Apparently in mid-May the Central Bank in China quietly raised withdrawal limits for ATM machines from the previous 5,000RMB to 20,000RMB daily. This happened with very little fanfare and indeed it took me two months to find out about it! Like most policies in China, they are enacted behind closed doors and come into effect silently in the night.
This new limit is good news – it would make banking much easier for many people, although most banks will still retain a per-transaction limit (of 2,000 or 5,000 RMB) meaning having to use the ATM several times. Nonetheless, this is quicker than queueing at the bank and the news is welcomed by many. However, some fear they will suffer heavier losses if their bank cards are stolen or lost.
Regardless, banking in China is still extremely mah fan!
