What is the daily ATM withdrawal limit in your country and how does it affect businesses?

Niyi Briggs · Jul 6, 2023

The daily ATM withdrawal limit is set in most countries to limit the volume of transactions one individual bank customer can perform in a day.

In my country, it is NGN200, 000 which is equivalent to approximately $260. That means if you withdraw $260 today, you can't withdraw again till the following day. It affects the volume of transactions that a business can undertake in a day which leads to longer completion time for business transactions.

Do you have ATM withdrawal limit in your country? How much is the limit pegged at?

eldavis · Jul 6, 2023

This usually used to be the limit per day for everyone within Nigeria, but as at January 2023, i heard the central bank reduced this limit to around 20,000 per day.

Niyi Briggs · Jul 6, 2023

eldavis said:
This usually used to be the limit per day for everyone within Nigeria, but as at January 2023, i heard the central bank reduced this limit to around 20,000 per day.

That was the situation at the peak of the cashless policy in the country. Since that policy failed, everything had reverted back to 100k a day. It has just been upgraded to 200k on a day.

cherry123 · Jul 6, 2023

You are right for Nigerians now. I just heard you can now do a withdrawal of 200,000ngn now which is not too bad unlike before now. it does negatively affects business transactions though

Etini Willie · Jul 6, 2023

It was announced that one can withdraw 200k from the atm stand in a single day. I still feel it is too small given that some people carry out larger transactions than that in a day.

cherry123 · Jul 7, 2023

Well, it might be too small but the benefits is what they are looking at. At least if you are caught up in the web of criminals you might just lose 200,000 that daythan millions

Authenticity101 · Jul 7, 2023

In my country, the maximum withdrawal limit per day is Ksh40000. That is approximately $400. This can affect a business in that some businesses need to withdraw more than that in a day. I guess for them, they will have to go to a bank to make such a large withdrawal.

Starmix · Jul 7, 2023

In my country, the limit per withdrawal from the main bank is $ 600 but in the other branches, the transaction limit per day is only
$ 250. It is so small sp others prefer to withdraw money from the main ATM bank.

Post automatically merged: Jul 7, 2023

In my country, the limit per withdrawal from the main bank is $ 600 but in the other branches, the transaction limit per day is only
$ 250. It is so small sp others prefer to withdraw money from the main ATM bank.

cherry123 · Jul 7, 2023

Any limitations that is this small must affect a business. This is because businesses need to withdraw more than that in a day. so the government can do some readjustment

Niyi Briggs · Jul 7, 2023

Starmix said:
In my country, the limit per withdrawal from the main bank is $ 600 but in the other branches, the transaction limit per day is only
$ 250. It is so small sp others prefer to withdraw money from the main ATM bank.

Post automatically merged: Jul 7, 2023

In my country, the limit per withdrawal from the main bank is $ 600 but in the other branches, the transaction limit per day is only
$ 250. It is so small sp others prefer to withdraw money from the main ATM bank.

That means the limits are different in the bank headquarters and the branches? What could be the reason for such a disparity? In my country, the limit is the same everywhere.

cherry123 · Jul 7, 2023

With this limit means different charges at any time one is withdrawing especially from the POS. it is better one withdraw from the banking hall or the ATM machine then

Starmix · Jul 7, 2023

Niyi Briggs said:
That means the limits are different in the bank headquarters and the branches? What could be the reason for such a disparity? In my country, the limit is the same everywhere.

Yes because we have a main bank if employed. I have two ATMs of the same bank but I mostly withdraw a nearest ATM near home only a walking distance. I just follow the rules. And per withdrawal, there is a deduction of $3 . It is so disgusting but that is business hehehe

Niyi Briggs · Jul 7, 2023

Starmix said:
Yes because we have a main bank if employed. I have two ATMs of the same bank but I mostly withdraw a nearest ATM near home only a walking distance. I just follow the rules. And per withdrawal, there is a deduction of $3 . It is so disgusting but that is business hehehe

It is really interesting how the banking system in your country operates. That you can have two atm cards on one account is really interesting. The charges is very high. But it is almost like people have no option.

IB D · Jul 7, 2023

There is no need to carry such a huge amount of cash around when you can do mobile transfers to complete your transactions. I think the withdrawal limits on ATM is fair in most countries.

Heatman · Jul 7, 2023

Most businesses in my country today don't worry about making ATM withdrawals because they can now have POS which they can use to run their business.

Niyi Briggs · Jul 7, 2023

That is true. Agency banking has reduced the need for automated teller machines but there are still some people that don't want to pay the charges of the pos and prefer atm.

Stardom22 · Jun 4, 2024

Here in Kenya the withdrawals limit on banks is around $400 per day. The transaction fees is the same no matter the amount being dealt with.

cherry123 · Jun 4, 2024

It was reduced for us last year to ₦20,000 but it has been increased now to ₦50,000 which I believe it is not a bad one.

Starmix · Jun 4, 2024

Our limit here is up to $ 300 only to control the spending of the depositors, however if they withdraw over the counter, there is no limit.

King Belieal · Jun 4, 2024

I think that it is just $200 as limit to withdraw from the ATM per day. If you are doing big business that requires big cash daily, use the counter.

What is the daily ATM withdrawal limit in your country and how does it affect businesses?

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