Money comes in many forms including banker’s drafts, cheques, notes and coins. In addition, you may carry an ATM debit card or a credit card for shopping. The bank usually places a limit on the total amount of cash you can withdraw from your account daily from a cash machine. This limit in the UK is set to £500 a day. However, if you visit your bank for cash withdrawal, you may withdraw up to £2,500 without giving any notice in advance. In case you need to withdraw more than this amount, you will be required to pre-order a transaction in which the bank needs to be informed in advance.
Online banking is a convenient way to inquire about your balance, transfer money to another account, and pay utility bills. This saves a lot of time as you can carry out these transactions from the comfort of your home. In addition, you may activate mobile banking to get SMS alerts whenever your account is credited with cash or you carry out a transaction and money is deducted. This is again a useful feature offered by banks and it can be used to monitor your account regularly.
In case you need to make large withdrawals from your bank account in UK, you will be required to prove your identity. This is a security precaution to prevent theft and fraud. Banks keep your personal data safe and private and do not sell it off. There have been issues of identity theft because of which banks are taking additional measures to protect their customers from fraud. Online fraud is becoming very widespread and therefore it’s a good security measure to first prove your identity before withdrawing cash from your account.
In the UK, you may be required to produce either your passport from the United Kingdom or a driver’s license to prove your identity. You may also use your Northern Ireland Voters Card if you live in Ireland. In case you don’t have any of the above-mentioned documents, you will be asked to produce two separate documents choosing from a list of documents provided by the bank. Visit your bank’s website for more information on proving your identity when you need to withdraw large amounts of cash or open a new account. The same document can’t be used twice.
The modern banking system has made it easy to manage your cash, pay your bills and transfer money to other accounts. You don’t have to visit a bank to withdraw cash on a daily basis or pay utility bills. An ATM debit card can be used at any cash machine but there is a limit on the amount of cash you can withdraw daily. The same amount applies to money you can spend on shopping through your debit card. If you need more cash, you must either let your bank know in advance or withdraw from the ATM through many different transactions at £500 per day.