ATM withdrawal limits are the maximum amount of cash you can withdraw from your bank account within a specific time frame, typically per day or weekly. These limits vary depending on your bank, the account type, and the ATM.
Understanding your withdrawal limit is important for managing your finances, as going over your limit can result in fees or declined transactions. This article covers everything you need to know about ATM withdrawal limits in Canada, covering both big and online banks.
ATM Withdrawal Limits
ATM withdrawal limits vary by bank, but they are typically between $300 and $3,000. Each bank sets its own limits for cash withdrawals, and the amount depends on the customer and their banking history.
This is how much you can take out at one time from the Big 6 banks in Canada:
Scotiabank
All Scotiabank ABMs allow you to take out your daily or weekly limit set on your debit card. To view your ABM limit, log into your account and check your ScotiaCard limits. Most Scotiabank withdrawal limits are $1,000 daily or $3,000 weekly.
BMO
The maximum ATM withdrawal limit for BMO customers is $1,000 per day. Log into your BMO account to view your daily and weekly limits.
TD
Daily ATM withdrawal limits for TD are applied to your TD access card. To view your limits, go to the Transaction Limits screen on the TD app.
RBC
ATM limits for RBC customers vary. To view your ATM withdrawal limits online, sign in to RBC Online Banking and go to the ‘My Services’ section.
CIBC
Generally, the CIBC ATM withdrawal limit is set at $1,000 to $3,000 daily. This will vary per customer, so check your limits by logging into your account and finding the option for ‘ATM withdrawal limit.’
National Bank
To find the maximum amount of cash you can withdraw from a National Bank ATM, sign into your account online or via the app. From your web browser, select ‘My client card limits,’ and from the app, click ‘Manage my debit card.’
Online banks often have lower ATM withdrawal limits that may be harder to change than the Big 6 banks. Here are the withdrawal limits for the best online banks in Canada:
Tangerine
Tangerine’s ATM withdrawal limit is $1,200. This amount cannot be changed online, so you’ll need to call them to request any changes to the limit.
Neo Financial
The Neo Money card has a daily ATM withdrawal limit of $500. If you exceed the limit, you can try again in 24 hours.
EQ Bank
EQ Bank has a $500 ATM withdrawal limit per day. ATM providers may also set their own limits, which may be lower.
Simplii Financial
Simplii Financial has daily dollar limits on ATM withdrawals, which you can find on your product letter or by calling them. They have great banking products for newcomers to Canada, helping them get established with no fees.
KOHO
The KOHO Prepaid Mastercard has a daily ATM withdrawal limit of $1,010. To view your transaction limits, log into the KOHO mobile app and click ‘Account velocity limits.’
Manulife Bank
Manulife has a default daily withdrawal limit of $1,200. You’ll need to call them if you want to exceed that limit.
How to Change Your Withdrawal Limit
Although most banks have a set ATM transaction limit, you may be able to temporarily or permanently change your limit. Banks may increase your limit based on your personal banking history, so if you have been a long-time customer and bank responsibly, there is a high chance they will approve the increase.
You can change your ATM withdrawal limit by:
- Online banking: Most big banks and some online banks allow you to change your ATM withdrawal limit by logging into your online banking account, either on the mobile app or on your desktop.
- Visit a branch: Visit the bank in person (if they have branches in your province) and ask about changing your ATM withdrawal limit.
- Call customer service: Sometimes, the only way to change your withdrawal limit is to call the bank. This is the case for Manulife, Tangerine, and a few other online banks.
Here are some top tips when asking for a withdrawal limit increase:
- Explain why you want an increase. If you provide a good reason, such as going on a trip or paying a large bill, the bank will likely increase your withdrawal limit.
- Provide all the information they ask for. Be prepared to share personal information, account details, and any additional documents they may want from you.
- Mention your credibility. If you have been banking with them for years and are a loyal customer, mention this when asking for an increase. A good credit score and bill payment history can also help sway them in the direction you want.
Keep in mind that some online banks may not allow you to change your ATM limits, and you’ll need to wait 24 hours or until midnight for your next withdrawal.
What to Do if You Hit Your Withdrawal Limit
If you hit your withdrawal limit for the day or are unable to get an increase, here are some alternative options for withdrawing money:
- Use a debit or credit card from another bank. If you use a credit card to withdraw cash, it will be treated as a cash advance, and you must pay it back with interest.
- Withdraw money from your savings account, separate from your main banking company.
- Visit a branch where the bank teller can give you cash without affecting your ATM limit.
- Get cash back in store. Many stores offer cash back when paying with a debit or credit card, but not all do. The store may also have a cash-back limit, which will depend on the availability of cash on the premises.
FAQs
Can the bank ask why you are withdrawing money?
It is standard practice for bank tellers to ask why you are withdrawing cash, as large withdrawals may raise suspicion. They may be worried you are getting scammed or using the money for an illegal purpose.
How much money can you withdraw from a bank teller?
Like ATM withdrawal limits, the amount you can get from a bank teller will vary. Each case will differ, so ask for the amount you need, and the teller will advise you.
Are there fees for withdrawing cash at an ATM?
Usually, there are limited or no fees for withdrawing cash from your bank’s ATM. However, there will be fees if you withdraw cash from an ATM not associated with your bank. For example, most Scotiabank account holders can use a Scotiabank ABM for free, but they will incur a charge of $3 for each withdrawal at non-Scotiabank Visa or PLUS ABMs.
When does the ATM withdrawal limit reset?
ATM withdrawal limits reset at midnight. Keep in mind that it’s not a 24-hour period from each transaction, and if you don’t use your withdrawal limit, it won’t carry over to the next day.
