Venmo is a peer to peer digital payment platform based in the US.
People use venmo to pay their bills, transfer money to friends and family and also receive money from them.
When it started, the payment system was through messages, before it upgraded to its website and later created a Venmo app.
In 2012, Braintee bought over the company for 26.2 million dollars, and some years later the number one global online payment service provider PayPal purchased Braintee, thereby automatically acquiring Venmo.
In today’s educative blog post, we’ll be talking about the “Venmo transaction limit“, and a variety of other things. Just stick around…
What Is Venmo Transaction Limit?
Once you open a Venmo account, your peer to peer sending limit would automatically be set at $299.99.
This is the limit for a regular Venmo account.
But the good part is that this limit can be increased.
To get an increased sending limit, all you have to do is to verify your Venmo account.
To verify your Venmo account, you need to provide Venmo with;
The last 4 digits of your SSN (social security number)
Your state ZIP code and
Your date of birth
You can also verify your Venmo account with your bank account.
Once you add your bank account details to your Venmo account, the account would be verified automatically.
Once you’ve verified your Venmo account, your limit would be increased to $4,999.99 per week.
NB: The company (Venmo) doesn’t limit the amount of money you can receive on your account.
The limit only applies when you’re sending out funds.
What Is A Transaction Limit?
A transaction limit is the highest amount of funds a person or a merchant can authorize within a given period of time.
For instance, if you have $5,000 in your account, and your bank sets your limit at $1000, you cannot withdraw your money or send it out all at once.
Because of the limit set by the Bank.