Withdrawing Money from a Neobank Card

PR Manager

Sep 15, 2023
5 min

Are you used to being cashless? It's a normal symptom of the evolution of the payments world as we know it. Over the last few decades people have been gradually migrating from cash payments to digital payments, using websites, apps, e-wallets, debit and credit cards. Either way, cash remains an unavoidable reality of our lives, a tool that we will need at any moment for many years to come.

Of course, the question of how to get cash is a common one, especially if you are a client of a neobank, like ours, considering that these modern financial institutions do not have physical branches. Don't worry because we neobanks were born and innovate daily to offer financial solutions, underdeveloped by traditional banks, so that customers can more effectively, flexibly and conveniently manage their own money, not only through digital platforms, but also physical tools.

Understanding Neobank Card Features

We neobanks do not have physical offices, since our operation is entirely online. This is precisely what makes us a new way of conceiving financial services, giving us a competitive advantage over more traditional competitors. However, in addition to digital platforms, there are physical instruments that expand the potential of our services. Possibly the most important of these are cards.

The cards issued by neobanks are similar to those issued by traditional banks. They keep characteristics such as their physical dimensions, their use (payment in physical and e-commerce stores), information about the card holder and the card itself, etc.

On the other hand, they preserve the fundamental function of being a means of obtaining cash through ATMs. Of course, for this purpose, it is first necessary to have sufficient funds in an account opened with a neobank. For this, in practice you must top up your card (plastic or virtual) with money, which is reflected in your account. For this reason, the cards we issue are considered prepaid cards. Apart from top-up by yourself, you can have funds in your account if you receive your salary or transfers from other users.

Please note that, depending on the financial institution with which you have an open bank account, the conditions for withdrawing money are different. Banks usually have a network of ATMs, from which their customers can withdraw money using their debit or credit cards at low rates or free of charge. However, depending on the bank and the type of account opened, customers may be required, for example, to pay a monthly maintenance fee to access free or reduced withdrawal rates. On the other hand, if a user does not have an ATM of his bank nearby, he can withdraw money from a third party ATM, which charges an additional fee to this user for the withdrawal. This is a very common inconvenience for customers of banks with very small ATM networks.

On the other hand, banks also offer their customers withdrawals at their branches. There you also need a debit or credit card or simply provide an ID and customer and bank account information. However, this method is not only cumbersome, inconvenient and slow, but also restrictive and costly, as there may be a limited number of free withdrawals per month through bank branches.

In this sense, ATMs are, without a doubt, the most effective, fast and convenient option for a customer. Therefore, we neobanks have concentrated a large part of our efforts on giving our customers broad access to these physical terminals. In fact, at present, most of the ATMs belong to the neobanks, and those that own few -or none- offer very favourable conditions for their customers to withdraw money from many ATMs at very low rates or even for free.

Choosing a right ATM

The process for getting cash may be familiar to you - you go to an ATM, enter your card, indicate how much cash you want to withdraw, use your pin code to validate the transaction and receive the cash. This is standard for many banks and neobanks.

It should be noted that some neobanks allow their customers to withdraw without a card. In these cases they use other methods such as apps to make the withdrawal request, then the customer receives a code that must be entered at an ATM to withdraw the desired amount.  This method, despite being innovative, is limited, as these ATMs must be from a specific network to support this type of transaction.

On the contrary, our Blackcatcard users have a wide network of ATMs available for cash withdrawals, thanks to the Mastercard card they receive from us. With it, our customers can use any ATM that accepts Mastercard, i.e. the vast majority of existing terminals in the EU.

Through this means it is possible to withdraw up to 200 Euros per month for free in the EU territory, an amount that will surely be enough for you! If this amount is exceeded, our clients have to pay a very small commission of 1% on the amount withdrawn.

And although we were born as a financial solution aimed at the European public, you can enjoy our products beyond Europe. So, outside the EU, you can still withdraw at any ATM in the world that accepts Mastercard for the same 1% commission, which is a very important advantage for those who love to travel and need cash no matter where they are.

With these favorable conditions, cash will certainly not be a problem for you. In this way, as a neobank we work not only to provide you with innovative financial solutions, but also to improve and transform the products you already know, giving a boost to your experience as a Blackcatcard customer.


How can I withdraw cash?

If you are a Blackcatcard customer you can withdraw cash from any ATM in the world that accepts Mastercard franchise cards.

Do I have to pay a commission for withdrawing money from an ATM?

If you are in the EU you can withdraw up to 200 Euros per month free of charge. If you reach that period, you will pay 1% on the amount withdrawn in each transaction until the beginning of the new month.

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