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Although contactless and card payments are becoming more common, some of us will always need actual money. A store, restaurant, or event may only take cash or have a minimum card spend. Many individuals prefer to pay with cash or coins, maybe because it is more convenient. A tiny wad of actual money to handle is always more thrilling than a figure on a banking app or ATM screen when presenting a cash gift for a birthday or Christmas. Convinced? Withdrawing money is becoming less usual as more consumers use contactless card payments. But how much cash can I withdraw from atm in UK?
ATM Restrictions
Automated teller machines (ATMs) make accessing monies in a checking or savings account handy and straightforward when it comes time to withdraw cash, understanding if a limit applies is critical. Many banks often impose a daily ATM withdrawal restriction. There may also be per-transaction withdrawal limitations.
Why Do Banks Place Limits on ATM Withdrawals?
Banks may impose ATM withdrawal limitations for practical and security reasons. First, ATMs can only contain so much cash, and banks can only deliver so much money to consumers at any one moment. Setting an ATM maximum withdrawal limit for each client helps the bank control the flow of available cash.
The second reason is for security and consumer account protection. Assume that your debit card and PIN were stolen. They may be able to empty your checking or savings account and take all of your money if there is no ATM withdrawal restriction.
While ATM withdrawal limitations may seem inconvenient, they play a crucial role in keeping your money secure.
What are the daily cash withdrawal limitations for the central UK banks?
HSBC
It determines by the kind of bank account you have with HSBC.
The usual daily withdrawal amount is £300. However, it increases to £500 for Advance accounts and £1,000 for Premier accounts.
Customers using credit cards will charge a cash advance fee. In addition, unlike purchases, interest is levied on credit card cash withdrawals from the day the transaction is applied to your account until the date payment is received.
SANTANDER
Most Santander customers have a daily maximum of £300.
However, according to the bank’s website, a Select Current Account allows you to withdraw up to £1,000 a day from a cash machine.
NATWEST
Like the other business banks, the number determines by the sort of Natwest account you have.
Student and graduate accounts allow you to take up to £250 per day, while a current standard version will enable you to withdraw £300.
Those who have a Natwest Black account, on the other hand, have a daily maximum of £750.
HALIFAX
The highest amount you may withdraw from a cash machine is £500.
If you need extra cash, you may withdraw up to £2,500 every day, but only over the counter.
LLOYDS BANKING GROUP
All Lloyds Bank debit cards enable you to withdraw £500 every day from their (or other) ATMs.
BARCLAYS
Regular current account customers may withdraw a limit of £300 per day from a cash machine.
Although Premier and Platinum clients may withdraw up to £1,000 per day from the ATM.
You may withdraw everything you want in-branch. If the amount is more significant than £2,000, it does want 24 hours’ notice.
STARLING
Starling Bank has a straightforward cash withdrawal limit of £300.
NATIONWIDE
Nationwide also keeps things easy, with most of its accounts/cards allowing for daily withdrawals of up to £500.
The same applies to cash inside a Nationwide bank. However, the counter draft withdrawal maximum is £10,000.
VIRGIN MONEY
You may withdraw £500 from an ATM in the UK with your Virgin Money debit card.
THE METRO BANK
Metro Bank enables account customers to withdraw a limit of £300 per day from ATMs.
You may withdraw up to £1,000 every day in the branch, but anything more than that requires one weekday’s notice.
CO-OP
The typical daily withdrawal amount for the Co-op Bank is £250.
However, if you wish to withdraw more money regularly, you may contact them and have the maximum raised to £500.
What should you do if the ATM does not disburse your money?
If you have accessible cash for the amount you wish to withdraw, but the ATM has not dispensed the money, you must call the bank the next working day to see if the funds have been removed from your account.
If the funds deduct but you did not get the money, the bank might file an ATM claim on your behalf. They may only file a share two working days after you tell us. Because certain ATM transactions might take up to a day to display on your accounts, your balance may adjust itself within that time frame.
Once your claim submits, your bank will reimburse your account within one working day while the ATM provider conducts an inquiry.
If your claim denies after the ATM provider investigates it, the money will deduct from your account. We will notify you in writing and provide you with seven days’ notice if this occurs. Depending on how long it takes to finish the inquiry, this procedure might take 15 working days.
What to do if an ATM steals your card?
Please notify your bank immediately if the ATM has eaten your card. It is against ATM Industry standards for banks to return a debit card that an ATM has kept.
Conclusion
There are around 53,000 ATMs in the nation, with the majority of withdrawals coming from free-to-use machines – but it’s vital to verify since some may charge you. Debit or credit card payments may be the standard today, but knowing where the closest cash machine is always helpful. The machines’ use is declining due to a regulatory change implemented last year on October 15, 2021, which allows consumers to make contactless card payments of up to £100. And other people are still hesitant to physically touch money because of Covid laws that discourage it for hygiene reasons. Read the above guide on how much cash can I withdraw from atm in UK.
