Venmo Limits Exposed | Digital Banking 101

Venmo limits can be difficult to decipher for anyone new to the world of digital banking. So, in this article, we’re going to break down the specific limits for Venmo accounts, including verified, unverified, personal, and business accounts.

Importantly, Venmo accounts are not accessible for the vast majority of foreign non-residents. Instead, foreign non-residents who do not have an SSN will need to consider one of the many alternative remote account opening options in the US.

On the other hand, if you are seeking digital business banking, Venmo may still be an option worth considering.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Venmo Limits
  2. Venmo Personal Account Limits
  3. Venmo Business Account Limits
  4. Venmo Debit Card Transaction Limits
  5. Who Can Use Venmo?
  6. How to Send Money Using Venmo
  7. Venmo vs Cash App
  8. Frequently Asked Questions
  9. Ready to Open Accounts With Banks in the USA?

Venmo Limits

Venmo limits are divided by personal and business accounts and account verification. The specific limits are set as weekly limits for payments and transfers, while debit card withdrawal limits are set as daily limits. There are also transaction limits, which are also divided by account type.

Before diving in any further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.

How Do I Find Out My Venmo Money Transaction Limits?

To help you navigate the Venmo transaction limits that impact your account, we have outlined the current personal and business account limits for verified and unverified accounts below.

Use the following information as a guide to better understand the limits impacting your account. But, as always, you should review your Venmo account for any policy updates that could be impacting your transaction activity.

Can I Increase My Venmo Limit?

If you are trying to increase your limits by verifying your account, you should contact Venmo customer support and ask for their assistance navigating the security measures for verification.

Venmo Personal Account Limits

Venmo Limits Without Identity Verification for Personal Accounts

Weekly payment limit: USD 299.99

Weekly person-to-person limit: USD 999.99

Venmo Limits With Identity Verification for Personal Accounts

Weekly payments limit: USD 7,000.00

Weekly transfers to your bank: USD 19,999.99*

*There is a USD 5,000 limit imposed on outgoing transfers.

Weekly person-to-person limit: USD 60,000.00 (maximum)

Venmo Limits for Depositing Into Your Venmo Account for Personal Accounts

Weekly bank deposit limit to Venmo: USD 10,000.00

Weekly debit card deposit limit to Venmo: USD 2,000.00

Venmo Business Account Limits

Venmo Limits Without Identity Verification for Business Accounts

Weekly payment limit: USD 999.99

Weekly person-to-person limit: USD 2,499.99

Venmo Limits With Identity Verification for Business Accounts

Weekly payments limit: USD 7,000.00

Weekly transfers to your bank: USD 49,999.99*

*There is a USD 10,000 limit imposed on outgoing transfers to debit cards and USD 50,000 to bank accounts.

Weekly person-to-person limit: USD 25,000.00

Venmo Debit Card Transaction Limits

Venmo Limits for Debit Card Transactions for Business Accounts

Daily debit card withdrawal: USD 400.00

Transaction debit card limit: USD 2,999.99

Weekly debit card expenditure: USD 7,000.00

Who Can Use Venmo?

To be eligible to use Venmo, you need to be physically located in the United States and you are required to have a US phone number. Additionally, because Venmo is a financial technology platform, account holders are required to be 18 years of age at the time of registration. Additionally, to set up an account, you must have a US bank account, debit card, or credit card.

How to Send Money Using Venmo?

To send money using Venmo, you will need to open the application on your phone and hit the pay button. Then you can search or select the name of the person that you want to send money to. Then hit next, followed by inserting the amount of money you want to pay. To complete the process, hit β€œPay” and the money will be sent.

Venmo vs Cash App

The main difference between Venmo and Cash App is that Vemo has slightly higher transaction limits and is only available in the United States while Cash App is available in both the United States and the United Kingdom. Otherwise, both Venmo and Cash App are peer-to-peer transfer platforms that offer competing solutions.

Frequently Asked Questions

Below are three of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

Can I Send $5,000 Through Venmo?

Yes, you can send $5,000 through Venmo if you have a verified personal or business account. That said, if you do not have a verified personal or business account, you will be limited to only sending $999.99 per week via person-to-person transfers.

Does My Venmo Account Have Daily or Monthly Transfer Limits?

Your Venmo account does not have a daily or monthly transfer limit. Instead, your Venmo account has a weekly transfer limit. The specific limit imposed on your Venmo account is determined by whether you have a personal account or a business account and then again by whether the account is verified or unverified.

What Is the Venmo Limit Per Day?

The Venmo limit per day relates to debit card transactions and withdrawals. This limit is $400.00 per withdrawal and $2,999.99 per transaction. That said, there is also a weekly debit card transaction limit of $7,000.00.

Ready to Open Accounts With Banks in the USA?

If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.

GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.

When you join, you receive…

+ Expert suggestions on where to open US bank accounts.

+ Step-by-step support to navigate opening US bank accounts.

+ Direct introductions to helpful and responsive bankers.

+ Plus, detailed guides to maximizing the value you get from your new US bank account.

And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.

In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.

To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!

Share This Article on Your Favorite Platform
GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

Sorry, but you cannot copy the content on this page.