Benefit for non-customers: banks increase withdrawal limit to $60,000

From now on, the maximum amount that banks must allow for ATM withdrawals will be $60,000, as established by the Central Bank of the Argentine Republic (BCRA).

“Communication A 8092” establishes that “financial institutions must provide the means so that, in all ATMs enabled and operated by them in the country, individuals and legal entities can withdraw, per day and in a single withdrawal, at least up to $60,000 (sixty thousand pesos), without any distinction between clients and non-clients, regardless of the type of current account.”

Who benefits from these maximum withdrawal amounts?

Banks must allow withdrawals up to that amount from any ATM. That is, the amount that non-customers can withdraw will go from $15,000 to $60,000. This is a benefit because they often withdraw from another bank’s ATM, especially, for example, when there is no money available at a terminal of the bank of which they are a customer.

It should be noted that in the case of the Banelco ATM network, the maximum amount was $40,000 for non-customers, so it was increased by $20,000 from now on (increased by 50%), while the limit of $15,000 applied to users of the Link Network who use private bank ATMs (now it is 300% more).

Due to inflation, many banks had already increased the amount some time ago. Depending on the type of client, withdrawals of up to more than $200,000 are allowed.

The Ámbito portal indicated that the problem being seen is that much of the money that customers withdraw from ATMs goes into the informal economy.

“The problem is that $10,000 bills go out but don’t come back into the system. People take them out and make cash payments. Many go to the informal economy because paying in cash makes costs much cheaper and they get rid of small bills faster; they keep the large bills,” said a source in the financial sector.