You need a significant amount of money from your saving account, and you worry that the bank isn’t able to give you the money you need. It’s a reasonable concern for many bank customers, particularly in the event of a fiscal crisis. In fact, these are justifiable concerns.
Much like there are rules for depositing a great deal of money, the same applies to making funds withdrawals. If you have a POSB/DBS account, you surely have known that there’s a default daily withdrawals limit.
Knowing how much can withdraw from POSB/DBS deems to be vital as you can decide whether or not you have to change the withdrawal limit.
What is POSB/DBS Default Withdrawal Limit?
The daily transaction limit for both local and overseas funds withdrawal is S$3,000. The withdrawal limit for NETS purchases is also S$3,000 a day. If the cash you wish to withdraw is above the default limit, it will instead lead to a fail transaction.
With POSB/DBS internet banking, you have the flexibility in changing the default limit for ATM funds withdrawal and adjust it to your desired amount. You can change it to sum between S$500 and S$5,000.
Changing Withdrawal Limit through Internet Banking
You have known how much can withdraw from POSB/DBS on a daily basis, if you wish to change the limit, please follow these instructions below:
- Log in to your POSB/DBS internet banking account using your user ID and PIN.
- Click on Cards and select Change ATM Card Limit.
- Select the Debit/ATM Card Number you would like to change the withdrawal limit for.
- Tick the ATM Cash Withdrawal Limit box.
- You are able to change the amount of the withdrawal limit to S$5,000 (maximum), S$3,000, S$2,000, S$1,000, or S$500 (minimum).
- Provide the authorization by ticking the agreement box and click on Next.
- Review the transaction details you have provided and click on Submit to finalize your application.
Changing Withdrawal Limit through Mobile Banking
You can also update your POSB/DBS ATM card’s withdrawal limit using the digibank mobile application that you can download for free in the App Store or Google Play. Here is the quick step-by-step tutorial to change your default transaction limit for funds withdrawal:
- Launch the digibank app and log in to your mobile banking account using your ID and PIN or your Face/Touch ID.
- Tap on More and under the Transfer Settings drop-down menu, tap on ATM/Debit Card Limit.
- Select the card you would like to change the daily cash withdrawal limit for.
- Indicate the amount of the limit to S$5,000 (maximum), S$3,000, S$2,000, S$1,000, or S$500 (minimum).
- Tap on Next.
- Verify the provided transaction details and tap on Change Daily Limit Now to finalize the application.
For your information, changing of default withdrawal limit requires one working day. Consider visiting the nearest Virtual Teller Machine by bringing your NRIC or passport and ATM/Debit card if you need an immediate update to your ATM withdrawal limit.