New Banking Regulations – Starting May 30, 2025, the South African Reserve Bank (SARB) has rolled out a new set of banking regulations that affect ATM card withdrawal limits for all customers. These updated limits aim to tighten financial security, reduce ATM fraud, and promote the use of digital banking services. With the surge in electronic payments and a national push towards a cashless society, the government and major financial institutions are working together to implement these new limits across all banks operating in South Africa.
Overview of the New Banking Regulations
These updated banking regulations introduce key changes in how customers access cash via ATMs, particularly focusing on withdrawal limits, digital transactions, and customer identification protocols. The SARB’s move is in response to the growing threat of ATM-related fraud, increasing digital banking adoption, and the need for better consumer protection.
Key highlights of the regulatory update:
- Standardized daily ATM withdrawal limits for all bank customers
- Reduced cash dependence to prevent theft and loss
- Promotion of digital transaction platforms such as mobile apps and online banking
- Special provisions for pensioners and grant beneficiaries
- Enhanced KYC verification measures to prevent misuse of banking services
Revised Card Withdrawal Limits from May 30, 2025
From May 30, 2025, the South African Reserve Bank has enforced a standardized set of daily ATM withdrawal limits across all major banks. These limits vary depending on the type of customer—such as regular individuals, pensioners, students, and business account holders. The goal is to reduce reliance on physical cash, prevent fraud, and promote digital banking methods like EFTs and mobile payments. While some may find these limits restrictive, alternative options like online banking and cardless withdrawals offer greater flexibility and enhanced security.
Updated Daily Withdrawal Limits Across Banks
| Customer Type | Old Limit (ZAR) | New Limit (ZAR) | Frequency | Card Type | Bank Examples | Remarks |
|---|---|---|---|---|---|---|
| Regular Customers | 5,000 | 3,000 | Daily | Debit Card | FNB, Capitec, ABSA | Use banking app for higher online transfers |
| Pensioners | 3,500 | 2,000 | Daily | SASSA Gold Card | Postbank, TymeBank | Limits only apply to ATM cash withdrawals |
| Students | 2,000 | 1,000 | Daily | Debit Card | Nedbank, Capitec | Encouraged to use mobile wallets |
| Business Accounts | 10,000 | 7,500 | Daily | Debit/Credit Card | ABSA, Standard Bank | Limits differ for bulk EFT payments |
| SASSA Beneficiaries | 2,000 | 1,500 | Daily | SASSA Card | TymeBank, Postbank | EFTs not affected |
| High-Net-Worth Clients | 20,000 | 15,000 | Daily | Private/Platinum | Investec, Discovery | Can apply for customized limits |
| Online Transfers | Unlimited | 50,000 | Daily | Internet Banking | All Major Banks | Custom limits available with application |
| International Cards | 20,000 | 10,000 | Daily | Travel Cards | FNB, Capitec | Subject to forex rates and service fees |
Note: All new limits apply to ATM cash withdrawals. Customers can still transfer higher amounts using online or mobile banking.
Impact of These Changes on Different Customers by New Banking Regulations
The new rules will significantly affect individuals who rely heavily on cash transactions. This includes:
- Elderly pensioners and SASSA grant recipients in rural areas
- Small and informal business owners who need frequent access to cash
- Students without smartphones or mobile banking access
- Tourists and frequent travelers who use South African ATM cards abroad
- Households with limited access to digital infrastructure
The intent is not to restrict access but to encourage safer and traceable banking options through modern digital platforms.
Why These Withdrawal Limits Were Introduced
The SARB has cited multiple reasons for introducing withdrawal caps:
- Rising fraud involving card skimming and ATM tampering
- High instances of card theft, especially in high-footfall areas
- Alignment with global standards that promote electronic payments
- Reduce public reliance on physical cash which is vulnerable to theft
- Improve transaction traceability and enhance KYC compliance
- Encourage low-income citizens to adopt safe mobile banking channels
By limiting ATM withdrawal amounts, SARB hopes to minimize customer losses in case of unauthorized use or theft.
Adapting to the New Banking Norms
Customers are encouraged to transition towards safer digital practices. Here’s how to manage under the new rules:
- Use your bank’s mobile app or online portal for high-value transfers
- Activate alerts and transaction notifications via SMS or email
- Make payments using QR codes, tap-to-pay features, and digital wallets
- Opt for cardless cash withdrawal features available with certain banks
- Visit your branch to request a temporary or permanent limit increase if needed
- For business users, consider applying for merchant-specific accounts with higher limits
Tips:
- Avoid withdrawing large amounts from ATMs in a single transaction
- Use staggered withdrawals over multiple days if needed
- Keep your PIN private and never share ATM codes
The new withdrawal rules may appear strict but are a necessary evolution in South Africa’s shift toward safer, modern banking. As card-based frauds rise and cybercrime becomes a concern, SARB’s regulations serve as a proactive step to protect users and streamline financial transactions. It’s crucial for users to stay informed, upgrade to digital channels, and engage with their bank support teams to avoid inconvenience. These steps will help ensure a smooth transition while maintaining access to your money safely and efficiently.
Support Details – Contact Your Bank for More Info
Below is a list of major banks and their customer support details for withdrawal-related queries:
| Bank Name | Phone Number | Email Address | Support Hours |
|---|---|---|---|
| FNB | 087 575 9404 | [email protected] | Mon–Fri, 8am–6pm |
| Capitec | 0860 10 20 43 | [email protected] | 24/7 |
| ABSA | 0860 008 600 | [email protected] | Mon–Fri, 8am–5pm |
| Standard Bank | 0860 123 000 | [email protected] | Mon–Sat, 8am–8pm |
| Nedbank | 0800 555 111 | [email protected] | Mon–Sun, 6am–10pm |
| TymeBank | 0860 999 119 | [email protected] | Mon–Fri, 8am–6pm |
| Postbank | 0860 111 502 | [email protected] | Mon–Fri, 8am–5pm |
| Investec | 0860 110 161 | [email protected] | Mon–Fri, 8am–5pm |
FAQs about New Banking Regulations
Q1: Will my daily transaction limit be reduced permanently?
A: Yes, unless you apply for a limit change or SARB revises the policy again.
Q2: Is there any way to bypass the ATM withdrawal cap?
A: You can withdraw higher amounts at bank branches or use internet/mobile banking.
Q3: Are SASSA grants affected?
A: No. Only ATM withdrawals using the card are limited. EFT payments remain unchanged.
Q4: Can tourists increase their withdrawal limit while visiting South Africa?
A: Yes, tourists can apply for temporary increases through their bank branches.
Q5: Does this affect credit card purchases?
A: No, it only affects cash withdrawals. POS and online payments are not capped.
Q6: Can I still use cardless ATM options?
A: Yes, several banks now offer cardless withdrawals via apps and USSD codes.
Q7: How do I apply for a higher limit?
A: Visit your bank branch with valid reasons, or use your bank’s app to submit a request.
