Personal Finance

ATM Withdrawal Limits

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  • Aug 31st, 2014 11:27 am
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Banned
Jan 28, 2010
16 posts
sask

ATM Withdrawal Limits

Hi,

I need to know for my brother which ATM's will allow him to withdraw the most money in a single transaction. We are from Saskatoon SK.
30 replies
Member
Sep 28, 2009
333 posts
1 upvote
London
The limit is not due to the type of ATM, rather it is set by your bank. If you want to withdraw more than $500 cash per day than you need to contact your bank.
Deal Addict
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Apr 14, 2005
1584 posts
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I have not found one either (haven't looked very hard) but the times I've needed a wad of cash, I have had to withdraw it in $500 increments as well.

Going to the teller, if his bank has physical branches, is the best bet to avoid the fee's.
Sr. Member
Apr 11, 2003
547 posts
39 upvotes
Edmonton
So he takes out $4000 a month in cash? That's a little odd, no?

RBC for sure allows up to $800 per withdrawl, and you can request a higher daily limit. I don't get charged any fee's to use an RBC bank machine (other than my monthly bank fees), so that would alleviate the $1.50 charge per transaction.

Why not go to a teller or transfer the money to wherever it's going online? Would save walking around with pockets full of bank machine 20$'s.
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Mar 10, 2009
2120 posts
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Switch to TD Canada Trust or CIBC ... with TD I have a limit of $800 per transaction of withdraws and $1,000 purchase. With Cibc I have $1000 for purchase and withdraws each.
Newbie
Dec 14, 2009
37 posts
Tell your brother not to be cheap and get a banking package with unlimited transactions.
Deal Addict
Oct 9, 2005
1776 posts
140 upvotes
Why not just go to a teller in a bank that takes mastercard and do the transaction there? I'm assuming he has a mastercard debit card or maestro or whatever they call it. The limitation in ATMs is that if they give out only 20s, there's only so many bills that will fit through the slot at any one time. You'd need to find a machine that gives 50s or 100s.
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Dec 11, 2005
18494 posts
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What do you need 5K in cash for every month???

The issue is ATMs are only stocked with 20s. Some CIBC and RBC ones have 50s, but it is more rare. If you take $5000 out of an ATM that is a huge amount of it's 20s gone, that ATM will probably not last the full day. This costs the bank business.

And since they make the same amount off of you if you take out $5000 or $20, they would rather serve 250 customers taking out $20 than you taking out $5000.

IMO if you need $5000 in cash every month for whatever reason then it is reason enough to go see a teller, I would not want to be taking out 250 $20 bills out of an ATM, I don't even think the slot could hold it.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Addict
Dec 13, 2007
1588 posts
6 upvotes
Toronto
so this person rather does 8 back to back transactions, holding 4000 in cash, rather than seeing a teller?

tell us the real story here
Deal Expert
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Jun 14, 2003
23140 posts
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If I gather the information correctly, this debit card is from an European bank which probably does not have a bank teller access in Canada. He can only withdraw from ATM according to OP. He may be able to do something to work with local bank but I don't know. Providing an ID may be tricky. OP's brother probably has only the debit card which may not even has an account holder name on it and a PIN.

His brother probably needs to withdraw the money and then deposit to his own Canadian bank account. That European bank account probably just serves as a 'buffer' to hold money between the employer and his brother. Hence, he wants to take the money out ASAP and moves it to somewhere else.
Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
Growing older is mandatory. Growing up is optional.
Stay hungry, stay foolish.
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Mar 23, 2008
1420 posts
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Edmonton
Have you tried a casino bank machine? I had to use one once (not for gambling, but to pay for parking at a conference center), and it would only give out $100's. They WANT you to take out lots of cash!

Clint
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Dec 5, 2003
1239 posts
59 upvotes
Why don't you just go to the bank and w/d from the teller? Even then make sure they know you are coming because I know CIBC is pretty stingy with cash since they say they don't keep much so you have to usually 'order' the cash in advance for w/d over 3k.
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Dec 11, 2005
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gman wrote:
Feb 13th, 2010 1:05 pm
If I gather the information correctly, this debit card is from an European bank which probably does not have a bank teller access in Canada. He can only withdraw from ATM according to OP. .
Any MC or Visa card can be used at the teller of any affiliated bank. IE you can take your BMO Mastercard and walk into the Bank of Scotland and get a cash advance. That is what OP should be doing.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Oct 30, 2008
1573 posts
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Richmond Hill
Maybe your brother is confused with $5000 and $500 per transastion and not day. My GF has a european card and can only take out $500 less now due to the euro not worth as much and she has to pay an * euro fee everytime. So I would say consider himself lucky.
:D
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Jun 14, 2003
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brunes wrote:
Feb 13th, 2010 5:00 pm
Any MC or Visa card can be used at the teller of any affiliated bank. IE you can take your BMO Mastercard and walk into the Bank of Scotland and get a cash advance. That is what OP should be doing.
He said it is a debit card. He did not say it is a Mastercard or a credit card.
He said that debit card can take money out of the ATM machine that can take Mastercard.

e.g. My CIBC convenience card can be used in any ATM machine that has VISA logo. It does not mean I can use my CIBC convenience card to withdrawal cash in any bank oversea that takes VISA.
Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
Growing older is mandatory. Growing up is optional.
Stay hungry, stay foolish.
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