Wondering when does Venmo weekly limit reset? In this article we will answer your question.
Venmo is a very good way of sending and receiving money within your circle of family and friends. Venmo can also be used for purchases online, paying to merchants, and also business transactions. But there is a weekly limit on how many transactions you can do. So, what happens when you hit the limit? And when does Venmo Weekly limit reset?
Venmo has a per transaction limit and a weekly transaction limit. The limit is determined by which account you have and also the status of your account. For example, a verified personal account can do $4999 per transaction and $6999 per week. At the same time, an unverified Venmo account can do $299 weekly. These Venmo weekly limits reset every week at the exact time of your last transaction. So, for example, if you did your last transaction on Wednesday at 9 AM, your Venmo weekly limit resets exactly at 9 AM next Wednesday.
Venmo is best known for paying your friends for the food and drinks money. But there is more to Venmo than paying the bills. Venmo also has a Debit card which you can use on ATMs, and an in-store QR code payment system. Read this article in detail to understand ‘When does Venmo weekly limit reset?’ and how you can increase the limit.
What Is The Weekly Venmo Limit?
Venmo Weekly limit is the transaction amount limit, which you can do in a week using Venmo. This limit includes all types of transactions such as in-store purchases, online shopping, peer-to-peer transfers, and more. This limit applies to your Venmo app and the Venmo debit card if you have one.
When a user first creates a Venmo account and starts using it, the weekly limit is set to $299. This amount can be sent within one transaction or done with multiple transactions. There is no transaction limit on Venmo, and you can do as many transactions as you need. But once you hit the $299 limit within a week, you will no longer be able to send money or do any transaction.
So, if you are a new Venmo user, it is not unusual to hit the limit as $299 is a very low amount, especially if you are a frequent shopper or do a lot of transactions. It is also frustrating when you hit the limit when you have to transfer someone money or are stuck in a store line.
There are ways you can increase this limit to $6999 per week and $4999 per transaction. Once you have increased the limit to $6999 weekly, it may be enough to cover all the weekly transactions. But what if you hit the $6999 limit too? When does Venmo’s weekly limit reset in that situation?
When Does Venmo Weekly Limit Reset?
Venmo weekly limit resets just like it says, i.e., weekly. So, for example, if you are trying to do a transaction, you get the message saying that you reached your weekly limit and cannot do the transaction. In this situation, do take note of the last transaction you did. The last transaction means the transaction you did before this unsuccessful one.
The weekly Venmo limit will reset exactly one week after the last transaction. That means, if the last transaction you did was Wednesday 9 AM, your Venmo weekly limit resets at exactly 9 AM next Wednesday. The weekly limit is not subject to the calendar week, which you may assume resets every Sunday.
So, if you hit the weekly limit, just wait till one week from your last successful transaction, and you will be good to go. You may think it is a big issue, and if your limit is just $299, that is even worse. But do not worry. We got you covered in this one. As stated above, there is still one way you can increase your Venmo weekly limit from $299 to $6999. Read ahead.
Method To Increase Limits In Venmo
You can unlock the highest weekly spending limit on a personal Venmo account after verifying your account. Account verification will also let you do many other things and not worry about hitting limits and not being able to do some transactions.
Verifying your Venmo account means that you connect your bank account, provide proof of your Identity and Residence to Venmo so that it will increase Venmo’s trust in you. In addition, this will help you more flexibility in your transactions and usage of Venmo funds.
Verify Your Venmo Account
How can your Venmo account get verified? We have compiled a step-by-step process on how to do it correctly. Follow the below steps.
- Launch the Venmo app.
- Login to the account which presently had the linked card.
- Tap on the profile icon at the bottom right corner of the page.
- Tap on gear icon for Settings.
- On this Venmo settings page, scroll down to the ‘Security’ section and tap on the ‘Identify Verification’ option.
- This will open a page with instructions on how you can verify your account. You can follow all the steps and provide your identity and address verification documents.
- Once you complete the process, wait for some time, and Venmo will verify your account.
In case Venmo doesn’t accept your documents and rejects the verification request, you can recheck your documents and also take help from Venmo support. If you have original documents, then you will succeed in verifying your Venmo account without any difficulty.
What Is The Withdrawal Limit For Venmo, And When Does This Limit Reset?
Just like the weekly transaction limit, there is also a withdrawal limit on Venmo. This limit particularly applies to Venmo Debit cards when withdrawing money from ATMs.
The daily limit for the ATM withdrawal using a Venmo Debit card is set to $400. This limit includes numerous withdrawals meaning you can use the Venmo Debit card multiple times but shouldn’t cross the $400 limit.
However, this withdrawal limit also resets every day. The exact time for the reset is 00:00 CST every day. So, for example, you can hit the limit by 11:59, and the limit will be reset by 00:01. This is particularly helpful as this helps in estimating our expenditure and planning accordingly.
Alongside this Venmo withdrawal limit, if you are using your Bank account as the source of funds instead of the Venmo wallet, there can be another layer of limitations placed on you by the Bank. Yes, as Banks also have their transaction and withdrawal limit, it carries on to Venmo when using the Bank as the funding source.
This means if you hit the Bank’s transaction limit but not the Venmo limit, you would still be unable to withdraw the money. So do make sure you take the Bank’s limit into your consideration when doing transactions.
Frequently Asked Questions (FAQs)
Some frequently asked questions related to the topic “when does Venmo Weekly limit reset” are taken from the internet.
1. What Is The Venmo Reload Limit?
Venmo reload limit is the limit on how much you can transfer from your Bank account to your Venmo account within a week. Venmo has set this limit at $500 per week. Once you reach this limit, you will have to wait another week for it to get reset. The reset duration works the same as the transaction limit. So, you will have to wait exactly one week from the last reload time.
You can also check your current limit in the debit card section of your Venmo app.
2. How To Venmo A Large Amount Of Money?
Venmo is not for large transactions. This platform is built to cater to people’s transactions. But if you want to do a large transaction in Venmo, you need to adhere to the same rules as other personal accounts, i.e., do the transaction under the limit of $6999 per week.
If you have to do large transactions frequently, you can create a separate Venmo Business account. This will increase your transaction limit significantly and will let you Venmo large amounts without any issue.
3. What To Do If You Hit Your Venmo Limit?
If you hit your Venmo limit, the best way is to go on and verify your Venmo account. A verified account can do $6999 transactions weekly and also will unlock many other limits like withdrawal or reload.
Another solution would be to split your bills into two. First, pay the amount your limit allows from Venmo, and you can pay the rest through other transaction means.
You can also take help from your friends and family and split the amount. Then, they can send their shares to the receiver, and you can pay them back when your weekly transaction limit resets.
You can also ask to pay the bill in installments and make a payment schedule for every week. Then, you can send the installment once your weekly limit resets.
Conclusion
Therefore, Venmo weekly spending limit is the limit on the total amount of transactions you can do using your Venmo account in a week. It includes all your peer-to-peer transactions, purchases, and withdrawal for the week.
And the answer to ‘When does Venmo weekly limit reset?’ is exactly a week from the last transaction date and time. If you did the last transaction on Monday at midnight before hitting the weekly limit, your weekly limit would reset the next Monday at midnight.
You can increase your weekly limit by verifying your Venmo account with your identity verification document and address verification document. All the documents you provide to Venmo should be authentic and best if the government issues them. Once the verification is done, your weekly limit will increase to $6999 per week from the $299 without verification.
Hope we answered your ‘When Does Venmo Weekly Limit Reset?’ question and provide you with valuable information on the topic.
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