appropriate Venmo limit per day suiting your needs.
You can complete your identity verification by going to the settings tab on your mobile app or the website. Once you have completed your verification process, then you are entitled to a higher Venmo transfer limit per day.
After completing verification, your weekly spending limit will increase up to $6999.99. However, the rules deciding this limit are not so simple.
The maximum amount for peer-to-peer transactions is only $4999.99. For authorized merchant payments, you can utilize your maximum limit of $6999.99. Similarly, for Venmo MasterCard purchases, the maximum weekly limit is $6999.99. The overall spending limit of $6999.99 includes peer-to-peer transfers, authorized merchant transfers, and Venmo master card transfers.
Apart from the weekly limits, there are per transaction limits as well. While transferring money to another person, you can send a maximum of $4999.99. Similarly, while paying to an authorized merchant or making a transaction through your Venmo MasterCard debit card, you can pay a maximum of $2999.99.
These daily limits are inclusive of merchant payments, debit card transactions and peer-to-peer transactions. For example, if you spend a total of $3999.99 using your debit card and through authorized merchant payment, then the remaining limit for person-to-person transfer will be only $3000. This is because the combined limit for all three methods is $6999.99.
Payments using Venmo MasterCard debit cards have some other regulations as well. Let us look at them in detail.
Venmo MasterCard Debit Card Limit
Venmo debit cards work a little differently from the standard debit cards. They require you to add money to your Venmo balance, from a linked bank account, before you can make a purchase using the Venmo debit card. This process is called debit card reloading.
Further, here are the limits associated with the Venmo MasterCard debit card transactions:
- Reload Limit: The reloading limit is different for different customers. You can check your own reload limit from your Venmo mobile app. Whenever reloading takes place, it happens only in increments of $10.
- ATM Withdrawal/ Over the Counter Withdrawal: To withdraw cash from an ATM, the maximum Venmo limit per day is $400. The same applies to Over-the-Counter withdrawals as well. However, you must have enough Venmo balance for the withdrawal transaction that you are initiating, as it happens only from your Venmo balance and not from your bank account. The reloading feature is also not available while withdrawing cash.
- Per Merchant Limit: The Venmo limit per day for paying a particular merchant using the debit card is capped at $3000.
All these Venmo limits per day and weekly limits are rolling limits.
What Are Rolling Limits?
A rolling limit means that your spending limit refreshes every week. For example, suppose you spend $1000 on Monday at 11:00 AM. This will be counted against your limit for the rest of the week, and you will have a maximum of $5999.99 remaining to spend. However, On the following Monday at 11:01 AM, the entire limit will refresh, and you will again have $6999.9 to spend.
Do These Limits Change?
We have so far seen various types of transactions and uses of Venmo balance, their Venmo limit per day, and weekly limits as well. Some readers may have a question: can these limits change, or are they fixed?
The answer is, these limits are always subject to change. Be it the individual limit or the combined limit, it can change anytime, depending upon certain factors. These factors are:
- Venmo Account Activity: The frequency of the transactions which you make through your Venmo account can affect your account limit. If the total number of your transactions is higher in a particular period, then you are likely to have a higher account limit. On the contrary, if your Venmo account is likely to remain dormant for long periods, then you may have a very low account limit.
- Venmo Account History: Not only the frequency but also the volume of your transactions impact your account limits. If you are likely to spend more using your Venmo account, then Venmo will be happy to allow you to spend even more by increasing your spending limit.
- Venmo Debit or Credit card Activity: Quite similar to the Venmo account, the frequency, and the volume of the Debit or credit card influence their respective limits as well.
All these factors combined into one ultimately decide your spending limits. It is important to note that these limits are fixed and altered solely by Venmo. It does so discreetly and has the right to change them without any prior notice.
Let us now discuss the Cryptocurrency segment of Venmo.
Also Read: Venmo Vs Paypal: Everything You Need to Know
Venmo Limit Per Day for Crypto Trading
As with the other limits, the crypto trading limit is also a weekly limit. If you make a crypto purchase through Venmo, the maximum amount allowed is $20,000 for the entire week.
Although you can spend a maximum of $20,000 in just a week, the annual limit is $50,000. To answer the question what is Venmo limit per day for cryptos, we simply need to divide these numbers by 7. The limit comes out to be approximately $2857.14, considering the weekly limit. If we consider the annual limit, the Venmo limit per day comes out to be $136.98, approximately.
Depending upon your need, you can choose from many options of making a payment using Venmo. These methods include Venmo balance, Venmo MasterCard debit card, authorized merchant payment, and peer-to-peer transfers. We have discussed their respective limits, including the Venmo limit per day, weekly limits, and rolling limits. Further, we have also understood how does Venmo work, to some extent.
For more finance-related concepts you can have a look at the FinanceShed, and stay tuned for more updates.