How Much Can You Send on Venmo After Verification?

Venmo is a widely popular mobile payment service that allows users to transfer money to friends, family, and businesses. One of the key features of Venmo is its transaction limits, which vary depending on whether the user has verified their identity. In this comprehensive guide, we will explore how much you can send on Venmo after verification, detailing the different limits, steps to increase your limits, and the benefits of verification.

 

Understanding Venmo Transaction Limits

Venmo sets different transaction limits to ensure security and prevent fraud. These limits are categorized into Venmo sending limits, purchase limits, and withdrawal limits. Before verifying your identity, these limits are relatively low, but they can be significantly increased once you complete the verification process.

 

Pre-Verification Limits

Before you verify your identity, Venmo imposes a sending limit of $299.99 per week. This limit applies to payments to friends, family, and businesses. Additionally, the purchase limit with the Venmo Debit Card is $3,000 per purchase and $4,999.99 per week. ATM withdrawals and cash back at the point of sale are capped at $400 per day.

 

Post-Verification Limits

After verifying your identity, your sending limit on Venmo increases substantially. Here are the detailed limits:

Sending Limits

Once you verify your identity, the Venmo weekly sending limit increases to $6,999.99. This includes:

·        Person-to-person payments.

·        Payments to authorized merchants.

·        Payments made using your Venmo Debit Card.

 

Purchase Limits

·        With verification, the Venmo Debit Card purchase limit is increased to $6,999.99 per week. This includes all purchases made using the Venmo Debit Card.

 

ATM Withdrawal and Cashback Limits

·        Verified users can withdraw up to $400 per day from ATMs and receive up to $400 in cash back at the point of sale.

 

Benefits of Verifying Your Identity on Venmo

Verifying your identity on Venmo not only increases your Venmo transaction limits but also offers several other benefits:

·        Enhanced Security: By verifying your identity, you add an extra layer of security to your account. This helps in protecting your financial information and reducing the risk of fraud.

·        Access to Additional Features: Verification unlocks additional features such as the ability to participate in Venmo's peer-to-peer payment network, access to the Venmo Debit Card, and the option to use Venmo to pay for purchases at authorized merchants.

·        Higher Limits for Larger Transactions: With higher sending limits, verified users can transfer larger sums of money, making Venmo more versatile for both personal and business transactions.

 

How to Verify Your Identity on Venmo

Verifying your identity on Venmo is a straightforward process. Follow these steps to complete the verification:

·        Open the Venmo App: Launch the Venmo app on your mobile device.

·        Navigate to Settings: Tap on the three horizontal lines in the upper left corner to open the menu, then select "Settings."

·        Select "Identity Verification": In the settings menu, tap on "Identity Verification."

·        Provide Required Information: Enter your legal name, address, date of birth, and the last four digits of your Social Security Number (SSN). In some cases, Venmo may request a photo of your government-issued ID.

·        Submit Information: Review your information for accuracy and submit it for verification.

Venmo will review your information and notify you once your identity is verified. This process usually takes a few minutes but can take longer if additional verification is needed.

 

Common Issues and Troubleshooting

While verifying your identity on Venmo is usually straightforward, you may encounter some common issues. Here are solutions to help you troubleshoot:

·        Incorrect Information: Ensure that all information entered matches your legal documents. Any discrepancies can delay the verification process.

·        Pending Verification: If your verification is pending for an extended period, check your email for any additional requests from Venmo. Sometimes, Venmo may require further documentation.

·        Verification Denied: If your verification is denied, review the provided information for accuracy and resubmit. If issues persist, contact Venmo customer support for assistance.

 

Frequently Asked Questions (FAQs)

1. How long does Venmo verification take?

The verification process typically takes a few minutes but can extend to several days if additional documentation is required.

 

2. Can I increase my Venmo limits without verification?

No, to increase your Venmo limits, you must verify your identity. Unverified accounts have significantly lower transaction limits.

 

3. What documents are needed for Venmo verification?

You need to provide your legal name, address, date of birth, and the last four digits of your Social Security Number. In some cases, a photo of your government-issued ID may be required.

 

4. Are there any fees associated with Venmo verification?

No, Venmo does not charge any fees for verifying your identity.

 

5. What happens if I don't verify my identity on Venmo?

If you choose not to verify your identity, you will be limited to the lower Venmo transaction limits and will not have access to certain features, such as the Venmo Debit Card and payments to authorized merchants.

 

Conclusion

Verifying your identity on Venmo is a crucial step to unlock higher transaction limits and gain access to additional features. With a verified account, you can send up to $6,999.99 per week, making Venmo a more versatile and secure platform for managing your finances. Follow the simple steps outlined in this guide to complete your verification and enjoy the benefits of higher limits and enhanced security.