Maximum daily withdrawal limit in my country.

[Iboro]

The apex bank in my country, Nigeria, has set a maximum withdrawal limit of NGN20,000 daily. That's approximately $40. I feel it is not good. There are people that work, earn and spend above that amount on a daily.

Do you have such limits in your country?

 

[Salt]

I don't think we have any such limits in our country but I heard they have done that to control corruption so you can wait for sometime and they may lift these limits

 

[Etini]

In support of the apex bank's decision, the daily withdrawal limit of NGN20,000 can be seen as a measure to reduce corruption and ensure stability in the financial system. This limit helps to monitor and regulate large transactions, reducing the potential for illegal activities such as money laundering or embezzlement.

It also helps to prevent individuals or organizations from making excessive withdrawals that could disrupt the economy. By implementing this limit, the apex bank is working to create a safer and more secure financial environment for all citizens.

 

[Salt]

I think people can still find ways to negate this limit and withdraw more cash than the limit but it would be an illegal thing and you can get caught so better follow the rules.

 

[Nomad]

In our country, there is a limit on the number of daily transactions and daily sending/withdrawals through mobile banking or ATM banking, however, if you perform transactions through checks there are no maximum limits. I think limits shouldn't be imposed because it is your own money.

 

[Good-Person]

In our country, there is a limit on the number of daily transactions and daily sending/withdrawals through mobile banking or ATM banking, however, if you perform transactions through checks there are no maximum limits. I think limits shouldn't be imposed because it is your own money.

I do not think that there should be any kind of withdrawal limits when it comes to withdrawing money from the bank account. This is because the money is not owned by the bank. The money belongs to the account holder. So, it does not make any sense to put any kind of restrictions.

 

[Riberet19]

I don't know what type of limits you are referring to honestly, but in my country there is a type of limit for cash withdrawals in banks, the maximum you can withdraw is €1000 a day, this limit was imposed recently and I don't know why the limit was imposed honestly, the reason may be to reduce the use of cash in the country.