Banks generally allow people to withdraw from a branch a similar amount to what is available from ATMs - $2000 or $3000. File photo. Photo: PhotoAlto
As New Zealanders move to carry more cash, it is become less common to go into the bank and ask for a withdrawal.
Those who want to withdraw large amounts of money may find they are asked to phone ahead, and can expect to be asked questions about where the money is going, in line with the banks' anti-money laundering obligations.
Banking expert Claire Matthews of Massey University said she would expect banks generally to allow people to withdraw from a branch, without notice, a similar amount to what is available from ATMs - $2000 or $3000.
"Part of the reason for the notice will relate to where the money is stored in the bank - they likely keep smaller amounts at the front counter because there is limited demand.
"Fundamentally if you've got the money available in your account, you should be able to withdraw any amount in cash - although whether that's a good idea is a different matter - but notice is required because banks hold limited funds for reasons of safety and cost."
RNZ asked the banks what limits there are on what people can withdraw.
ANZ
The country's biggest bank said it did not have a limit for over-the-counter withdrawals, providing the bank had the cash available.
"For large over-the-counter withdrawals, the bank considers a range of factors including security, fraud checks, and operational requirements.
The withdrawal limit for our ATMs is $2000 per day. We don't encourage customers to carry large sums of cash for their own safety."
Westpac
Westpac said it would encourage customers to use ATMs for withdrawals of up to $3000.
The bank said it did not have a maximum limit for how much cash a customer could withdraw over the counter, provided the bank has the amount of cash being requested, and the customer met the checks required. "For larger amounts notice is required to ensure the cash will be available."
Kiwibank
There is no specific, capped withdrawal limit. "However, our branch teams would inquire to understand what the customer was wanting to do and why, and consider alternative ways to complete the transaction if an alternative was available. This could include self-managed transfers via digital channels or a same day cleared payment."
BNZ
BNZ said it would not impose fixed maximum limits on over-the-counter withdrawals if customers had the funds available in their account.
But it said when branches had SmartATM services, where cash could not be withdrawn over the counter, the ATMs had daily withdrawal limits.
"For large withdrawals we ask that customers get in contact with us in advance so we can ensure we have enough cash available on-site and that suitable arrangements are in place from a security perspective. Customers will also need to complete additional due diligence steps as a protection measure against scams and fraud."
ASB
ASB said providing customers with flexible access to their money was an important part of its role, "and while we don't see many customers who require large withdrawals, we can assist with this in our branches".
It said it would have additional verification steps for customers making large withdrawals, for safety reasons.
"These include questions to help staff identify potential red flags.
"If customers are planning to make a large cash withdrawal in branch it's helpful if they can give us a heads up so we can ensure a smooth process for them. ASB continues to invest in our fraud detection and prevention capabilities to help protect our customers wherever they bank, including in our branches."
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