With the widespread use of debit and credit cards, as well as digital payment apps and online banking, carrying large amounts of cash is not as common as it once was. However, there are times when withdrawing or needing access to a large amount of cash is necessary. When it comes to accessing your own money from an ATM or bank, there are limits in place on how much can be withdrawn at one time. These maximum cash withdrawal limits vary between banks and accounts, but are generally imposed for security and fraud prevention purposes.
ATM Withdrawal Limits
For most basic checking accounts at major banks in the United States, the typical ATM cash withdrawal limit per transaction is between $300 to $500. This limit is often per withdrawal, so multiple transactions can be made to continue withdrawing up to the maximum daily limit, which is commonly around $1000 for basic accounts. However, maximums vary between banks and account types.
Here are some examples of major banks’ ATM cash withdrawal limits:
- Bank of America – $500 per transaction, up to $1500 per day
- Chase – $1000 per day
- Citibank – $500 per transaction, up to $1500 per day
- Wells Fargo – $400 per transaction, up to $800 per day
For premium or high-tier accounts, withdrawal limits are often higher. For example, Chase Private Client account holders have an ATM limit of $2000 per day. Bank of America’s Preferred Rewards members can withdraw up to $5000 per day from an ATM.
Bank Withdrawal Limits
Withdrawing cash directly from a bank teller generally has higher limits than ATM withdrawals. Exact amounts can vary, but here are some common over-the-counter withdrawal restrictions at major US banks:
- Bank of America – $5000 per day
- Chase – $3000 per day
- Citibank – $10,000 per day
- Wells Fargo – $7500 per day
As with ATMs, premium bank account holders may have higher in-person withdrawal limits. For example, Chase Private Client members can withdraw up to $15,000 in cash per day inside a branch.
Factors That Influence Cash Withdrawal Limits
There are several factors that can determine how much cash you are allowed to withdraw from an ATM or bank on a given day:
- Account Type – As mentioned, premium or high-tier accounts have higher limits.
- Bank – Each bank sets their own withdrawal restrictions.
- Account Balance – You may be limited to withdrawing only a % of your total balance.
- Bank Policy – Internal fraud prevention procedures impact limits.
- Government Regulations – Rules like anti-money laundering laws can affect limits.
- Location – Withdrawals from international ATMs may have lower limits.
Banks have the right to adjust their cash withdrawal limits at anytime, so it’s always best to check with your institution to confirm your account’s specific policies.
Ways To Withdraw Larger Amounts of Cash
When you need to make a large cash withdrawal that exceeds your account’s limit, here are a few options:
- Request an Increase – Ask your bank to temporarily raise your daily limit.
- Multiple Transactions – Visit both the ATM and bank teller to maximize your daily withdrawal allowance.
- Cashier’s Check – Have the bank issue a check made out to “Cash” for the desired amount.
- Multiple Accounts – Withdraw from checking, savings, etc on the same day.
- In-Person Branch Transfer – Have the bank transfer funds to a branch near where the cash is needed.
Planning ahead is key if you need to take out unusually large amounts of cash. Letting your bank know beforehand helps avoid issues with exceeding restrictions, triggering fraud alerts, or having transactions denied or flagged as suspicious. There may also be fees associated with large cash withdrawals, so be sure to understand your account’s fee structure.
International Cash Withdrawal Limits
When traveling overseas and needing to access cash, ATM withdrawal limits can vary significantly by country. Banks and ATM operators often impose lower maximums than in the US due to factors like fraud risks associated with foreign cards. Transaction fees for using international ATMs may also apply.
Here are some typical overseas ATM withdrawal limits:
- Australia – $1000 AUD per day
- France – 300 Euro per 7-day period
- Mexico – 8000 Pesos per transaction
- Thailand – 20,000 Baht per day
- United Arab Emirates – 1500 AED per day
Foreign banks also often have lower over-the-counter withdrawal limits than US banks. Be sure to call your bank before traveling internationally to notify them of your travel plans and confirm your overseas cash withdrawal limits.
Maximum Cash Withdrawal Limit in India
In India, cash withdrawal limits at ATMs and bank branches are defined by the Reserve Bank of India (RBI) under certain guidelines:
- ATM Withdrawal Limit – Rs 10,000 per transaction, Rs 20,000 per day
- Bank Withdrawal Limit – Rs 50,000 per week (Mon-Fri), no limit Sat-Sun
However, some additional withdrawal restrictions may apply:
- Certain banks may set lower ATM cash withdrawal limits for some accounts
- Savings accounts may have lower limits than checking accounts
- KYC (Know Your Customer) compliance can impact limits
So while RBI sets the baseline withdrawal standards, actual limits can vary between banks and account types in India. Customers should confirm exact policies with their bank.
Largest Possible Cash Withdrawals
While most individual consumer bank accounts have relatively modest maximum cash withdrawal limits, there are some ways to access larger amounts of cash:
- Armored Car Deliveries – Banks can arrange secure cash transports of large sums for business purposes.
- Private Vaults – Wealthy individuals can store cash in private bank-operated vaults.
- Corporate Accounts – Business accounts usually have very high withdrawal limits.
- Foreign Currency – No limits when withdrawing foreign cash at international banks.
Here are some examples of the largest possible cash withdrawals:
- A bank armored car delivery could transport up to $100 million in cash.
- Citibank’s private vaults can store unlimited amounts of physical currency for clients.
- JPMorgan Chase’s corporate checking accounts can withdraw over $100 million cash per day.
- HSBC in Hong Kong allows unlimited cash withdrawals in foreign currencies like USD or EUR for Premier account holders.
For most individuals though, large cash transactions of even $10,000 – $30,000 are uncommon compared to options like wire transfers or cashier’s checks. Practical daily limits for consuming spending still max out around $10,000 for a typical bank account.
Cash Withdrawal Limit Protections
Cash withdrawal limits primarily function as safety measures for consumers and banks. Some of the protections include:
- Preventing large fraudulent ATM withdrawals by thieves or hackers
- Reducing cash-based money laundering
- Minimizing risks of physical robberies and theft
- Avoiding necessity for banks to keep extensive cash reserves
- Stopping sudden destabilizing runs on bank cash supplies
By limiting cash access, banks can better maintain their on-hand currency levels and reduce risks associated with storing and transporting large sums of physical cash. Consumers benefit from enhanced account security and reduced exposure to losses from theft or fraud.
Tips for Large Cash Withdrawals
When you need to withdraw larger than normal amounts of cash, keep these tips in mind:
- Give your bank advance notice – This helps avoid triggering fraud alerts
- Understand any fees – Large cash withdrawals often incur charges
- Visit high-limit branches – Major hubs may offer bigger withdrawals
- Provide identification – Have ID ready to show bank staff
- Use secure transport – For safety, don’t walk around with huge cash amounts
- Consider alternatives – Weigh options like cashier’s checks or account transfers
Being aware of your bank’s specific cash withdrawal limits and policies is always important. This can prevent the inconvenience and frustration of having transactions halted or denied when trying to access large sums of cash.
Frequently Asked Questions
What are the cash withdrawal limits at Bank of America?
At Bank of America, the cash withdrawal limits are:
- ATM Withdrawal Limit: $500 per transaction, up to $1500 per day
- Bank Withdrawal Limit: $5000 per day
Limits may be higher for certain premium accounts.
Can banks refuse large cash withdrawals?
Yes, banks can refuse or delay large cash withdrawal requests that exceed a customer’s daily limit. This is most common for amounts over $10,000 which require additional verification and paperwork under federal banking regulations.
Is there a limit on cash deposits at banks?
There is no federal limit on cash deposits, however individual banks may set limits such as capping daily cash deposits at $5000 – $10,000 for non-business accounts. Amounts over $10,000 must be reported to federal regulators.
What is the largest single ATM withdrawal possible?
The largest ATM withdrawal limits for a single transaction at major US banks are around $2000, seen at certain high-end or premium accounts. But the absolute maximum at standard ATMs is usually capped at $2500 for security and cash load reasons.
Can you withdraw $100,000 cash from a bank?
Withdrawing $100,000 in cash is not possible for regular consumer accounts. However, private vaults and corporate accounts may allow withdrawals of this magnitude, likely requiring advance arrangements with the bank due to the high amount.
The Bottom Line
Cash withdrawal limits exist to protect consumers and provide security for banks. While maximums for daily ATM and bank transactions are imposed on standard accounts, higher limits may be available to certain premium account holders who meet eligibility criteria. When large cash sums are needed, planning ahead with your bank can help facilitate access while staying compliant with federal regulations and avoiding fees or denials. But in most cases, regular daily withdrawal limits reach $1000 – $3000 for the average customer.