How to Use Cardless ATM Withdraw even without Having Bank Account

If you are travelling out of town and do not hold a debit card but need urgent cash, what are your best options in that situation?

Certainly, the answer is that you don’t have many options. So here is probably the best option available to. Many Indian banks have now started offering the facility of cash withdrawal from an ATM without debit cards and even without having a bank account.

How does a cardless withdrawal work?
– You can send money to anybody in the country who can withdraw it from a networked ATM with cardless withdrawals enabled. The exact process to send money is as follows:

– You have to login to your online/mobile banking account and register the mobile number of the receiver for cardless withdrawal. It takes 24 to 72 hours for this registration.

-After registration, you can login to your online/mobile banking account and transfer the desired amount to that mobile number. Once you execute the transfer, the receiver will get an SMS code, and you will also receive a verification code on your registered mobile number.

-The beneficiary can now go to any cardless ATM of the same bank and use the option to withdraw cash without a card. The system will ask for the code received by the beneficiary, his mobile number, the verification code (code received by the sender) and the exact amount to be withdrawn. Once the beneficiary provides all the inputs, the ATM will dispense the cash immediately.
How to Use Cardless ATM Withdraw even without Having Bank Account

Features of Cardless ATM Withdrawal
Cardless withdrawals carry a charge of Rs. 25 per transaction. There is a daily limit of Rs. 25,000 for such withdrawals from a savings account. Also, there is a daily limit to cash transfers to a specific number in a day. Normally, banks allow up to Rs. 10,000 in a single day. The time limit for the beneficiary to withdraw the cash varies from bank to bank: it could be 24 hours to 14 days, after which the transferred amount is reversed to the sender’s bank account if the fund is not withdrawn.
There are no separate charges for cancellation of transferred fund. Some banks allow the registration of the beneficiary mobile number simply through the online/mobile banking process whereas some banks may ask for the beneficiary’s KYC details. At present banks like ICICI, AXIS, Bank of India etc. allow this facility from select ATMs.

Things to keep in mind
There is no doubt that cardless withdrawals can be handy while transferring funds to somebody without a bank account or to someone without an ATM card.

The maximum risk that a cardless transfer carries is limited to Rs. 10,000 per transaction because there of the daily limits to one number. You just need to take care correctly typing out the beneficiary’s details.

The transaction is secure and safe. In practicality, sometimes you may find problem in receiving the cash from ATMs due to network problems or due to cash shortages. Also, make sure that the beneficiary has functional cardless ATMs in their vicinity.
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About Nitin Aggarwal

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