New regulation before Eid al-Adha: Banks are increasing cash withdrawal limits!

In recent years, the loss of value in the Turkish lira has reduced the purchasing power of even the largest banknotes, making cash usage difficult. The fact that the Central Bank of the Republic of Turkey (TCMB) has not taken steps regarding the printing of new banknotes has caused the amounts that can be withdrawn from ATMs to remain insufficient. On the other hand, banks are also struggling to keep up with supplying cash to ATMs.

DAILY CASH WITHDRAWAL LIMITS ARE INCREASING

The cash withdrawal limits, which banks update annually, were kept fixed at the beginning of 2024. However, as current limits became insufficient due to price increases, citizens were faced with high commission fees. Due to the increasing need for cash, banks have decided to redetermine cash withdrawal limits.

NEW LIMITS WILL COME INTO EFFECT IN JUNE

According to Sözcü, considering that the need for cash will peak especially before Eid al-Adha, an increase in ATM cash withdrawal limits is planned. It is expected that the daily limits, which currently vary between 7,500 TL and 10,000 TL, will be increased to the levels of 15,000 TL to 20,000 TL. It is stated that the current limit for cash withdrawals made via QR code will be maintained.

News Source: 12punto