Venmo is a fantastic online account that has several benefits. One of those is the fact that you can transfer money between accounts with no fee. This is brilliant for those who need to make regular payments to family and friends. However, just like with all bank accounts, there are limits on your Venmo account. You'll have been made aware of these when you opened the account, but sometimes you need to make larger payments than usual, and this information isn't something that everyone retains. These limits are usually in place to help customers avoid overspending. What follows is our explanation of your max limits per day in your Venmo account.
|Overall Venmo Account Combined Spending Limit: $6,999.99||Limit on Person-to-Person Transfers||Payments Authorized by Merchants Limit||Venmo Mastercard Debit Card Purchase Limit|
|Maximum Spending Limit Per Week||$4,999.99||$6,999.99||$6,999.99|
|Maximum Spending Limit Per Transaction||$4,999.99||$2,999.99||$2,999.99|
Venmo Max Per Day Account Limits Explained
The table might outline all of the spending limits you're restricted to with Venmo, but we will explain them all separately here for clarity's sake.
- Your weekly spending limit with a Venmo account is $6,999.99.
- You may transfer up to $4,999.99 to another person per week with Venmo. The most you can transfer to another person in one transaction is also $4,999.99.
- The maximum amount you can spend with a merchant per week is $6,999.99. The limit per transaction with merchants is $2,999.99.
- The most you can spend on your Venmo Mastercard Debit Card per week is $6,999.99. The maximum you can spend on your card per transaction is $2,999.99.
Venmo Account Limit Without Identity Verification
While the table above information is correct, it's only accurate if you've verified your identity with Venmo. This requires you to send an image of a form of ID and wait for the Venmo verification team to process your identity. If Venmo has not verified your identity, your weekly spending limit on your Venmo account is restricted to $299. This is inclusive of person-to-person and merchant payments.
Once you have verified your identity, your weekly account spending limit is raised to the aforementioned $6,999.99.
How Does Overspending Change my Venmo Max Per Day Account Limits?
While these limits on your Venmo account are firm, they may change in some ways if you overspend using certain methods. However, your limits will never increase. If you overspend using your card though, that weekly limit can decrease.
If you spend more than $2,999.99 with a merchant using your Venmo Mastercard Debit Card, then your person-to-person limit will decrease by the amount you overspent. For example, spending $3,500 on your Venmo Card, or using an authorized payment through a merchant, will reduce your person-to-person spending limit to $3,499.99.
Using another example, if you spend $3,800 on person-to-person payments in a single week, your combined limit for spending with merchants will be reduced to $3,199.99 for the rest of that week.
As you can see. The more you spend using one method, the less you'll have to spend with the others in the same week. If you need to make a hefty payment to a vendor one week, then you'll need to remember that you can't make as many person-to-person payments in the same period.
ATM Withdrawal, Over the Counter Withdrawal, and Daily Cash Back Limits on Your Venmo Account
Finally, you can withdraw cash from ATMs, over the counter at banks, or as cashback in stores. The limit on these transactions is $400 per day on your Venmo account. The limit will rest at 12:00 am CST. This limit applies to all three of these methods. You can't withdraw $400 at an ATM and another $400 as cashback. The limit is across all three.
Venmo Max Per Day Limit Weekly Reset Time
There is no set date for your weekly limit to reset. It's not as simple as having $6,999.99 from Monday to Sunday, with a reset occurring every Monday. Instead, every transaction counts against your limit for seven days from the moment you make it.
For example, if you make a purchase on Monday at 10:00 am for $400, that amount will count against your total spending for the time until the following Tuesday next week. This makes it quite hard to overspend unless you're making regular payments of thousands of dollars.
The easiest way to remember your weekly Venmo account limit is to think of it as $6,999.99. That's the limit across your account for the week, and you're not allowed to go over it. If you haven't verified your identity, your limit is $299 per week, which doesn't work if you have many bills. Finally, the most you can withdraw in cash from your account is $400 per day, with no exceptions.
If you're having issues with your Venmo account, check out our guide on why it may be restricted, and what to do about it, here.