To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
Despite the massive use of electronic and contactless payments, we all need cash from time to time. Using credit cards, mobile banking applications, and making money transfers online is simple, fast, and convenient. Nevertheless, cash is still a must in many cases, especially if you’re traveling to countries with no-so-developed financial systems or purchasing something from small local shops. That’s why today we’re talking about what cash withdrawal is and how it works.
What is a cash withdrawal?
To put it simply, a cash withdrawal is obtaining physical cash (banknotes) from a bank account. The funds from a currency bank account need to be converted into physical money. The most common way to do this is using an ATM (Automated Teller Machine). However, there are other methods to receive “real” money and we’ll have a look at them further.
How to withdraw money using an ATM
ATMs link your debit card to your current account and, as a result, you have full access to your funds. To withdraw money, follow these simple steps:
- Insert your card or scan a virtual one and select the language;
- Enter your 4-digit card PIN. It should be approved and you will be taken to the next screen;
- Choose the Withdrawal option and enter the necessary amount (you can also choose to check your balance here before withdrawing money);
- Collect your cash and receipt (if you need one). Don’t forget to take your card too;
You can receive cash in any ATM, no matter if you bank with the provider or no. Usually withdrawing money from your bank’s ATMs is the cheapest way. Most ATM providers have fees (some will even charge you for checking your balance). Keep this in mind so that you can calculate the approximate sum you will receive after withdrawal.
In some ATMs, you can also deposit cash into your account, but this differs from country to country.
How to use a debit card at an ATM
The rules for withdrawing money from an ATM are the same for all cards. You just insert a card, enter the PIN code and amount you’d like to receive, and take your cash.
Money withdrawals with debit cards are generally cheaper because of lower fees. But this is not the case when it comes to withdrawals with the help of credit cards. In such a way, you will make a cash advance, which is quite costly compared to all the other types of loans.
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How to withdraw money from the bank
Withdrawing money from an ATM is quite easy, but what do you do if there’s no ATM nearby? Are there any other ways to get cash from your bank account?
Yes, you can withdraw cash from a bank’s branch. For this, you should have your card, a document proving your identity, and your current account details. An employee will process your transaction and will provide you with the sum needed.
How to withdraw money without a card
In our digital age, it’s possible to receive cash from an ATM without actually using a card. Not all ATMs are cardless, so you need to make sure that the one you want to use supports cardless cash withdrawals.
Two important technologies allow us to receive money in ATMs without inserting physical cards or operating the virtual one:
To use a QR code, you will have to set up a withdrawal transaction in your mobile banking app. Then, the very code will appear on the ATM screen. To receive money, you should scan the code with your smartphone.
For near-field communication technology, you will also have to use your smartphone. Log into your mobile banking and choose the bank account you’re withdrawing funds from. Then, tap your smartphone against the reader. In the next step, you will be asked to enter your PIN code to confirm the transaction.
Limits of cash withdrawal
Each bank and ATM have their withdrawal limits. You can double-check these with your financial provider. In addition, many PSPs now offer their clients to regulate withdrawal limits on their cards and bank accounts themselves from mobile or Internet banking apps. Thus, you can change your daily/weekly/monthly cash withdrawal limits whenever it’s convenient for you.
How do you withdraw money from a bank?
You will need your card and bank account details, as well as any proof of your identity. You can visit a bank’s branch and one of the employees will process the transaction for you. Then they will give you the necessary amount in cash.
How can we withdraw money from an ATM?
It’s no secret that financial operations evolve, just like all the other technologies in the 21st century. For withdrawing money from an ATM, you can use both virtual and physical cards. What’s more, you can even receive cash without your bank card in special cardless ATMs. Instead, you can set up the transaction in your mobile banking application on the smartphone.
How much money can you withdraw from an ATM in one day?
These limits vary from PSP to PSP. Moreover, some ATMs can also have limits on how much you can withdraw from one machine within 24 hours, for instance.
Can I withdraw money from different bank ATMs?
Yes, you can use any ATM to withdraw funds. Nevertheless, the ATMs by your financial provider are more likely to have lower fees.