Westpac Responds with this comment: “Please note the information and comments which have been attributed to Westpac are inaccurate. The comments have not come from official spokespeople. The $1,000 default daily cash withdrawal limit, for example at ATMs, is not new. What is actually changing is that customers can now set a different cash withdrawal limit on their Westpac Debit Mastercard, either above or below $1,000 (up to a maximum amount of $2,000).”
If you are a Westpac customer, you may have noticed some changes in how you can use your debit card. Starting from June 2023, Westpac has introduced a default cash withdrawal limit of $1,000 AUD per day, which is about $667 USD. This means that you can only take out this amount of cash from ATMs or branches using your debit card.
According to Westpac, this change is part of their efforts to provide better security and convenience for their customers. They claim that reducing the cash withdrawal limit will help protect customers from fraud and theft, as well as encourage them to use more digital payment options.
Westpac also says that this change reflects the declining demand for cash in Australia, as more people prefer to pay with cards or mobile devices. According to a report by the Reserve Bank of Australia, the share of cash transactions in Australia dropped from 27% in 2019 to 13% in 2022. The report also found that 72% of Australians were “low cash users” in 2022, using cash for 20% or less of their in-person transactions.
If you are a Westpac customer who rarely uses cash, this change may not affect you much. You can still use your debit card to make online payments, tap-and-go transactions, or insert transactions up to $8,000 AUD per day, which is about $5,343 USD.
However, if you are a Westpac customer who relies on cash for your daily expenses, this change may cause some inconvenience. You may have to plan ahead and withdraw cash in advance if you need more than $1,000 AUD per day. You may also have to pay fees if you use other banks’ ATMs to withdraw cash.
If you are unhappy with this change and want to increase your cash withdrawal limit, you can contact Westpac and request a higher limit. However, Westpac says that they will only approve requests on a case-by-case basis and for exceptional circumstances.
Alternatively, you can switch to another bank that offers higher cash withdrawal limits or more flexible debit card options. For example, some banks allow you to set your own cash withdrawal limit or offer fee-free ATM access across Australia.
Westpac’s decision to restrict customers to the $667 withdrawal limit is part of a broader trend of reducing cash usage in Australia. While this may benefit some customers who value security and convenience, it may also disadvantage some customers who depend on cash for their daily needs. If you are a Westpac customer, you should be aware of this change and how it affects your spending habits.
