Can you withdraw money other than via an ATM?


#1

Hi folks,

At the weekend I had reason to withdraw more than the daily ATM limit from my account and was wondering how I would go about this with my Starling account, is it the same as deposits in that you can do it in a NatWest branch? I haven’t moved completely over to Starling yet so was able to withdraw from my banks local branch but just wondering for future reference.


#2

You can instantly transfer the money to another account, no other way to withdraw money apart from ATM though


#3

We’re currently exploring this, however in the meanwhile here’s some useful threads on withdrawals… :slightly_smiling_face:


#4

Thanks James, I seen they posts when having a look through the community earlier; the ability to control the withdrawal limit via the app sounds like it could be a good idea :+1:


#5

Surely the end goal is to have Starling as your only account - if you need to have a ‘traditional’ bank account lying around for things Starling can’t do, then that’s a big fail.

As annoying as it is, there are still times where a large chunk of cash is required - when did you last have a tradesman round who was happy to accept a bank transfer?

Is this something a branchless bank could ever handle? How would you get £5K in cash from First Direct?


#6

Agree Colin, that was exactly my scenario at the weekend. I’m sure the builder wanted it in cash as it was easier to count out how much he had to put aside for the tax man! :wink: :smile:


#7

You should so tell him about the Starling Bank’s upcoming Goals system… You know so he can put it aside easily! :wink: :joy:


#8

You just go to a HSBC and withdraw the money with First Direct, a few online banks have facilities to withdraw from traditional banks.


#9

:joy: a separate section of the account for saving your tax avoidance payments to HMRC might be appealing!


#10

Oddly enough ~10 years ago I had a electrian, carpet fitter and carpet fitter all take bank transfer with no issue. With mobile apps and faster payment more mature, I’d think it’d be popular


#11

Not so surprising given HSBC own First Direct (as far as I know), similar for smile and coop, BE and Clydesdale


#12

I have never needed to withdraw that much cash. I honestly dont understand the problem with the current withdrawl limits.

I withdraw £10 at the start of the month for charity stuff in work and the occassional vending machine purchase (even thats now accepting card). I would be very nervous about withdrawing large sums of money to pay builders, electricians etc… what if i get mugged on the way home because someone heard me in the branch asking for all this cash! :scream: not to mention there is then no digital paper trail in case things go wrong. Would you buy an expensive TV costing £2000 in cash? no!!! that would be insane. so why would you make changes to your most important asset without having digital proof of payment in case you have to involve lawyers. I have heard this a few times in my job where people have forked over thousands and had to give up pursuing it as they couldnt afford to chase it through the courts.

The only reason why we are asked for cash is because it makes it cheaper for them to pay their employees and some suppliers ( no cost for depositing the cash and cost of making a fatser payment to their employees etc). This also means they can be a bit naughty with what they are declaring to the tax man. This all adds up to customers taking all the risk by taking out large sums of money to make your builders life a bit “easier.”


#13

Whilst I think the limit should be as high as possible or controllable by app - I actually haven’t had any tradesman recently who didn’t take a bank transfer.

Bank transfer, or even card, seems to be the standard for tradesmen round where I live.


#14

The problem is that everyone isn’t the same and while your £10 per month suits your needs it might not suit everyone else’s needs.

I take it you don’t deal with physical receipts/invoices or any of that traditional paper trail nonsense? Also, the risk that the consumer takes by paying cash to a tradesmen/building company is greatly reduced when you know said person/company. I’d very rarely get work done on something if I didnt know the person/company and the standard of their work.

While I agree that cash transactions are becoming less frequent, and I very rarely even bother carrying cash, the fact of the matter is that it’s a bank, it’s your cash, and you you should be able to access it in the quantities you need for whatever purposes you need.

As for being nervous about withdrawing large sums of money, if you worry too much you’d never leave the house… what if I get hit with a bus on the way to work, what if the plane I’m going on crashes, what if the train I’m on derails!? Ah jeez I think I’ll just go back to bed and stay at home today to be on the safe side.


#15

Would be good to hear starlings thoughts on the

possibility for large £1000+ withdrawals(be it slick in app, or arranged through CS)

  • withdrawal at a branch / post office
  • multiple ATM withdrawals (like several £500 withdrawal s in same day)

A larger £ limit for all, be it 500, or current market leading limit (probably £750/1000)

Finer controls in app for ATM withdrawals


#16

Yeah I agree. The ability to authorise larger withdrawals (£500 - £1000) via the app/CS would be interesting and quite useful for the odd time when you need to withdraw more than the normal limit.

Cashless/mobile/digital banking is perfectly fine for 99% of banking needs, but there definitely needs to be something in place for the rare occasion where you need a branch/ withdraw larger amounts of money. Perhaps like you say, an arrangement with the Post Office; this would be more useful than with a branch such as NatWest as the PO is more convenient for most people (I would think). It’s also very rare that people need to withdraw large amounts at short notice so even the ability to order cash for collection in a few days (similar to the old/traditional foreign currency type model) at a PO/high street bank would also be more than suitable.


#17

I’d think any in branch withdrawal would be tricky. As provider would need
a way of verifying the request, and has much more liability than taking
money and paying into shared account with ref. Would be good, but I’m not
holding breath


#18

Perhaps some sort of cashback type functionality where by you’re essentially making a transaction with your card could be an option!? Certainly doesn’t seem like there is an obvious or straightforward solution; I guess we’ll just need to wait and see :slightly_smiling_face:


#19

Really interesting thread with a number of important issues raised, most notably the number of ATM transactions and the occasional need for large withdrawals. No doubt the team has picked this up :+1:


#20

I know the number of daily ATM withdrawal limits has been increased to 6 recently, so that’s probably good for some of us. The limit of £300 per day now seems to be the bone of contention. I guess the solution needed depends on the reason for the limits being imposed in the first place.

If it’s to protect from fraudulent ATM withdrawals something like this might work:

  • The daily limit might want to be lowered to… say… £100

  • The first ATM withdrawal each day just happened as usual (up to the new limit)

  • Subsequent ATM withdrawals would need to be authorised in-app - maybe a button entitled “I need to draw more cash today”

  • If larger ATM withdrawals are needed on one day, these would need to be authorised in-app - maybe pressing a button something like “I need to increase todays ATM limit”. This would increase your limit to… say… £750. It’ll go back to £100 automatically tomorrow.

  • Maybe impose a monthly cash withdrawal limit of… say… £2000

Something like this would reduce the exposure risk to the bank and to us, and of course the immediate notifications of an ATM withdrawal would highlight any issue very quickly indeed.