Self-Cheque Withdrawal [How to Access Money Fast]

Self-cheque withdrawal refers to issuing a cheque to yourself and cashing it.

This is an option for account holders in most countries, from India to Canada, and everywhere in between.

That said, depending on where you bank there are a number of restrictions that may impact your ability to withdraw funds through a self-cheque.

In this article, we will explore these restrictions and answer common questions that we receive from our members.

This article is part of our free series on how to send and receive money, including bank checks, bank transfers, and more, which you can access by clicking here right now.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Self-Cheque Withdrawal
  2. How Can I Withdraw Money From a Self-Cheque?
  3. Frequently Asked Questions
  4. Do You Want Help Opening Bank Accounts?

Self-Cheque Withdrawal

Self-cheque withdrawal refers to issuing a cheque from your bank account in your own name, then cashing the cheque in order to withdraw funds. This may be necessary if you have an account that does not have a debit card. Likewise, it may be necessary if you have restrictions on the amount of funds that you can withdraw with a debit card.Β 

How Can I Withdraw Money From a Self-Cheque?

You can withdraw money from a self-cheque either by visiting a branch in person, endorsing the cheque to another person, or depositing the check in an ATM. That said, most people choose to withdraw money from a self-cheque by visiting the bank and speaking with a teller. This is especially important if the individual is looking to withdraw via a self-cheque that is in a large amount.

Are There Withdrawal Limits?

Yes, there are withdrawal limits in place at most banks. This applies to deposits immediately following self-cheques, third-party cheques, and cash deposits, as well as withdrawal limits that generally apply to an account. In most cases, bank withdrawal limits are set on a daily, weekly, and monthly basis. Not surprisingly, they vary from bank to bank and even account to account. So it’s important to confirm with your bank what withdrawal limits apply to you if you are concerned about this topic.

Self-Cheque Withdrawal Via Debit Card

Self-cheque withdrawal via debit card and ATMs works just like depositing a third-party cheque and withdrawing. In other words, you will need to complete the check, endorse the check on the back, and deposit the cheque into an ATM machine that is specific to your financial institution.

That said, depending on the financial institution you bank with, they may have restrictions on how soon after depositing a cheque you can withdraw funds or the amount of funds you can withdraw after depositing.

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Frequently Asked Questions

Below are four of the most common questions we receive from people looking into self-cheque withdrawal. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

How Do I Write a Self-Cheque?

You write a self-cheque the same way you write a cheque to a third party. In other words, you will need to complete the necessary information including the date, the amount, and your name in the place of the payee. Additionally, in the memo section of the cheque, you will either write β€œself” or β€œcash”, though certain banks may have certain requirements for this. Lastly, you will need to sign the cheque in the available field, as you would with any third-party cheque.

What Is the Limit of Self-Cheque?

The limit of a self-cheque will ultimately depend on what is the limit set by the bank issuing the cheque. This is because many banks have specific restrictions on the amount that an account holder can withdraw on a given day. That said, every bank is different and different clients may have different restrictions. So, it’s important to confirm what limits your bank has on your account.

Can Self-Cheque Be Withdrawn By Anyone?

Whether a self-cheque can be withdrawn by anyone will depend on a few factors. First, if you have prepared a cheque to yourself for cashing, you will need to endorse the cheque by signing the back of the cheque. In this case, the cheque can theoretically be cashed by anyone. That said, not all banks will accept third-party cheques that are endorsed. So, the person cashing the cheque may need to visit the issuing bank.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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