Withdrawing money from an ATM has become very familiar to many people. However, depending on the ATM and the bank, the maximum withdrawal amount is different each time. So, why is the maximum withdrawal amount from an ATM sometimes 5 million and sometimes only 3 million?
According to the regulations in Official Dispatch No. 1097/NHNN-PHKQ of the State Bank of Vietnam in 2005, credit institutions must install automatic cash withdrawal software to ensure that each ATM provides enough money in 4 denominations, including at least a small denomination of 20,000 or 10,000 VND with the goal of ensuring a reasonable structure of money in circulation.
Depending on each ATM and each bank, the maximum withdrawal amount each time is different. (Illustration photo)
The bank will base on data at transaction points to evaluate withdrawal frequency, withdrawal value distribution, customer behavior, and propose an optimal withdrawal structure in each area.
Because the ATM's payment slot is limited and fixed, no more than 35 - 40 bills can pass through at a time. Therefore, according to regulations, each withdrawal cannot exceed 35 bills, so the amount of money that an ATM can dispense at one time is limited and depending on the denomination, the maximum withdrawal amount is different.
For example, an ATM has 4 cash boxes of 500,000 VND, 200,000 VND, 100,000 VND, 50,000 VND. If a customer withdraws 5 million VND, he will receive 10 bills of 500,000 VND.
In case the 500,000 VND or 200,000 VND denominations box runs out, customers will only be able to withdraw a maximum of 3.5 million VND at a time with a denomination of 100,000 VND. If the 100,000 VND is gone, the maximum amount for a single withdrawal will be only 1,750,000 VND with a denomination of 50,000 VND.
In addition, the maximum withdrawal limit is also regulated by the State Bank.
Accordingly, payment service providers are not allowed to set a limit for a single ATM withdrawal of less than VND5 million for domestic transactions and VND3 million for interbank transactions. According to the old Circular 36, the single withdrawal limit cannot be less than VND2 million. This has caused many customers to complain about having to spend too much time and transaction fees when needing to withdraw large amounts of money.
The minimum withdrawal limit at ATMs of banks is usually 50,000 VND/time. With the maximum limit, if withdrawing money at the ATM of the bank where the card is issued, the amount can be up to 5 million VND/time or 10 million VND/time. On the contrary, if withdrawing money at ATMs of other banks where the card is issued, users can only withdraw 3 million VND/time.
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