Best Practices for Managing Your Venmo Transactions and Limit
Venmo is a popular mobile payment service that makes sending and receiving money between friends and family a breeze. However, like many financial apps, Venmo comes with transaction limits, which can be a hassle if you need to make large payments or accept a large sum of money. Luckily, there are ways to increase your Venmo limit. In this article, we will discuss the best practices for managing your Venmo transactions and limit so that you can get the most out of this service.
1. Link Your Bank Account and Verify Your Identity
The first step to increasing your Venmo limit is to link your bank account and verify your identity. Venmo needs to confirm that you are who you say you are and that the bank account you are using belongs to you. To do this, Venmo may require you to provide additional details such as your social security number, date of birth, and address. Once your account is verified, you can increase your limit up to $299.99 per week for payments and $2,999.99 per week for authorized merchant purchases. If you need to make larger payments, you can request a limit increase from Venmo.
2. Understand Payment Limits and Fees
Venmo has limits on how much money you can send or receive per week to help prevent fraudulent activity. By default, your Venmo limit for payments is $299.99 per week, and this increases to $2,999.99 per week once your account is verified. If you need to send more than that, you will need to request a limit increase from Venmo. It is also important to note that Venmo charges a 3% fee for credit card payments, so it may be more advantageous to use your debit card or bank account for transactions.
3. Keep Track of Your Transactions
It is essential to keep track of your Venmo transactions to make sure that you don’t go over your limit accidentally. Venmo has an excellent transaction history feature that allows you to view all of your transactions, including fees and payments, in one place. Additionally, you can enable push notifications for transactions to keep you up to date on all of your account activity. Be sure to double-check the transaction amount before hitting “send” to avoid any accidental overdrafts.
4. Don’t Go Over Your Limit
Going over your Venmo limit can result in declined transactions and even account suspension. Therefore, it is crucial to keep track of your spending and stay within your limit. If you need to make a large payment, consider requesting a limit increase from Venmo first so that you do not go over your limit. Alternatively, you can split the payment into multiple smaller transactions to stay within your limit. Remember, it’s better to be safe than sorry when it comes to your Venmo account.
5. Be Aware of Security Risks
As with any financial app, Venmo comes with its own set of security risks. Always make sure that you are using the latest version of the app and that you have taken the necessary precautions to protect your account, such as using a strong password and enabling two-factor authentication. Additionally, only send or receive money from people you know and trust to reduce the risk of fraud. Lastly, be cautious when using Venmo in public places, as someone could potentially access your account if they gain access to your phone.
Venmo is an excellent tool for managing your finances, but it is essential to use it wisely. By following these best practices for managing your Venmo transactions and limit, you can ensure that your account is secure, and you stay within your limit. Happy Venmo-ing!