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.
How Can I Create A Venmo Account?
To able to use venmo, you must live in the United States, because the payment platform only works in the US.
To open a Venmo account all you need to do is go to the Venmo website, create an account with your email, or alternatively you can use your Facebook login details to open an account on Venmo.
You can also download the Venmo App on your Android and iOS smartphones, and it provides the same services as the website.
Once you have successfully opened your Venmo account, and followed the steps on the platform to complete the set up, you’re ready to start sending and receiving funds.
Does Venmo Charge Fees For Transaction?
Venmo do not charge any fee for transportation done on the platform.
The objective of the company is to provide a free-to-use payment platform for customers.
So most transactions conducted on the platform are free.
The only time you’ll be charged a 25% fee is whenever you want to transfer money out of your Venmo account to your bank account.