Uzcard lifts all limits for cashing through ATMs

Uzcard lifts all limits for cashing through ATMs

Baku, Azerbaijan, Jan. 9

By Nigar Guliyeva – Trend:

The interbank payment system Uzcard has lifted all limits for cashing out soums through ATMs.

This become possible thanks to a new service launched by the system in late 2017. It allows to cash out any amounts from plastic cards through ATMs, without restrictions. Now the limits in this direction will depend only on banks.

"Banks will make changes to the established limit of 100,000 soums when withdrawing cash on a case-by-case basis, for example. So, there is an unlimited option for cash withdrawal. To date, there are no restrictions from Uzcard, " the company said.

Earlier, the Central Bank of Uzbekistan set the maximum recommended commission rate for banks providing cash withdrawal services. Now each bank has the right to independently set individual commission rates from 0 to 5% for withdrawing cash.

Previously it was reported that the limit has been increased from 100,000 to 200,000 soums. For the operation to cash out money one will have to pay a commission of 1 percent.

Currently, there are 28 commercial banks in Uzbekistan, including three non-governmental, 12 joint stock commercial banks, eight private banks and five banks with participation of foreign capital.

National Bank, People's Bank, Uzpromstroybank, Qishloq Qurilish Bank, Ipoteka Bank and Microcreditbank are among those which installed ATMs in bazaars and large shopping centers.

Earlier, the first deputy chairman of the Central Bank Timur Ishmetov informed about the plans of commercial banks to increase the number of ATMs to 200 units by early 2018.

(8,139.00 UZS = $1 on Jan. 9)

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