It is easier than ever to access the money you keep in your bank. Often you don’t even need to leave the comfort of your own home in order to send and receive funds. But is there a limit to this access? For example, how much can you spend on a debit card in the UK? Or how much cash can you bring into the UK?
Many people may not know the answers to these questions. But to ensure you don’t get stuck in a tricky situation or fall foul of any rules, it helps to know how much money you can withdraw from a bank. Whether you are looking to send money home to your family or just withdraw and spend your own money right now, it is important to know how to manage your bank funds.
In this blog we’ll detail how much money you can get in cash from a bank in the UK, how you can do it and the best ways to access your funds in a modern banking system.
How much can I withdraw from an ATM?
Money comes in many forms including banker’s drafts, cheques, notes and coins. In addition, you may carry an ATM debit card or a credit card for shopping. The bank usually places a limit on the total amount of cash you can withdraw from your account daily from a cash machine.
This limit in the UK is set to £500 a day. However, if you visit your bank for cash withdrawal, you may withdraw up to £2,500 without giving any notice in advance.
In case you need to withdraw more than this amount, you will be required to pre-order a transaction in which the bank needs to be informed in advance. The idea behind these limits on withdrawals is security. If you were allowed to make unlimited daily withdrawals for any amount this would not be safe for yourself, for people who work in the bank and for individuals vulnerable to fraudsters. So, while it may seem inconvenient, the limit is there to protect you.
These limits are specifically to do with physical cash. You can still make large withdrawals, over £2,500 from your bank account, but you cannot do so with cash in the UK. If you’ve ever wondered how much money is in a cash machine, you can be sure that it is probably not as much as you think because of the limits set on ATM cash withdrawals. And with the rise of online banking it will be interesting to see how these rules change in the coming years.
Online banking is a convenient way to inquire about your balance, transfer money to another account, and pay utility bills. It is worth remembering that using a bank to send money home is not always the best option. Read our useful guide to find out more. This will save you a lot of time as you can carry out these transactions from the comfort of your home. In addition, you may activate mobile banking to get SMS alerts whenever your account is credited with cash or you carry out a transaction and money is deducted. This is again a useful feature offered by banks and it can be used to monitor your account regularly.
Online banking has been able to develop so rapidly in the last ten years because of the advances in technology. With so many people using smartphones, an online banking app that lets you manage your money is a great option. As a result, more and more people are using online banking to take care of their finances. It is a fast and secure way to check your balance and carry out transactions. However, when sending money internationally online banking is not always the best option.
Prove Your Identity
In case you need to make large withdrawals from your bank account in the UK, you will be required to prove your identity. This is a security precaution to prevent theft and fraud. Banks keep your personal data safe and private and do not sell it off. As a result, banks are taking additional measures to protect their customers from fraud. Online fraud is becoming very widespread and therefore it’s a good security measure to first prove your identity before withdrawing cash from your account.
The best way to feel that your money is secure is by having a foolproof system to verify identity. That is why most UK banks require stringent tests to prove that your bank account belongs to you.
In the UK, you may be required to produce either your passport from the United Kingdom or a driver’s license to prove your identity. You may also use your Northern Ireland Voters Card if you live in Ireland.
In case you don’t have any of the above-mentioned documents, you will be asked to produce two separate documents choosing from a list of documents provided by the bank. Visit your bank’s website for more information on proving your identity when you need to withdraw large amounts of cash or open a new account. The same document can’t be used twice.
The modern banking system has made it easy to manage your cash, pay your bills and transfer money to other accounts. You don’t have to visit a bank to withdraw cash on a daily basis or pay utility bills. An ATM debit card can be used at any cash machine but there is a limit on the amount of cash you can withdraw daily. The same amount applies to money you can spend on shopping through your debit card.
If you need more cash, you must either let your bank know in advance or withdraw from the ATM through many different transactions at £500 per day. The system is in place for a reason but it can be quite frustrating, especially if you are not aware of the limits. But now that you know how much money you can get in cash from a bank you’ll be able to manage your funds and support yourself.
Send money with Small World
Small World is a global money transfer service that helps people transfer funds internationally. We developed this system because we wanted to provide a secure, easy and cost-effective way to make payments, support loved ones and send money overseas. And for over a decade we have been helping millions of customers to make global money transfers.
With Small World you can send money to countries around the world via bank deposit, mobile top-up, cash pickup, mobile wallet, home delivery and cash card reload. We offer a wide variety of services because we know that everyone’s financial situation is different. And we want to ensure that we are accommodating all your needs.
Your first transfer online is always fee free!