Foreign ATM Card Cash Withdrawals Soon to Be Limited to $250 Per Transaction

[NewsLady]

Foreign ATM Card Cash Withdrawals Soon to Be Limited to $250 Per Transaction

 

 

 

Reliable but not referenceable information suggests that ATM withdrawals will be limited to $250.00 per transaction, with a minimum fee of $5.25 per transaction, beginning September 1st. The above screen capture at various ATM machines in the Panama City area has started displaying on ATM machines over the past couple of days. Reports say that these messages are being displayed at different bank ATMs (specifically including Banco General, Global and BAC), not just one bank, but we cannot confirm for all banks. Note that the $250.00 withdrawal limit applies only to ATM cards issued outside of Panama. For more details, please visit the following link on the Chiriqui.Life (CL) website. Any updated information will be posted there.

http://www.chiriqui.life/topic/15517-foreign-atm-card-cash-withdrawals-soon-to-be-limited-to-250-per-transaction/

 

Membership on CL is ***not*** required in order to access this content. However, CL membership is free and opens up access to all of the content on CL. If you wish to register, click on the "Sign Up" icon in the upper right corner on the home page. Helpful hint: to get to the CL home page from anywhere on CL, just click on the masthead photo that displays at the top of every page. Click Here for more information about CL.

Bud Huber and Marcelyn Jandreau
Owners/Administrators of Chiriqui.Life 
--
support@chiriqui.life
Chiriqui.Life

[Lee]

Anyone know what their reasoning for this is?  It seems to me that $5.25 for dispensing $500 cash was already a super profit for the banks.  Are they trying to force expat residents to find another way to bring in their money?  Is there some money laundering angle that is not obvious?