There's a limit on your Venmo transactions — here's how much money you can send and receive with each account type

Venmo, the money-sending app for iPhone and Android, can be a useful tool when it comes to sending and receiving money, but the app does have its limits. 

The limit for your Venmo transactions will vary depending on things like whether or not your identity has been verified. And both sending and receiving money counts against your total weekly limit.

Here's everything you should know about Venmo's transaction limits.

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Venmo transaction limits, explained

Before your identity has been verified, you're capped at $299.99 per week, for all transactions combined. 

Once your identity has been verified, however, the general limit increases substantially, and is refreshed on a rolling, weekly basis. That means that if you meet your limit for the week, you'll have to wait until exactly one week after a transaction is posted for the amount of that transaction to stop counting against your limit.

Here's how the limits break down after you've verified your identity:

• For all transactions combined: A limit of $4,999.99 per week on a rolling basis
• Sending limits: Up to $2,999.99 per week on a rolling basis
• Payments for goods or services with vendors that take Venmo: Up to $2,000 per purchase, and up to 30 transactions per day

If you have a Venmo Mastercard debit card, there are other transaction limits you should be aware of. For example, you can't make any individual purchase above $3,000, and for those who have reloads on their card, those are limited to $100 per week, on a rolling basis. 

You can also only take out $400 per day via an ATM, over the counter withdrawal, or cash-back transaction.

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