New Currency Notes Coming - Atm Question ?

[rpkerston]

Folks -

I noted - a few weeks back I think it was - that new LARGER currency is to be printed and forthcoming soon (sorry: the bills won't be any bigger, but their denominations will be)... I just wanted to have some fun, there!

It occurs to me that merchants are sometimes still less-than-happy, even now, to accept 100-peso notes (for good reason) and these larger denominations will pose issues for ATM withdrawals, I suspect...

Yes, we've been waiting for this to occur, but now that it seems fairly imminent (we're told) I think some 'mechanics' are useful, here (I've been watching for this to come up, and did a 'search' but haven't seen this topic... I don't think...):

Given that we're all trying to maximize W/D amounts to save on fees (and yes, I KNOW about Citibank - but I'm not a customer) has anyone tried to figure out the mechanics of such future ATM withdrawals when we're likely to be receiving such (ie, 500-peso-note) bills? In the past - before I arrived here 20.5 months ago, now - people often recommended taking out a somewhat odd-numbered sum for each transaction (ie, 290 instead of 300). THAT hasn't been needed for awhile, but it seems to me: HERE WE GO AGAIN... Being somewhat mathematically challenged, I cannot seem to force my brain to tackle this question... or is this just my brain making mountains out of... well, you know...

Anybody care to... please?

Thanks,

Paul

 

[Rich One]

Maybe Valid??

ATM's can only deliver a max of 40 bills , will be the case with 500 peso bills??? Will the ATM hold a combination of 100/500 ??

 

[gracielle]

Since 2014, ATM's here only deliver bills of $100 pesos up to a max of $2400 pesos per transaction. Example....key in $310, $350 or $390 pesos and it's rejected. Must re-entered as either $300 or $400.

With the new $200 and $500 peso bills, banks may modify by increasing the max amount of the cash advance. Or continue delivering the $2400. ......in denominations of (4) 500 bills + (2) $ 200.

I doubt we will again see ATM's that deliver in denominations of $10's and $20's.

 

[Somewhereinba]

When are these notes supposed to get rolled out? They can't come quickly enough IMO. Especially with inflation continuing to roll on at 30%+

 

[Churchill]

500 bills in circulation as of next month. 200 bills from September and 1000 bills sometime next year.

 

[semigoodlookin]

I can't see why the 500 and 200 bills will not be paid out by an ATM. 10s and 20s, forget about it.

 

[rpkerston]

All wonderfully notable comments, admittedly. I gather I may not have been explicit enough in my initial query, here... or so I fear: My real concern is that - for example - currently, I believe 2.5K is the max daily ATM w/d amount. Were I to make one of those with these new denominations that are coming, I suspect that I'd likely get five 500-peso notes, or something like that... and I rather suspect that most merchants (where I'd probably find myself most often attempting to use / cash / break / change these bills) would balk at being asked to give change for such...

So, my question is: What kinds of w/d amounts should we start attempting in order to try and avoid that issue, given that we pay PER W/D a fee that's not too exciting to deal with?

Or is the unavoidable answer: a) Just grin-and-bear it; B) don't go to merchants to break these new bills... (so, where then to go.. if one hasn't a local bank account?); c) any creative mathematics that might work?

Many thanks, in advance, as always,

Paul

 

[rpkerston]

OOPS: I've made one error, I see: The daily limit is NOT 2.5K... the daily limit is 4.5K, but the per-transaction limit is 2K.

Mea culpa... but my question remains: 2K could result is four 500-peso bills being dispensed...


THX,

Paul

 

[gracielle]

[background=rgb(252, 252, 252)]Indeed merchants will not be happy giving change with the use of the larger denominations. So you (and me) will have to change those large bills at the bank counter. Banks here are required to give change to ANY customer, even those without an acct, who takes a number and waits their turn (30-45 min) to be called to the window. [/background]

[background=rgb(252, 252, 252)]After a few weeks private banks will begin complaining that the National Reserve is not delivering enough $5, $10, $20, and $50 bills to take care of their customers, let alone those without bank accounts. Their "outcry" will justify the banks' response of having to tell the non-bank customers they can only break for them a $200 bill. "Come back tomorrow for more". [/background]

[background=rgb(252, 252, 252)]You will get tired of going from bank to bank and having to endure the 30-45 wait at each bank.....and what comes next who knows.This is what happened 2 years ago when there was shortage of coins. And the gov't has yet to come up with a solution. So merchants round off to the nearest XXXX to avoid giving you change with coins. [/background]

 

[rpkerston]

Thank you *VERY* much, Gracielle - I really and truly appreciate your taking the time to answer what I *gather* may not seem to interest / bother others in this group, so far... though I'm not sure why... Of course, MANY (most?) of the folks, here, may be long-term and, thus, they likely have methods which they already can use and which I've stated that I may not be able to utilize, myself. Or, perhaps, they feel that it's a frivolous question? Your answer, however, tells me that it's not a frivolous question: And FOR THAT, I thank you most heartily, indeed!

I also note the issues you raise, and had NOT known of the non-customer service so provided, and that's very useful info, for sure. What now concerns me is that I will have this problem relatively soon, and more so, that APPARENTLY, nobody else will also have it within this group of forum perusers (I may have made up that word... I've got a 'red line' underneath it, here)?

If that's so... WHY AM I SO UNIQUE IN THIS INSTANCE ? Or written in another way: What am I just not 'getting' about my line of questioning ?


Many thanks, in advance, as always,

Paul