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Q: Double withdraw at ATMs?

Has any of you seen chinese withdraw twice at ATMs?withdraw money,opt for receipt then opt to withdraw again then receipt again. i have noticed every chinese i see withdraw money does it twice,meaning ofcourse they take twice the time needed which can be annoying if ur in a hurry.i dont use the atm much so by 'every chinese i see' am talking an average of 20 people and not the same atm so location cant be a factor. is it a common practice? or is it just the 20 out of 1. 3 bil?

 

 

6 years 38 weeks ago in  Money & Banking - Beijing

 
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Most ATM machines in China allow only 2500 RMB to be withdrawn at a time while you can withdraw 5000 RMB per day with your ATM card.

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6 years 38 weeks ago
 
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ahhh the ATM hogger. withdraw all the money then when it is your turn you are left with nothing then you need to go on a trek to the next atm.

 

 

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6 years 38 weeks ago
 
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I think part of it is down to a deep distrust of banks by most Chinese (and a growing number of non-Chinese since the last economic crisis in the 'West').

 

As an example, whenever my wife withdraws money from an ATM she always gets a printed balance and receipt before AND after each transaction and checks they are correct before withdrawing money and before moving away from the ATM afterwards!

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6 years 38 weeks ago
 
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One thing is withdrawing funds from your savings account within China with a local ATM card, and another is using the ATM machine to get an advance of cash with your credit card from abroad.  The limits are different. 

Most banks rather have you use the ATM so you do not stand on line that long waiting for a teller to call your number, and in fact any deposits under 5,000 Rmb the teller will suggest to you to use the ATM next time.

Because of the time involved, many locals do use ATM's for withdrawing money from their accounts, but the maximum amount is 2500 Rbm per transaction, two maximum allowed per 24 hour period, or a total of 5,000 Rmb.  Due to lack of trust in machines and humans at banks, many Chinese will get a balance statement prior to transaction, then do transaction and also ask for a receipt.  If you make two withdrawals, it will take the person 10 to 15 minutes to complete everything, to the dismay of others waiting their turn in line. 

In my city, I have found that if I go to the Bank of China at either 15:00 hours on week days, or between 8 and 9 pm in evenings of week days, no one is using ATMs, and it takes men less than 10 minutes to do whatever I need.  i do avoid banks and ATM machines on week ends and holidays.

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6 years 38 weeks ago
 
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