Venmo is a popular peer-to-peer payment app, but it does have limits on how much money you can transfer to your bank account. If you’re not verified, the maximum transfer per transaction is $999.99. However, once you verify your identity, you can send up to $19,999 per week to your bank.
Is Venmo secure?
Built-in security features
Venmo includes several security measures to help protect users’ accounts. These features include:
- PIN and fingerprint-based login options for an extra layer of security.
- Two-factor authentication (2FA) to prevent unauthorized access.
If your phone is lost or stolen and you haven’t enabled these security settings, you can still protect your account. Simply log in to Venmo’s website and update your permission settings to revoke access.
Past security issues
Venmo is owned by PayPal, which reached a settlement with the Federal Trade Commission (FTC) in 2018 over issues related to customer funds and privacy settings. The FTC found that Venmo:
- Delayed access to customer funds without proper notification.
- Misled users about privacy settings, making some transactions more visible than users intended.
Since then, Venmo has made improvements to its transparency and security measures.
Controlling your privacy
One unique feature of Venmo is its social feed, which shows payments made between people in your network. While this can make payments feel more interactive, some users may prefer more privacy.
You can adjust your settings so that transactions are:
- Private (visible only to the sender and recipient).
- Visible to “Friends” (sender, recipient, and Venmo connections).
Even if you’ve already completed transactions, you can retroactively update the privacy settings for past payments to keep your financial activity private.
Does Venmo offer a debit or credit card?
Yes, Venmo offers both a debit card and a credit card for users who want to use their Venmo balance for purchases.
Venmo debit
The Venmo debit card allows you to make purchases anywhere in the U.S. that accepts Mastercard. It is directly linked to your Venmo account, meaning transactions will pull from your available balance.
Venmo Credit card
The Venmo credit card offers cash-back rewards based on your spending habits. The rewards are automatically deposited into your Venmo account, making it easy to use your earnings for future purchases or transfers.
If you want a more detailed breakdown of the Venmo credit card’s features, benefits, and potential drawbacks, check out NerdWallet’s review for expert insights.
Final Thoughts
Venmo is a convenient way to send and receive money, but it’s important to understand its transfer limits, security features, and privacy settings. While the app offers both a debit and credit card, users should review their spending habits and privacy preferences to ensure they’re making the most of Venmo while keeping their transactions secure.
