Even in the age of internet banking, it is often handy to have access to cash. If you want to know how much money you can withdraw from an ATM, check out this article.
What is the limit dependent on?
The daily limit on ATM withdrawals is dependent on a number of different factors. These are as follows:
Financial institution
The ATM cash withdrawal limit will vary depending on which bank you use. Each bank sets its own limits.
Type of account
Your daily limit will depend on the type of account you have. Student account holders will have a different limit from premium or business account holders.
Type of card
There are often different limits for cashpoint cards and debit cards. The same applies to credit cards, but bear in mind that an ATM cash withdrawal with a credit card is called a cash advance.
Period of time
Most banks will have a daily limit and a monthly limit.
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How much money can you withdraw from an ATM?
There is no straightforward answer, but some general guidelines are as follows:
Daily limits
For student or basic current account holders, the daily limit is within the range of £50 to £300
For ordinary current account holders, the daily limit is within the range of £300 to £500
Premier and Business account holders have daily limits within the range of £700 to £1,000
Monthly limits
Not every bank gives guidelines about monthly limits. A typical monthly limit is around £5,000.
If you want to know your bank’s daily or monthly limits, you will need to contact them or check their website.
What if you need more cash than the daily limit?
There is a limit on how much money you can withdraw from an ATM. But in theory, there is no limit on the amount you can withdraw over the counter. However, this does depend on the following:
Your balance
As you would expect, the amount you will be able to withdraw will depend on the amount you have in your bank account. If applicable, it could also depend on your overdraft limit.
Withdrawal amount
Most banks will allow you to withdraw up to £2,000 without notice. If you need more than this amount, it’s a good idea to contact the bank first. They might need as much as two days notice.
Branch size
As a rule of thumb, larger branches are better equipped to deal with large cash transactions. If you need to make this type of transaction, it’s better to avoid a small local branch.
To be on the safe side, it’s a good idea to bring some additional identification with you. In addition to proof that you are the account holder, it is worth bringing your driving licence or passport as well.
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What else do you need to consider?
If you start withdrawing large sums of cash from your account and you have never done this before, the bank may flag this as ‘unusual account activity’.
This type of activity tends to make banks nervous for a number of different reasons. It can be an indication that the account holder is the target of a fraudster or scam. Banks are also on the lookout for money laundering or financial crime activity.
If you need to make regular payments, it is often safer and easier to set up an automatic payment system such as a direct debit or standing order. You can contact your bank for help and guidance.
Take home
If you want to know how much money you can withdraw from an ATM, you will need to contact your bank or building society for the exact amount. Remember to give them your account details since the amount you can withdraw will depend on the type of account you have.
