Photo via El Cronista

Banks have announced that they will be increasing the amount that you’ll be able to take out from cash machines, with banks that had an original maximum withdrawal of AR $5,000 for general customers – is now AR $10,000. “Platinum” customers had the most significant percentage increase with AR $7,000 moving up to AR $15,000 (114%) and “Black” went from AR $10,000 to AR $20,000.

Inflation has also had an effect on the average extraction further across the board, the maximum was AR $1,500 in 2015 for most foreign account holders has increased to between AR $2,000 and AR $2,500 in many cases this year.

“We increase the limits at the beginning of the year, which can be by AR $3,000, AR $5,000 or AR $8,000. An expansion of the permitted amount is not only a commercial decision, but also takes into account what is covered by extraction insurance.” outlines another foreign organisation.

However, don’t get too excited.

All in all, the truth is that each bank defines the withdrawal limit for its clients using their ATMs and that limit can vary among other ATMs and for non-customers. The cost of additional withdrawals also differs depending on if it is an external ATM, where it can charge up to US $11 for each transaction that is carried out.

Otherwise, the maximum is AR $3000, but there are average commissions (which are a one-off) of about AR $20 for each transaction and up to AR $25 in the event that they are from another network. In that case, the maximum is AR $1,500 per withdrawal.

On the other hand, it must be taken into account that many ATMs have not yet configured the AR$ 500 bills.

That means that if you’re wanting to get out AR $ 20,000, it may require taking out and putting your debit card in again multiple times.