ANZ will certainly quickly enormously broaden the quantity consumers will certainly have the ability to take out from their Visa debit cards. At the minute, consumers with among one of the most typical ANZ cards have actually just been permitted to secure $1,000 in money every day.
In a letter sent out to consumers viewed by Yahoo Finance, the significant financial institution claimed it would certainly trek that limitation to $2,500. The modification will certainly start on November 24 and consumers remain in the procedure of being notified regarding the rise.
“We’re making this change to give customers access to more cash from ATMs and POS machines if you need it,” the letter states.
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“If you’ve previously arranged a lower or higher cash withdrawal limit for an ANZ Visa Debit Card, that limit will not change.
“You ought to know a greater day-to-day money withdrawal limitation might raise your obligation when it comes to unsanctioned money withdrawal deals.”
Yahoo Finance understands the move will bring the Visa debit card withdrawal limit in line with services that ANZ offer so that everything is on the same level.
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Customers who wish to withdraw from an ATM will be able to take out $2,500 per day per card. If you have multiple cards for one account, the limit applies to the card, rather than the account.
This change only applies to the limit that is set on your card, meaning if an ATM or service like Woolworths, Coles or Australia Post have a smaller withdrawal limit then you will have to abide by their rules.
Aussies currently can only withdraw up to $2,000 per day at an Australia Post branch, while the two supermarkets have a $200 per transaction limit.
Customers seemed to be largely supportive of the move, with one calling it a ” win for individuals”.
“It’s fantastic information,” added another.
How does ANZ’s withdrawal limit compare to the Big Four
ANZ’s daily withdrawal limit of $2,500 for debit cards makes it the top dog compared to the likes of Westpac, NAB and Commonwealth Bank.
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ANZ: Up from $1,000 to $2,500
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Commonwealth Bank: Up to $2,000
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NAB: $2,000
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Westpac: $1,000
The Reserve Bank of Australia’s (RBA) Cash Use and Attitudes Australia report found there had been a huge decline in cash transactions across the country in recent years.
“Most Australians now use cash infrequently,” the RBA said. “Indeed, 72 per cent of Australians were classed as ‘low cash users’ in 2022, using cash for 20 per cent or less of their in-person transactions, compared with 50 per cent in 2019.”
Aussies who use cash for 80 per cent or more of their in-person transactions now constitute only 7 per cent of the country’s population — half of what it was in 2019.
“Also, just over half of respondents did not use cash at all during the 2022 survey week, compared with around one-third in 2019,” the RBA said. “One in 20 participants used cash for all in-person transactions in the 2022 survey, compared with one in 10 in 2019.”
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