Cash Withdrawal Limits - Controlling Business Spend And Expenses

Euan Robb
Profile
Content Manager at Equals Money
-
5
min read
Publish date
13/03/24

The importance of controlling cash withdrawals for your business

Controlling cash withdrawals is of utmost importance for business expense management due to several reasons. Firstly, it helps prevent unauthorised access to funds. By implementing strict control measures, companies can ensure that only authorised individuals or employees have access to cash withdrawals, reducing the risk of funds falling into the wrong hands.

Secondly, controlling cash withdrawals helps prevent excessive cash flow. When cash is freely withdrawn without proper controls or limits in place, it can lead to irresponsible spending or mismanagement of funds. By closely monitoring and restricting cash withdrawals, businesses can ensure a better control over their cash flow and overall visibility of business spending, allowing them to allocate funds more efficiently.

Moreover, controlling limits on ATM withdrawals play a crucial role in preventing potential fraud. Physical cash is a vulnerable asset, susceptible to loss or theft. Without proper controls, employees or outsiders may exploit your systems and engage in fraudulent activities. Implementing limits on employee spending and cash withdrawal limits helps ensure adequate oversight, significantly reducing this risk, protecting the financial stability of the business.

In conclusion, controlling cash withdrawals is vital for businesses to prevent unauthorised access, reduce excessive cash flow, prevent potential fraud, and maintain financial security. By enforcing cash withdrawal limits and implementing robust spending control measures, businesses can safeguard their financial resources and sustain their operations effectively.

What are cash withdrawal limits?

Cash withdrawal limits or ATM cash withdrawal limits refer to the maximum amount of physical cash that can be withdrawn from a bank branch or cash machines within in a given time period.

These limits are set by financial institutions to increase the security of their customers' funds and to minimise the risk of fraud or theft. The limits can vary from one provider to the next and may also depend on the type of account or type card being used.

Daily limits are typically put in place to prevent withdrawing large amounts of cash or unauthorised cash withdrawals, as well as to discourage money laundering and other illegal activities. While these limits may inconvenience some customers who need access to cash in large sums, they are ultimately in place to protect both the financial institution or provider and their customers from financial risks.

It is important for individuals or employees to be aware of the specific ATM cash withdrawal limits set by their bank, financial institution, or expense management provider to avoid any surprises or delays when they need to access cash or make a cash transaction.

 

What are the ATM withdrawal limits on Equals Money? 

When using the Equals Money platform and prepaid or debit cards as your expense management solution, the daily cash withdrawal limit is up to £2000 over 5 withdrawals, within a 24 hour period. Please note, the amount that can be withdrawn within a single transaction or at one time is dependant on the default cash machine limits of the specific ATM being used. A fee of £1.50 applies per ATM withdrawal.

However, to have the ability to withdraw physical cash from cash machines using your Equals Money card(s) you must disable any ATM blocks enabled on the account. To do this:

  1. Go to the "Cards" page select the relevant card
  2. Scroll to the end of the Card menu and choose "Review card settings"
  3. On this page you can toggle the ATM block on or off

 

What are ATM blocks in expense management?

ATM blocks play a vital role in managing and effectively controlling business expenses, as they serve as an effective means to control, limit, or prevent cash spending.

 

The benefits of ATM blocks for your business

Implementing an ATM limit or block for business spending (and by extension, a limit on cash transactions) offers numerous benefits, particularly in terms of practicality and security.

Firstly, ATM blocks allow businesses to have control over the use of cash within their business spending and expense management. By limiting the use of cash and its availability from cash machines, businesses can manage their cash flow more efficiently, while preventing excessive cash hoarding or unauthorised withdrawals.

Furthermore, the implementation of ATM blocks enhances the security of a business. With this measure in place, the risk of cash theft is removed and the visibility of business spending is greatly increased.

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About the author
Euan Robb
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Small bio goes here where we talk about professional interests and predictions of where our industry goes.

Still have questions?

Is there a limit for cash withdrawal?

Cash withdrawal limits are put in place by financial institutions to help control business spending and expenses. These limits vary depending on the bank, credit union, or expense management provider, as well as the type of account the business holds. For most businesses, there is a limit on how much cash can be withdrawn in a single transaction. This is typically done to deter theft and fraud.

What is the cash withdrawal limit on Equals Money?

Using Equals Money, you can withdraw up to £2000 over 5 withdrawals within 24 hours. Please note the amount that can be withdrawn at one time is down to the rules of the specific ATM you are using and a £1.50 fee applies per ATM withdrawal.

Can I enable ATM withdrawals for emergency cash?

To be able to withdraw cash from ATM machines using your Equals Money card you must disable any ATM blocks enabled on the account. To do this: 1. Go to the "Cards" page select the relevant card 2. Scroll to the end of the Card menu and choose "Review card settings" 3.On this page you can toggle the ATM block on or off.