Getting Around The Venmo $2,500 Weekly Transfer Limit - Random Life Hack Number Four Thousand Four Hundred Thirty (rlh#4430)steemCreated with Sketch.

in #howto4 years ago (edited)

BACKGROUND:

If you conduct banking or perform small transactions in the US and you haven't heard of Vemmo, I strongly suggest you check out their service.

Why?

Free online transfers (next business day), which can be INSTANT for trusted* accounts!

Free Money Love!

Now to the good stuff.

PROBLEM:

  • Venmo has a $2500 weekly payment limit per user account.

SOLUTION:

  • Multiple Venmo accounts.

METHOD:

  1. Open your first Venmo account using only checking account numbers and routing numbers (no plastic card numbers).
  2. Open your second Venmo account using the same checking accounts, but with the debit/check card numbers (no checking account numbers and routing numbers).
  3. You will need to have available an additional phone number (try Google Voice), and Facebook account (just use a secondary email account) for verification.

And with that- you have $5,000 per week ability to pay Vendors or transfer between your own accounts, FREE OF CHARGE. That's no minor thing in a world of out-of-control & impossible-to-understand bank fees.

In theory, although I haven't tested this, two additional accounts could be opened using the same method with a spouse or additional account signer, increasing your free money maneuverability to $10,000 per week.

*If you're interested in more background on Venmo, "trusting" accounts (tip: don't ever trust an account that you don't own!), deactivating the social/sharing features for privacy, and information on the service in general, post a comment and I will answer as soon as my schedule allows.

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