How To Increase Venmo Transfer Limit?

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In this guide, we'll explain the steps to increase your Venmo transfer limit. Venmo is a popular mobile payment service that allows users to transfer money to friends, family, and businesses. However, there are limits on how much you can send and receive with Venmo. Increasing your transfer limit can be beneficial if you need to make larger payments or transfer larger amounts of money. Here's how you can do it:

Understanding Venmo Transfer Limits

Before we dive into how to increase your Venmo transfer limit, let's first understand the limits that are in place. Venmo sets limits on how much money you can send and receive, both on a per-transaction basis and over a certain period, such as a week. These limits are based on various factors, including your account history, verification status, and other security measures.

Per-Transaction Limit

Venmo sets a per-transaction limit for both sending and receiving money. As of the latest update, the per-transaction limit for unverified accounts is $299.99. For verified accounts, the per-transaction limit is $4,999.99. These limits may vary based on your account status and other factors.

Weekly Rolling Limit

In addition to the per-transaction limit, Venmo also sets a weekly rolling limit on how much money you can send and receive. The Venmo weekly rolling limit for unverified accounts is $999.99. For verified accounts, the weekly rolling limit is $6,999.99. This limit is calculated based on the past seven days of transactions.

How To Increase Your Venmo Transfer Limit

To increase your Venmo transfer limit, you'll need to verify your account and provide additional information to Venmo. Here's how you can do it:

Step 1: Verify Your Account

The first step to increasing your Venmo limit is to verify your account. To do this, you'll need to provide Venmo with your full legal name, date of birth, and the last four digits of your Social Security number. Venmo may also ask you to provide additional information or documentation to verify your identity.

Step 2: Link a Bank Account

Once your account is verified, the next step is to link a bank account to your Venmo account. This will allow you to transfer money between your Venmo account and your bank account. To link a bank account, you'll need to provide Venmo with your bank account number and routing number.

Step 3: Increase Your Transfer Limits

After verifying your account and linking a bank account, you can request an increase in your Venmo transfer limits. To do this, log in to your Venmo account and navigate to the settings menu. From there, select "Transfer Limits" and follow the prompts to request an increase. Venmo will review your request and notify you of any changes to your transfer limits.

How To Verify Identity On Venmo

To verify your identity on Venmo, you'll need to follow these steps:

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

2. Access the Menu: Tap on the menu icon (☰) located in the top left corner of the screen.

3. Select "Settings": Scroll down and select "Settings" from the menu options.

4. Choose "Identity Verification": Under the "Account" section, tap on "Identity Verification."

5. Start Verification Process: Tap on the "Start" button to begin the verification process.

6. Enter Personal Information: You'll be asked to provide personal information, including your full name, date of birth, and the last four digits of your Social Security number.

7. Verify Phone Number: If you haven't already verified your phone number, you'll need to do so now. Venmo will send you a verification code via SMS.

8. Upload a Photo of Your ID: You'll be prompted to upload a photo of a government-issued photo ID, such as a driver's license or passport. Make sure the photo is clear and all information is legible.

9. Submit Your ID: Once you've uploaded the photo, submit it for review. Venmo will verify the information on your ID.

10. Wait for Confirmation: Venmo will review your information and notify you once your identity has been verified. This process typically takes a few days.

11. Additional Information: In some cases, Venmo may request additional information or documentation to verify your identity. Follow the instructions provided by Venmo if this happens.

Once your identity is verified, you'll have access to additional features on Venmo, such as increased transaction limits and the ability to transfer funds to your bank account.

Conclusion

Increasing your Venmo transfer limit can provide you with more flexibility and convenience when sending and receiving money. By verifying your account, linking a bank account, and requesting an increase in your transfer limits, you can enjoy higher limits and more freedom with your Venmo account.