Venmo is a digital payment service that allows you to send and receive money and operates in the United States of America. PayPal, a giant online payment service that operates in the whole world, is the company’s owner and introduced it in the market to compete with other digital wallets such as Skrill, Fintiv, Western Union, Stripe, Zelle, and Splitwise among others. Now that you can send money to other Venmo users, how much money can you send on Venmo?
It is crucial to understand the transaction limits to avoid inconveniences when you plan to send a larger amount of money than the set daily limit. Digital wallets usually have set transaction limits per day and also per month. I will focus on the maximum amount of money you can send on Venmo so that you can be well informed before opening an account with the company.
Despite mobile wallets setting limits on the amount of money you can transfer to others, there is a way you can send large amounts of money. You can agree with the recipient to send a certain amount of money every day so that you can complete the payment over a certain duration. Another trick is ensuring that you get your account verified as soon as you open it since unverified accounts have low transaction limits.
How do you open a Venmo account?
You can open a Venmo account by using a smartphone, a tablet, or your computer using a browser. You can follow the guidelines below to get started.
- Download the Venmo mobile app either for iOS or Android. Unfortunately, Venmo does not have an application for Windows phones
- Open your Venmo app
- Choose a signup method
- Create a password between 8-32 characters long
- Verify your email address and phone number
- Add and verify a bank account
Once you finish the process above, you can open your account and share your details with your friends or relatives to send you money with just a few taps on their phones. You can also send money to other Venmo account holders.
How much money can you send on Venmo?
When you have just signed up, your person-to-person sending limit is $299.99. At this time, your account is not yet verified. However, once Venmo verifies your account, your sending limit increases to $4,999.99. That means that you should try as much as possible to have your account verified if you want to transfer much money.
Venmo also has other transaction limits that you must be aware of. The table below explains more. Have a look.
| Overall Combined Sending Limit: $6,999.99 | Person-to-Person Payments | Authorized Merchant Payments | Venmo Mastercard Debit Card Purchases |
|---|---|---|---|
| Maximum Weekly Spending | $4,999.99 | $6,999.99 | $6,999.99 |
| Per Transaction Limit | $4,999.99 | $2,999.99 | $2,999.99 |
You should also see your reload limits in the Venmo Debit Card section of your Venmo app. There is also a limitation on the money you can withdraw at an ATM or over the counter, which is $400.00. The limit resets daily at 12:00 AM CST. Furthermore, the per daily merchant limit is $3,000.00
Can you transfer money from Venmo to a bank account?
Venmo allows you to transfer money from your Venmo account to a bank account. It makes it possible to move money to your bank account for saving, payment of loans and bills, as well as making them available for your debit card. You can transfer money to a bank using either;
- Instant transfer
- “1-3 Biz Days”
The process below allows you to move money to your bank account.
- Login or open your Venmo app
- Tap on “Transfer Money” or “Transfer Balance”
- Hit on “Transfer to Bank”
- Enter the amount to move to your bank
- Hit on “Instant” (for a small fee) or “1-3 Biz Days” (for no fee)
- Select your bank account or debit card
- Confirm the transfer details
- Tap on the “Transfer” button
Instant transfer ensures that funds are available in your bank account within a few minutes. The instant transfer fee is 1.5% and a minimum fee of $0.25. The maximum fee for the instant transfer is $15. The “1-3 Biz Days” transfer method is free and takes between 1-3 days to complete.
If your account is not verified, the limit you can send to your bank account is $999.99 per week. Once Venmo confirms your account, the limit rises to $19,999.99 per week. It takes around 2-3 business days to review your documents.
Also, it takes around a week to complete the verification process if you verify your bank account using the micro-transfer method. However, your account is automatically verified if you get through to your bank account through the Venmo app.
How do you move money from a bank account to Venmo?
Apart from transferring money from Venmo to your bank account, you can also transfer money from a bank account to Venmo. It is one of the ways you can avail money to your Venmo account to use for various kinds of transactions. To move money from a bank account to Venmo, you can follow the procedure below.
- Open your Venmo app
- Tap on “Manage balance.”
- Enter the amount to transfer
- Tap “Done”
- Confirm your bank account to transfer money from
- Tap “Next”
- Review the transfer information and estimated arrival date
- Tap “Add Money.”
Remember that once you authorize the transaction, there is no way you can cancel it. Alternatively, you can move money from your bank to Venmo when using it as a funding source. You can also link a payment card such as a debit card to act as a funding source.
How long does it take to move money from Venmo to a bank account?
The transfer process from Venmo to a bank account takes between 3-5 business days (excluding weekends) to reflect in your Venmo balance. The duration taken also depends on the day you initiate the transfer process.
If you start the transfer on the weekend, you will have to wait longer since no activities occur during that time. Some companies may have other arrangements that can warrant weekend withdrawals.
Can you send money from Venmo to PayPal?
Even though Venmo is a property of PayPal, you cannot directly transfer money from Venmo to PayPal. You have to use a bank that links to the two money transfer platforms to transfer money. To link a bank to Venmo, follow the procedure below.
- Tap “☰” at the top of the app
- Hit on “Settings”
- Tap on the “Payment Methods”
- Select “Add a bank or card…”
- Select “Bank”
- Choose your preferred verification method
Again, to add a bank account to PayPal, you should;
- Hit on the settings icon.
- Tap Banks and Cards.
- Select +, then Bank account.
- Add your bank account details.
- Tap Add this Bank Account.
PayPal allows you to instantly link your bank account when you enter your user ID and a password for your online banking. PayPal matches your information with your online banking details to confirm that they are true.
The other option is to confirm your bank account manually. You have to enter your bank account manually and then confirm the account details. Once your bank connects to Venmo and PayPal, you can then move money to your bank account and then to PayPal.
How do you move money from Venmo to Cash App?
If you want to transfer money from Venmo to Cash App, you will follow the same process in PayPal. You have to link both platforms to a bank account and then move money from Venmo to the bank account, then to Cash App.
Alternatively, you can use the Venmo Debit Card on Cash App as a funding source when carrying out transactions. In that manner, you will have moved money from your Venmo account to your Cash App account.
Is it secure to use Venmo?
Venmo, like many online payment platforms, is secure to use. There are lots of security measures made to ensure that you do not lose money online to hackers. Data you send to servers is usually encrypted so that third parties cannot read it.
Secondly, you can only access your online account using a password and a username. Unless you share the credentials with someone else, no one can log into your account to get money out of your account.
Furthermore, the Venmo Debit Card has a PIN that you can use at ATM points to withdraw money. Since the PIN is secret information, there is no way someone else can use it to withdraw money. You should never reveal it to anybody else to avoid losing money. If you lose your card, ensure that you disable it online or call 855-204-4090.
Bottom line
Venmo is a money transfer platform from PayPal. The apps allow you to send and receive money from other Venmo account holders. Unverified Venmo accounts have a small limit as compared to the verified ones. You can move money from your Venmo account to a bank account. However, you cannot directly move money from Venmo to Cash App or PayPal unless you use a bank account to connect the digital wallets.
