GBTI increases single withdrawal amount, daily withdrawal limit at ATMs

The Guyana Bank of Trade and Industry (GBTI) has raised its daily withdrawal limit and the amount that can be withdrawn during a single transaction at its Automated Teller Machines (ATMs).

The bank announced the increases in a post on its Facebook page.

When contacted by Stabroek News, GBTI’s Marketing and Communications Officer Nadia De Abreu confirmed that the new daily withdrawal limit is $200,000 at the bank’s ATMs, while the one-time withdrawal amount is now capped at $120,000.

The bank has also reinstituted its previous transaction fee of $70, which it had initially waived and then lowered to $50 with the onset of the COVID-19 pandemic last year.

De Abreu believes that the new limits are a “winwin situation” for customers, who can withdraw as much as $120,000 in a single transaction with a fee of only $70, as opposed to the multiple fees they would have had to pay when withdrawals were restricted to $40,000 per transaction.

She concluded that the rate compared to other competitive banks is reasonable, since some banks “charge a $100 per transaction with a one-time withdrawal limit of $100,000.”

When reintroducing fees last year August, the bank stated on its website that “We hope our “No Fees” made a difference to you over the past 5 months. Effective August 1, 2020, we are reintroducing: The standard $25 Point of Sale fee, a reduced fee of $50 for ATM withdrawals. The daily withdrawal limit remains at $150,000 and Display preventative and safety guidelines through notices and animated videos in the bank and at the ATMs.”