Tuesday, August 11, 2015

ATM Cards Limit in Saudi Arabia increased to SR 60,000 per Day

ATM cards are used by a vast majority of human beings in the world. People use these cards for withdrawal of cash as well as making payments through card reading machines. Considering the usage of ATM cards in daily life, Saudi banks have decided to raise the limit of maximum purchase amount through ATM cards per day.  Earlier users were allowed to pay a maximum amount of 20, 000 Saudi Riyals (per day) through ATM card. The limit is now increased to an amount of 60, 000 SR per day.

The banks are efficiently passing this news to their customers and card holders through text messages. This decision is warmly welcomed by the people. While talking to the local newspapers, Bankers and general public have appreciated this decision. They said that it is a highly positive step taken by the banks. It will help the people to do the purchase in bulk or to buy any of the precious items while making payment through their bank card.

If we compare this mode of transaction with cash payment, carrying ATM card is far easier than carrying cash amount. Carrying ATM card and not the cash is also much safer as there are least chances of any loss. In case of ATM cards there is also a very little chance of any fraud or cheating as the purchase cannot be done unless the customer uses his secret password to confirm the payment. The banks are running an awareness campaign and they have insisted the customers that to avoid any loss the customers shall not disclose their secret password to anyone else.

It is to be mentioned that maximum limit of cash withdrawal through ordinary ATM card is 5, 000 Saudi Riyals per day and till date there is no decision of increasing this limit.

Source: Saudi Gazette

Technological Information about KSA
  1. How ATM Skimmers stole SR 220,000 from 62 people?
  2. ATM Fraud worth SR 290,000 in Jeddah
  3. Points to Take Care in Internet Banking in Saudi Arabia
  4. ATM Scam: Card Skimming Device at Cash Withdrawal Machines


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