December 9, 2016 / 8:44 AM / 10 months ago

Macau authority lowers upper limit for ATM withdrawals per transaction

HONG KONG (Reuters) - The Monetary Authority of Macao said on Friday it has lowered the upper limit for automated teller machines (ATMs) withdrawals to 5,000 patacas ($626.33) or Hong Kong dollars per transaction and clarified the daily withdrawal limit is still 10,000 yuan ($1,449.30) per day.

Casinos are seen in a general view of Macau, China October 8, 2015. REUTERS/Bobby Yip

The authority said the move will regulate Chinese bank cardholders’ overseas money withdrawals. The limits are effective Friday.

The South China Morning Post, citing a finance industry source, reported late on Thursday that Macau would halve the amount of cash that China UnionPay cardholders can withdraw from ATMs in the territory.

Casino stocks tumbled after a report that Macau, the world’s biggest gambling hub, would limit cash withdrawals as part of a Beijing-led crackdown on illicit outflows.

Reporting by Clare Jim; Editing by Sam Holmes

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