Armeconombank launches cardless cash withdrawal service

Armeconombank customers can now withdraw cash from the bank’s ATMs 24/7 without a physical card, using the AEB Mobile app. 

The bank reports that this feature serves as a seamless, secure alternative for cash withdrawals in situations where your physical card is unavailable but you have an urgent need for cash.

How to Complete a Cardless Cash Withdrawal

To utilize the service, simply follow these steps within the AEB Mobile:

1.    Log in to the application and tap the “+” icon.
2.    Navigate to the Applications field, then select Accounts.
3.    Select the Cardless Withdrawal command.
4.    Fill in the required fields to generate a secure 6-digit withdrawal code. Enter this code at any Armeconombank ATM within 30 minutes by selecting the Other Services option on the ATM screen.

Core Terms & Conditions

•    Currency: The service is only available in AMD.
•    Eligible Account Types: Withdrawals can be executed from current and card accounts (excluding Arca Gift cards, Arca Social cards, and savings accounts).
•    Service Fees: The standard transaction fee is 0.5% (minimum AMD 100). For withdrawals executed from VISA Guru and Armec’s card accounts, a 3% fee applies.
•    Transaction Limits:

-    Per-Transaction Limits: Maximum of AMD 400,000; minimum of AMD 1,000.
-    Daily Cumulative Limit: Maximum of AMD 1,000,000 per day.
-    Daily Frequency Limit: Maximum of 10 transactions per day.

It is noted that “for Armeconombank, the advancement of digital services extends beyond mere technological milestones; it is about cultivating a highly convenient, accessible, and secure financial ecosystem for our clients under any circumstance.”

Armeconombank is supervised by the Central Bank of Armenia.