Central Bank: China to raise ATM drawing limit

Source: CCTV.com | 05-21-2007 10:12

Good news for Chinese bank card users The daily withdrawal limit from an ATM machine is set to be raised from 5,000 to 20,000 yuan. The Central Bank made the announcement on Saturday.

You don't have to worry about the long lines inside banks when trying to get cash for a couple of thousand Yuan, nor the low maximum amount allowed at an ATM machine. Now you can withdraw much more than before from an ATM machine.

The central bank announced on Saturday that commercial banks will lift the daily withdraw limit of debit cards to 20,000 yuan, four times of the previous amount.

The move aims to suit the increasing need by the customers.

But the withdraw limit for credit cards will remain the same.

Debit cards are frequently used in China as an electronic bankbook, only to save the trouble of joining long queues in the populous nation. But the daily limit of 5000 yuan has become a major complaint by individuals.

Chinese bank card users enjoy a nation-wide network established by the UnionPay, which enables them to use debit cards on any ATM machine or POS terminals. But a previous cap made in 1997 set a limit of 2000 Yuan per time and 5000 Yuan per day from an ATM machine.

In Saturday's announcement, the central bank also brought up a series of other measures, aiming to improve commercial banks' working efficiency in the service of personal savings business.

Editor:Du Xiaodan