Published May 28, 2019|3 min read
Updated December 2, 2020: We Venmo our friends to split dinner, our family to share expenses and our roommates to divvy up the rent. But what if you’ve got bigger plans for your money? What if you want to send someone $1 million on Venmo?
According to Venmo’s payment limit policy, the company places a hard combined limit at $4,999.99 on transactions in a rolling week. However, each Venmo payment method has its own individual rolling weekly limits: $2,999.99 for sending funds, $2,000 per purchase from authorized merchants, or $3,000 per purchase on the Venmo Mastercard debit card. The limit is significantly lower if you haven't previously verified your identity.
We reached out to Venmo for more information about their transaction limits, but we didn't hear back.
If you’re thinking of using Venmo to make a payment exceeding its limits, the transaction will be declined and your account could be frozen, per the terms of service. Instead, consider these alternatives for sending large sums of money electronically.
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A competitor to Venmo, Zelle is a service owned by some of the largest banks in the United States. Their service allows you to send money to almost anyone electronically through a participating bank’s mobile app. (Read our rundown of Zelle.)
What makes Zelle a bit confusing is that the transaction limits are set by individual banks and may vary based on your banking history. The largest daily or per-transaction limit we found was $5,000 at Chase, Citi and Ally (for certain accounts) and the largest monthly transfer limit for personal deposit accounts is $20,000 over up to 60 transfers at Bank of America.
Two of the most well-known technology companies have their own money transfer services, Google Pay and Facebook Messenger payments. Both work similarly to Venmo in that you can transfer money in a snap.
Facebook doesn’t publish transfer limits on its Messenger payment service, but you need a PayPal account or debit card to use the service, and those come with their own limits, depending on the account.
Google Pay is more upfront. You can send up to $10,000 in a single transaction or within a seven-day period. The exception is Florida residents, who can only send $3,000 every 24 hours.
The 1,000-pound gorilla in the payment industry is PayPal. One of the oldest online money transfer services is also one of the most flexible. “If your account is Verified...you can send up to $60,000, but may be limited to $10,000 in a single transaction,” says PayPal in its help section.
Walmart and Western Union are some of the most recognized names in money movement. But if you prefer to make a large transaction in person, prepare to pay a hefty fee.
Walmart money transfer services are provided through Moneygram. The service is available through their website or in Walmart locations.
Whether you send money online or inside of a Walmart, there is a transaction limit of $2,500. That amount would come with a $16 fee at a Walmart location and more at Moneygram’s Walmart branded site, depending on the location of the recipient.
However, you can send up to $10,000 in a 30-day period through Moneygram. But you will need to see a Moneygram agent for details.
Western Union, on the other hand, takes a much different approach. There is no limit on transfer transactions as long as they’re conducted in person. Limits do apply for telephone and online transfers.
The ultimate solution for sending large sums of money electronically is likely a bank wire transfer. As long as you have a deposit account, your home bank will likely offer bank wire services.
This means banks send your funds to the recipient's bank through an electronic clearinghouse. It may take a few days.
Many banks allow you to complete wires transfers online, instead of going to a physical branch.
Transactions over $10,000 require banks to file a Currency Transaction Report with the Financial Crimes Enforcement Network. The form requires identifying information on the sender.
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