Debit cards are a big part of everyday money management, but there are still some restrictions on how much of your money you can access every day.

Why do these restrictions exist?

Daily transaction limits are put in place as an anti-fraud measure and banks like ANZ, Commonwealth Bank and HSBC, have limits of around $1000 per day on a debit card, even if it is a MasterCard or Visa option. Some providers, like ING let you go up to $2,000.

The intentions of this limit may be good natured, but it can make it difficult for people who want to avoid credit and make big purchases on their debit card.

To help you find ways to get around this security feature, here we look at different conditions and the flexibility some banks will provide when it comes to daily limits.

Debit Card Daily Limit Solutions

Daily limits usually apply to any cash withdrawals or purchases made with the card during the day but it will be different from bank to bank.

The Commonwealth Bank, for example, states that the limit will apply to cash withdrawals and purchases made where a PIN is entered through ATMs, EFTPOS, at Australia Post offices and other agencies as well as overseas using Maestro/Cirrus, MasterCard and Visa Plus networks.

Cardholders can request a higher daily limit of up to $2000, but any more than that and the card will be rejected on the day.

ANZ, on the other hand, limits ATM and EFTPOS withdrawals to $1000 per day, but the limit will be waived if “credit” is selected or if the purchase is made online or over the phone.

Most debit card issuers will outline these limits on their websites or in information booklets, with many showing up in Frequently Asked Questions sections and it is a good idea to read up on it beforehand so that you do not have to deal with a declined transaction.

Potential solutions to get your money

There are also a number of ways to work around the daily withdrawal limits, which could include:

• Selecting “credit” on an EFTPOS machine when making a purchase
• Signing for purchases
• Making purchases online instead of in store
• Requesting a temporary higher daily limit; and
• Having a second debit card, whether linked to the same account or a different one
• Bank transfer to the merchant

There may also be alternatives specific to your debit card issuer, so it can often be worthwhile to discuss planned expenses with them to see what kind of solutions are available.

What about old fashioned cheques?

If you’re buying a house, you might need to get a bank cheque to pay the deposit or the settlement amount. These are different that personal cheques as they have an expiry date for when the recipient can cash it.

To get a bank cheque, you might have to go into a branch and speak to a teller. If you’re bank doesn’t have a branch you’ll have to call them up and chat about your request. Of course, you’ll need to have enough funds in your account to cover the amount of the cheque and the fee charged by the bank.

With these options in mind you should be able to get access to your money when you need it, no matter how small or large the daily limits are.