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Did You Know? You Can Withdraw Money from ATMs Without an ATM Card?

August 13, 2023app, Article, Education, Featured, National & International, News

Introduction

Nowadays, when you go to an ATM to withdraw money, you might notice an option called ‘cardless withdraw’. This lets you take out money without using an ATM card.

If you’re a customer of a bank in Nepal, you can withdraw money from an ATM even without carrying your ATM card. This is a convenient option that saves you the Rs 500 annual fee charged for using ATMs.

Here’s how it works:

  1. Mobile Banking Service: First, you need to have mobile banking activated. This service is available for smartphone users.
  2. Using the App: In the mobile banking app of your bank, look for the ‘Cardless Withdraw’ option. Enter the amount you want to withdraw (in multiples of Rs 500).
  3. OTP Code: After clicking ‘withdraw’, you’ll receive a one-time code on your registered mobile number.
  4. ATM Process: At the ATM, choose your language and enter your registered mobile number and the withdrawal amount (same as entered in the app).
  5. Enter OTP: Use the OTP code received earlier on your mobile.
  6. Withdrawal: You can now withdraw money from the ATM without needing an ATM card.

Benefits and Drawbacks:

Advantages:

  • No need to carry an ATM card.
  • Saves you the ATM annual renewal fee.

Disadvantages:

  • Limited to your bank’s ATM network.
  • You still need to go to your bank’s specific ATM.

Limits:

  • You can withdraw a minimum of Rs 500 and a maximum of Rs 25,000 at once.
  • Daily limit: up to Rs 100,000.
  • Monthly limit: up to Rs 400,000.

History:

  • Sunrise Bank introduced the cardless ATM service in Nepal during Covid-19.
  • Most banks in Nepal offer this service now.
  • It’s operated by Nepal Electronic Payment System (NCHL).
  • Mobile banking users are increasing in Nepal, and more people are using cardless ATMs.

Conclusion:

Cardless ATM withdrawal is a helpful service that lets you take out money from an ATM without using a physical card. It’s convenient, especially if you have mobile banking. However, it’s currently limited to your bank’s ATMs, and you need to visit your bank’s ATM to use this service. It’s gaining popularity as more people use mobile banking in Nepal.

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