The maximum transfer limit for Venmo varies based on whether the user has completed the identity verification process.
For Unverified Accounts:
- Person-to-Person Payments: $299.99 per week
For Verified Accounts:
- Person-to-Person Payments: Up to $60,000 per week, which roughly translates to about $8,571.43 per day if divided equally.
- Payments to Authorized Merchants: Up to $7,000 per purchase.
- Purchases with the Venmo Debit Card: Up to $7,000 per day.
- Bank Transfers (Standard and Instant): Up to $19,999.99 per week with a maximum of $2,999.99 per transfer.
Verification Process:
To increase your Venmo transfer limits, you need to complete the identity verification process. This includes providing your legal name, address, date of birth, and the last four digits of your Social Security Number (SSN). In some cases, Venmo might ask for additional information or documentation.
FAQs:
How can I verify my identity on Venmo?
- Go to the Venmo app, tap the "☰" icon, select "Settings," and then "Identity Verification." Follow the on-screen instructions to complete the verification process.
Why is my Venmo transfer limit lower than expected?
- If you haven't completed the identity verification process, your transfer limits will be lower. Complete the verification process to increase your limits.
Can I request a higher transfer limit on Venmo?
- Venmo automatically sets limits based on your verification status. There is no manual process to request higher limits beyond completing the required verification.
What happens if I exceed my Venmo transfer limit?
- If you try to exceed your transfer limit, the transaction will be declined. You will need to wait until your limit resets or consider breaking the transfer into smaller amounts within the allowed limit.
Are there any fees associated with higher transfer limits?
- Venmo does not charge for increasing your transfer limits through verification. However, certain transactions, like instant transfers to your bank, may incur fees.
For the most current and detailed information, always refer to Venmo's official help center or contact their customer support.
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