Venmo is among the most used mobile money transfer platforms in the United States. The company is a product of PayPal, one of the world’s best money transfer service providers.
Despite being a product of PayPal, Venmo operates independently. The company’s headquarters are in New York, United States. We shall check the best ways to increase the Venmo transfer limit shortly.
You usually get a particular limit when you open an account since you are new to the company. However, you can see an increase in your limits after complying with the requirements. By the way, there are various reasons why Venmo and other companies give new account holders restrictions.
One is to prevent terrorism. Criminals can easily fund terrorism in the country and the world if not checked. Another reason why there are restrictions on accounts is to prevent money laundering.
For your information, Venmo is an online money transfer platform that only operates in the US. You should open an account online by providing all the necessary details. Also, sending and receiving money happens online.
Generally, you can contact your activities online using your smartphone or tablet. You can also access the company’s services from a computer. All you need is a secure and consistent internet connection.
How does Venmo work
Once you open an account on the platform, you can start carrying out various transactions. However, you need money in your account to send to others or make a bill payment. Usually, the company allows you to add a payment method.
You can either add your bank account or payment card to your account so that when you have an insufficient balance, you can rely on your card or bank account balance to fund your transactions.
Usually, when you add a payment method, Venmo automatically obtains money from the added method when your Venmo balance is insufficient. There are various transactions one can carry out with Venmo.
They include sending and receiving money, making bill payments, withdrawing money to a bank account, etc. When you open an account with Venmo, you must create a strong password to safeguard your money.
You should never reveal the password to anybody as that can lead to loss of money. Venmo also allows you to use your biometric details to safeguard your account. You can always change your password if you suspect someone has known it.
If you no longer need the services from the company, you can close your account. However, you must spend all the balance in your account before carrying out your account deletion.
How do you open a Venmo account
You can only open a Venmo account online using an internet-enabled device. Devices such as tablets, smartphones, or computers can be helpful when opening your account. Download the Venmo app from the relevant sites to open an account with your phone.
The platform supports Android and iOS devices. However, there is no app for Windows phones. The following are the steps you can utilize to open a Venmo personal account with your phone. Have a look.
- Download the app for Android or Apple, depending on your phone.
- Next, open the Venmo app.
- Choose your preferred sign-up method, then create a strong and secure password. The password should be between 8 and 20 characters long, containing at least one number or symbol.
- After that, you should verify your phone number plus email address.
- Lastly, add and then verify your bank account.
Ensure that the mobile phone number you provide is for the USA and can receive messages. The account should be ready within a short time so that you can start transacting.
How to maximize or increase the Venmo transfer limit
Once you open an account with the platform, it is crucial to get the maximum limit. Verifying your identity with the platform is the best way to increase your limits. You can verify your identity in the Venmo app by following the steps below.
- Open your Venmo app to log in.
- Navigate to the “Me” tab.
- Hit on the Settings gear in the top right.
- Hit on Identity Verification.
To verify your identity, you must provide your legal name, date of birth, physical address, and Social Security Number (SSN) or Tax Identification Number. Venmo may ask for more information if they cannot verify your identity using the above details. These include a US passport or driver’s license.
Unverified accounts have a weekly spending limit of $299.99 for person-to-person payments or payments to authorized merchants. Once you complete your Venmo identity verification, you can send up to $60,000 weekly unless other reasons bar you from sending large amounts of money.
When using Venmo Mastercard Debit Card, your transactions are subject to additional limits. These include;
- Weekly spending limit of up to $6,999.99.
- Reload limits.
- Over-the-counter withdrawals, ATM withdrawals, and cash back daily limit of up to $400.00.
- Daily Purchase limit of up to $3,000.00.
- Thirty transactions per day limit.
How to send money on Venmo
Sending money is one of the significant uses of Venmo. The following are the steps to send money on the platform.
- Open your Venmo app.
- Tap the Pay/Request tab at the bottom of your screen.
- Choose the recipient of the funds from the contact list or enter their details manually.
- Tap “Next” on your screen.
- Enter an amount to send plus a payment note
- Tap “Pay”
With Venmo, you can pay multiple people on one transaction. You only need to tap and hold when selecting your first recipient for a checkmark to appear. You can then select the others and proceed.
How do you cancel a Venmo payment
It is impossible to cancel a Venmo payment to an existing Venmo account. Once you send, the funds are available to the recipient immediately. You can only get your money back by requesting the recipient to send you the received amount.
However, you can easily cancel a transaction if you send money to a recipient, not on Venmo. You can find the transaction on the pending section of your account and then follow the prompts to cancel it.
Bottom line
Venmo is a money transfer company headquartered in New York, United States. The company does not allow users from other countries since it is only limited to the United States.
You can open an account online using your phone, computer, or tablet. You can do various transactions with Venmo, including sending money, withdrawing money to your bank, paying bills, etc.
