At ATMs, bank customers can only withdraw a certain amount from their account per day. But how much money can you actually get at an ATM?
Money transactions are now often cashless. Many shops have now switched to cashless payments. Suddenly, in many places, you can even pay for bread rolls at the bakery with a card or cell phone. Of course, cash still plays a role. In order to get money quickly, the bank branches have ATMs at central points. Have you ever wondered how high the limit is that you can withdraw from an ATM in one go? We clarify.
How much money can you withdraw from ATMs?
As with many questions, this one is not easy to answer. Many direct and branch banks set daily and weekly limits for money withdrawals, some banks even monthly limits. The personal limit of a customer also depends on their financial situation, for example whether money regularly flows into the account.
Most banks have an ATM limit of EUR 1,000 per day. The limit is usually between 2000 and 4000 euros per week. You can rarely withdraw larger amounts from the ATM in one day or during the week. Not even if you have different amounts paid out at different machines throughout the day. Some banks also offer customers the option of having cash paid out at the supermarket checkout. The limit here is usually 200 euros per day.
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Why is there a limit at ATMs?
A limit at the ATM protects you first of all, namely if you have lost your bank card and may not even notice the loss at first. Remember: If third parties misuse your card, you will be liable to your bank if you have not reported the loss of the card immediately.
Limits also protect the bank. The available balance on your giro or money market account is what is known as a sight deposit. Therefore, you could withdraw the money in one fell swoop – theoretically. In practice, no bank will be able to pay out larger sums of money for different customers. Larger cash withdrawals must therefore be notified to the bank in advance. The bank then gets the money from the Bundesbank.
And one last, very mundane reason: the amount of money in a machine is limited due to the storage space.
What do I do if I want to withdraw more money?
There are situations when you want to withdraw a larger amount of cash. However, the payout amount exceeds the daily limit set by your bank.
If you have different cards – for example a debit card and a credit card – you can withdraw a larger amount of money from the machine in this way. You also have the option to increase or decrease the ATM withdrawal limit through your account. A temporarily higher limit can also be set up, for example if you want to withdraw a large amount from an ATM to pay a bill in cash. the savings banks refer to the consultants for this. In the case of individual institutes, the credit limit can be increased to up to EUR 25,000.
Otherwise, go to your bank and have the money withdrawn at the bank counter. Depending on the amount of money, however, you should announce your withdrawal request beforehand.
By the way: If you do your financial transactions via online banking, check the banking portal to see what daily limit for withdrawals from ATMs is set for you. You can usually have your personal daily limit changed at this point.