Can You Send $10000 Through Venmo?
Yes, you can send $10000 through Venmo in multiple payments. Venmo payment limit is set and you can only send $4,999.99, or $299.99 in case you haven’t completed the identity verification. Anything above this will be over the weekly rolling limit.
What is identity verification? That’s the part where you have to provide extra identification to Venmo. Right now you must be thinking, why do I have to go through all this? I’m just trying to send my own money!
Of course, that is your own money, you worked hard for it, and you’ve earned it. And not just that, you’re sending it through your own phone.
Not a single person on this planet is supposed to tell you how to spend your money. Yet you still get a payment limitation. So why would Venmo set those limits? Why would it increase the amount you can send when you complete your identity verification process?
Is Venmo actually in control of all these limitations? Because by the end of the day, there has to be a reason behind all these barriers. Let’s go ahead and put an answer to all these questions, shall we?
RELATED READ: Can You Overdraft Venmo Card? How to Overdraft Venmo Card?
Why Does Venmo Set Payment Limits?
Venmo is a money transfer app, and its main responsibility is to move money from your account to whoever you’re sending it to, whether it’s a person or a business.
Quite a simple process, Right?
Actually, no. Money transfer is a sensitive matter. And with Venmo being part of such an industry, they are obligated to follow a set of rules and regulations that are set by the United States Treasury Department.
By now you probably understand that it wasn’t meant by Venmo to interfere with your precious money. Now that this misunderstanding is out of the way, How much are you allowed to send through Venmo anyway? And What is identity verification?
Venmo Identity Verification
Clearly, identity verification is an important step, because otherwise why would Venmo increase your transfer amount after completing it?
Actually not just the transferring amount, there are some other privileges for those who complete the identity verification step.
- You can send $300 or more in one week (with a 7-day rolling period)
- Transfer $1000 or more to your bank
- Become a manager for a group account
- Receive payments for goods or services
Why Venmo Asks for Identity Verification?
Just as we discussed before, Venmo is following rules set by the government, just like anybody else.
So for Venmo to be able to give you such privileges, they have to ask for something in return.
And what could possibly be more trustworthy than your social security number?
Just so you know here is the information Venmo will ask you to provide:
- Legal Name
- Address
- Date of birth
- Social security number or tax identification number
It may also request more information including your US passport or driver’s license.
Doesn’t it sound weird that an app is asking you for such critical information? To be honest, it does raise some red flags, but there is a reason for that.
Venmo only asks for such information because they are obligated to. According to Venmo, they’re required by federal law to collect certain information from all its users that have access to a balance.
Does that mean you can no longer use Venmo if you don’t add this sort of information?
Can You Use Venmo Without Identity Verification?
Users get very skeptical when they receive calls from Venmo asking for such important information. This makes sense, even banks tell you to never share your information with anybody. They don’t even share your own information back with you, they ask you to verify it.
But you don’t have to worry about your personal information. It should be safe with Venmo, or at least they say so.
But what if you’re still skeptical, does that mean you can’t use Venmo anymore?
No, it doesn’t. Well, there are a lot of alternatives that are still capable of sending your money to other people, but Venmo still allows you to send your money without any identity verification.
It’s only that you’ll have to stick with a weekly rolling limit of $299.99. This includes person-to-person payments or authorized merchants.
That’s it, doesn’t sound like much right? Let’s say you’d like to transfer more.
What Is the Most Money You Can Send Using Venmo?
Let’s say you’ve agreed to complete the verification process. How much can you send through Venmo now?
First of all, you’ll get a total combined weekly spending limit of $6,999.99. This includes Person-to-Person payments, Merchant payments, and Venmo Debit card purchases.
To break things down:
Person-To-Person Payments:
- 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 Debit Card Purchases:
- Maximum weekly spending: $6,999.99
- Per transaction limit: $2,999.99
Keep in mind that these numbers are subject to change at any time in the future. You can check their most recent transfer amounts through their website.
To Sum Things Up
Venmo provides a great service. And as much as we have to follow their rules, they also have to follow some more complex rules, which emits the limitation that they have to set to their system.
But for the record, these limitations are actually set for your own safety and the safety of others.
You’d be surprised by the number of scam attempts and fraud activities that are made through such services. Obviously, you’re not involved in such acts, but others might do. This is why the government sets strict rules for those who provide financial services.
So the next time you get a call from Venmo asking for your information. Don’t take it personally, they are just trying to do their job.
And with the knowledge you were just given, you now have a clear vision of where exactly your precious money goes. So, can you send 10000 through Venmo? No, it’s only $6,999.99.
