How Do Venmo Limits Compare With Other Payment Services?
Venmo is a popular payment service that offers a variety of features and benefits, including fast and easy money transfers, social payment options, and low fees. However, when it comes to limits, Venmo has some limitations compared to other payment services.
Venmo vs PayPal Limits
Venmo has a weekly transaction limit of USD 7,000 for personal accounts and USD 25,000 for business accounts (assuming you have verified your Venmo identity). Corresponding limits for verified PayPal personal and business accounts are USD 10,000 and USD 60,000.
Venmo vs Wise (formerly TransferWise) Limits
Wise (formerly Transfer Wise) is a payment service that offers international money transfers with competitive exchange rates and low fees. Transfer Wise have no minimum or maximum limits, although some transfers may require additional verification or documentation.
It is important to note that Venmo transfer limits are just one factor when choosing a payment service. Other factors to consider include fees, exchange rates, delivery options, and security features.
Ultimately, the best payment service for you will depend on your specific needs and preferences, as well as the features and limitations of each platform.
What Are Venmo Limits For Personal Accounts?
Venmo limits for personal accounts apply to purchases as well as sending and receiving money on the platform.
Here are Venmo transaction limits1 for personal accounts:
· For unverified Venmo personal accounts (when identity verification has not been completed yet), there is a Venmo weekly spending limit of USD 299.99. Venmo limit includes payments made for purchases as well as sending money to others. The good news is that you can easily increase this limit by verifying your Venmo account. To do so, go to the "Me" tab and then Settings and then "Identity Verification".
· If you have successfully verified your Venmo account, you can make weekly purchases of up to USD 7,000 and send up to USD 60,000 via your account.
If you wish to withdraw money from your Venmo account to your bank account, here are Venmo's withdrawal limits to be aware of:
· If you are an unverified Venmo account holder, you can send up to USD 999.99 per week to your bank account.
· If your Venmo account is verified, you can send up to USD 19,999.99 to your account every week. Just be aware that there is a cap of USD 5,000 per transfer so you may need to do multiple transfers if you wish to send more than that amount per week.
Finally, it is also possible to send money to your Venmo account. If you wish to do so, below are Venmo's deposit limits:
· Up to USD 10,000 per week via a bank account.
· Up to USD 2,000 per week via a debit card.
Venmo limits for various transaction types depend on whether your account is verified or not. Verify your identity to enjoy higher limits.
What Are Venmo Limits For Business Accounts?
Venmo limits for business accounts are structured similar to those for personal accounts but with some important differences. Business accounts have higher limits to accommodate larger transaction volumes and higher account balances.
Here are the main Venmo transaction limits 3 for business accounts:
· If you have an unverified Venmo business account, the limit is USD 2,499.99 per week. Similar to personal accounts, you can easily verify your Venmo business account by going to Settings and then "Identity Verification" from your business profile on the Venmo app.
· If you verify your business account, the limit is USD 25,000 per week.
If you wish to withdraw money from your Venmo business account3 to your bank account, here are the pertinent limits:
· Unverified account - USD 999.99 per week.
· Verified account - USD 49,999.99 per week.
Note that there is also a limit of USD 10,000 per withdrawal for Instant Transfers to your debit card, and USD 50,000 per withdrawal for Instant Transfers to your bank account.
Finally, if you want to fund your Venmo business account using your bank account or debit card, here are Venmo's deposit limits:
· Up to USD 10,000 per week using your bank account.
· Up to USD 2,000 per week using your debit card.
Venmo limits for business accounts vary depending on whether your account is verified or not. Make sure to verify your business' identity to enjoy higher limits.
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