What is Venmo’s Max Pending Limit?

Although Venmo’s primary purpose is to make peer-to-peer transactions easier, the service is often used for online shopping. Many online stores and apps accept Venmo as the method of payment.

While it represents another convenient way to take care of your needs, the transactions can take a bit longer than normal. In this article, we’ll tell you what is the Venmo maximum pending limit for transactions.

Merchant’s Deadline

As explained in Venmo’s user agreement, once you’ve made the payment to the authorized merchant, they’ll need to finalize the transaction before the funds are transferred from your account to theirs. This can take up to a maximum of 30 days. During that time, the funds will technically still be on your balance, but they’ll be held as unavailable and you might see a pending transaction notice.

While the maximum period until the merchant finalizes the payment is indeed 30 days, most merchants will complete the transaction in about one to five business days.

Don’t Forget Your Balance

The good thing about Venmo’s system of payments and withdrawals is that all amounts are reflected in your balance as soon as you make the payment. The same goes for withdrawals from your Venmo account to the bank. This is important because, although the funds haven’t yet been transferred, checking your balance will remind you of the actual amount still available once the transactions are finalized.

Concerning held funds, it could be useful to know how pending payments may influence your Venmo account and the way you manage it. Of course, money spent is money spent – you understand that once you’ve paid, the funds are going to be removed from your balance. However, the maximum pending time of 30 days is substantial, and you might forget about the transaction during that period, especially if you don’t check your balance on a regular basis.

If you’ve made a purchase for an amount larger than that in your Venmo account, the balance will be displayed as $0. This is crucial because if the next day you want to make a payment to a friend or make another purchase, the sum will automatically be deducted from your bank account directly. Note that the same goes if you wish to spend any amount larger than what’s available, i.e. if you have $5 in your account and want to spend $10, the whole payment will go from the linked bank account.

If you want to manage your finances efficiently and not find your bank account suddenly drained of funds, you should take notice of these details.

Since You’re Shopping…

While not exactly crucial to the subject in question, knowing the limits imposed on your Venmo account can be helpful in managing your finances and spending.

Very important to mention is the “rolling” limit. This is a limit to all transactions and it works on a weekly basis. The limit on all funds that go through transactions, meaning both the funds you send and those you receive, is $299.99 without and $4,999 with identity verification. As stated before, these apply to your account weekly, starting from the first transaction – for instance, if you send $99.99 at 8PM on Monday, without being verified, you’ll be able to send or receive a total of $200 until the next Monday at 8PM.

One way of managing your Venmo account is moving funds to and from your bank. This can ensure that neither account ends up completely empty. Transferring money between your Venmo and bank account functions a bit differently from usual transactions. There’s also a weekly limit, but transfers are considered separately. This means that the funds you send to your bank account and those you withdraw to Venmo won’t be calculated towards the total weekly limit.

Instead, you’ll be able to add $1,500 weekly from your bank account to Venmo, while transactions in the opposite direction will vary depending on whether it is identity verified. If you don’t, you’ll be able to deposit $999.99 per week from Venmo to your bank. If so, you can transfer up to $19,999.99 per week. It’s also worth knowing that you can transfer between $0.26 and $2,999.99 in one go.

Away with the Numbers

Being careful with your finances is very important, especially as payment options become easier to use. Knowing exactly what funds are available means you’ll be more efficient with spending and directing them. Now that you’ve learned about Venmo’s maximum pending limit before purchases are realized, you’ve taken a great step towards better understanding the financial service of your choice!

Did you have a pending payment on your Venmo account? How long did it take to finalize? Tell us in the comments section below!