ATM Money Limit and Security in the Philippines
The average ATM can hold $200,000 with varying cash during off hours. ATM thefts are a global concern. In the Philippines, the daily withdrawal limit is 50,000 PHP, with a maximum of 10,000 PHP per transaction. Payment at hotels is digital, whereas smaller businesses prefer cash. Visa and Mastercard are widely accepted in Philippine ATMs. However, the risk of fraud is increasing with the rise of private ATMs.
Overview of ATM Fees and Withdrawal Limits in the Philippines
The central bank in the Philippines implemented "Acquirer-Based ATM Fee Charging" in April 2021. ATM owners now set fees for transactions by customers from other banks, excluding their own customers. Common transactions like withdrawals and balance inquiries often come with fees. Clients benefit from the convenience of ATMs, eliminating the need to go to a physical bank.
Comparison of ATM Transaction Fees Across Philippine Banks
- PSBank offers free ATM inquiries and withdrawals but charges for transfers.
- Security Bank and Land Bank charge for inquiries, withdrawals, and transfers.
- For basic transactions, PSBank, Security Bank, and Land Bank are more cost-effective, charging only 10 PHP at other bank ATMs.
- BDO and PNB charge 11 PHP.
- UnionBank charges 12 PHP.
- BPI and China Bank charge 15 PHP.
ATM Withdrawal Limits in the Philippines
- Each bank in the Philippines sets its daily ATM withdrawal limit. For example, Asia United Bank and BDO both allow 50,000 PHP per day.
- PNB has a maximum daily withdrawal limit of 100,000 PHP for the Global Filipino Card holders.
Importance of Setting ATM Withdrawal Limits
Setting a limit on the ATM withdrawal amount helps the bank control cash flow and enhances security. It acts as a safeguard in case of debit card theft, preventing potential draining of the account without limits.