"Learn more about weekly/daily transaction limits, cryptocurrencies, and other questions relating to Venmo, a social payments service currently being used by millions of people to make and share payments with friends, family, and approved businesses."
By Allan R. Kirby
What is Venmo, the social payments service
Always wondered about what Venmo is, or have you used the service and still have some questions about their weekly/daily transaction limits, cryptocurrencies, and other questions relating to Venmo such as payment errors? I have written a short article to help you understand a little more about Venmo, the social payments service also called a peer-to-peer (P2P) payment app.
Venmo is a popular social payments service that is currently used by millions of people to quickly and easily make and share payments with friends, family, and approved businesses. Venmo's peer-to-peer (P2P) payment app is freely available for iPhones and Android phones and is simple to download and set up. The only issue with Venmo is that there is a maximum weekly limit on your transactions, this limit depends if you are a verified user or not.
The following provides some answers to some of the questions you may have with using the Venmo peer-to-peer (P2P) payment app.
Venmo vs Paypal
Venmo is a peer-to-peer (P2P) payment app that is very similar to Paypal. However, Venmo is used more often as a way to make and share payments with friends and family, while Paypal is more widely used by small to large scale businesses as a way to securely make payments for goods and services online. Currently, Paypal owns Venmo so it does make sense there is a subtle difference in the use of such a platform.
What’s the most money you can send using Venmo?
When you sign up for Venmo, your person-to-person sending limit is initially set to $299.99; however, once you confirm your identity, you become a verified user and your weekly rolling limit is set to $4,999.99.
Note: Venmo will continue to place limits on customer's transactions until you have confirmed your identity and received verification. Additionally, the rolling weekly limit is considered your maximum daily limit as well.
Complete Payment Limits using Venmo
The following provides details on payment limits using Venmo, all information can be found on Venmos Website: click here
Venmo does not allow unlimited spending, so they do have spending limits specific to person-to-person payments, purchases with the Venmo Mastercard® Debit Card, online and in-app purchases made with your Venmo account, and purchases using your in-store QR code.
Spending limits for new, non verified Venmo accounts:
If you have just opened an account and have not yet completed identity verification, you will have a weekly spending limit of $299.99. This limit includes person-to-person payments and payments to authorized merchants.
Spending limits for verified Venmo accounts:
If you have completed identity verification, your combined weekly spending limit is $6,999.99. This limit includes person-to-person payments, in-app and online purchases, and purchases with your Venmo Mastercard Debit Card, and purchases using your in-store QR code.
Overall Combined Sending Limit: $6,999.99, however as you will see the person-to-person spending limit is capped at $4,999.99.
Maximum Weekly Spending: $4,999.99
Per Transaction Limit $4,999.99
Authorized Merchant Payments:
Maximum Weekly Spending: $6,999.99
Per Transaction Limit $2,999.99
Venmo Mastercard Debit Card Purchases:
Maximum Weekly Spending: $6,999.99
Per Transaction Limit $2,999.99
Venmo Mastercard Debit Card transactions are subject to additional limits:
ATM withdrawals, over-the-counter withdrawals, and cashback daily limit: $400.00 (this limit resets daily at 12:00 AM CST).
Per merchant daily limit: $3,000.00.
What Happens if you hit your weekly limit
Regardless if you are a verified user or not, when you reach your weekly limit, you will be required to wait a week until you can use Venmo. Once you are allowed to use Venmo your transaction can start counting again towards your weekly limit.
Venmos' Cryptocurrency limits
Venmo has a specific limit on CryptoCurrencies. You are limited to $20,000 in cryptocurrency purchases per week. There is also a limit of $50,000 in cryptocurrency purchases in a 12-month period.
What to do if you send money to the wrong person (You paid the wrong person)
This is a common question and one that highlights the issues of using such a service. Understandably mistakes can be made however the moment you send a payment in Venmo, the funds are made available to the recipient, regardless of who the recipient is.
It is not possible to cancel a payment to an existing Venmo account.
Paid the wrong person:
As explained b Venmo If you sent a payment to another user with a similar name, your first step, is to send that user a charge request for the same amount of the payment so they can pay you back.
You should include a note asking them to pay you back for the money you sent by mistake, and once they accept the request the payment will be added to your Venmo account.
If you don’t hear back from them or need help sending a charge request, contact the Venmo support team and they will try and help you out. Unfortunately, there is no guarantee Venmo will be able to help recover the money
When you contact Venmeo on this particular issue you need to ensure you include the following details to expedite the process:
Username of the person that you sent the funds to
Amount of the payment
Date of the payment
Username, phone number, and email address of the person that you meant to pay
Paid the wrong person who does not have an Active Venmo account?
If you sent a payment to the wrong person who is a New User – meaning you paid an email address or phone number that isn’t associated with an active Venmo account yet – you can go ahead and cancel the payment to take those funds back yourself.
Canceling a Venmo Payment
It is not possible to cancel a payment to an existing Venmo account. Once you send a payment, the funds are available to the recipient right away. If you need the payment returned, please have the recipient send you a payment for the same amount. Upon return, you can transfer those funds from your Venmo account to your bank account. If you accidentally pay your friend twice or made a duplicate payment, have the recipient pay you back for one of the payments.
If you sent a payment to an email address or phone number that isn’t associated with an active Venmo account yet – you can cancel the payment to take those funds back yourself.
As Venmo states on their website Venmo Support can only reverse a payment if the recipient gives their explicit permission, their account is in good standing, and they still have the funds available in their Venmo account. Venmo Support cannot reverse a payment at the sender’s request.
Are you a victim of a Venmo Scam?
Everyone is not perfect, and unfortunately, a scam can happen to customers of Venmo. So if you feel you have been a victim of a Scam you can contact Venmo by filling out their online form. However please note that there is no guarantee you will get your money back Contact Form for Venmo.
This is a MySmallBank.com blog written by Allan R. Kirby, who writes and produces Personal Finance and Money Management articles and videos.
Disclosure: mysmallbank.com and the author did not receive compensation for any product or services mentioned in the article. The article is our opinion only and is written to help readers understand more about Venmo's p2p application. Please contact Venmo if you have any problems or concerns with their services #venmo #cashapp #paypal