Online Cash Withdrawal via an ATM: A Quick Guide

Mobile Cash Withdrawal via ATM

With the fast progression of modern technology, mobile cash withdrawals for businesses are one of the most secure methods of getting company cash, as it doesn’t require a physical card. It is an efficient way for you or your employees to withdraw cash using a smartphone, thus helping to prevent loss, theft, or fraud. In Hong Kong, this feature is incorporated in the mobile applications of many financial institutions, which makes it convenient for businesses to manage their cash flow on the go and while travelling. 

Usually, the procedure entails the generation of a unique QR code or enabling an NFC (Near Field Communication) prompt, which can be done using your bank’s mobile application and used at compatible ATMs. Let's review the steps together so you can see how it works.

Initiate Mobile Cash Withdrawals

If you’d like to begin your mobile cash withdrawal, follow the steps below:

• Open your bank's mobile app: Ensure you’re using the latest version of your bank’s app. Old apps may not include essential features or face compatibility issues with ATM systems and ATM cards.
• Select “Mobile Cash Withdrawal”: This feature is usually found on your bank account dashboard or under the “Transfers” or “Services” section within the app.
• Choose the account and withdrawal amount: Select the appropriate Business Account you wish to withdraw from and enter the amount. Some apps may allow you to schedule the withdrawal in advance or set limits.
• Validate the transaction: Depending on your bank, you might need to verify your identity or company position using a fingerprint scan, facial recognition, or a secure password. This ensures that only authorised users can complete withdrawals.
• Receive a QR code or NFC prompt: Once the transaction is confirmed, the app will generate a one-time QR code or initiate an NFC signal to use at the ATM. These codes usually expire within a short time frame (e.g., 5–10 minutes) for added security.

Use the ATM Screen

After setting up a withdrawal in the app, head to a compatible ATM and follow these steps:

1. Click “Mobile Cash Withdrawal” on the ATM: 

Look for a button similar to “Mobile Withdrawal” on the ATM’s welcome screen. Most newer machines operated by major banks will display this feature prominently, along with other services.

2. Scan the QR code or use NFC

If the ATM screen shows a QR code, open your banking app and scan it using your phone’s camera. For NFC-enabled withdrawals, simply hold your device close to the reader. This step securely connects your mobile instruction with the ATM.

3. Collect your cash

Once verified, the ATM will dispense the cash amount you selected. This is typically processed within a few seconds.

4. Get transaction confirmation

After the cash has been dispensed, you’ll receive a real-time confirmation via SMS, email, or push notification, depending on your settings. This digital receipt serves as proof of transaction and can be useful for your business’s Expense Management records.

Hong Kong Banks Online Cash Withdrawal

Many Asian banks offer mobile cash withdrawal services for businesses.

Hang Seng Cash Withdrawal

Hang Seng Bank provides a fast, simple mobile cash withdrawal experience:

• Maximum Daily Withdrawal Limit: Up to HKD10,000.
• Methods: Make Hang Seng cash withdrawals using the Personal Banking mobile app.
• ATM Interaction: At Hang Seng or HSBC ATMs, select “Mobile Cash Withdrawal” and either scan the QR code or use NFC to complete the transaction.

This service enhances security by eliminating the need for a physical card tied to a bank account, reducing the risk of card skimming.

HSBC Cash Withdrawal

HSBC's mobile cash withdrawal service is more focused towards flexibility and convenience:

• Maximum Daily Withdrawal Limit: Up to HKD10,000, shared with other small-value transfers.
• Methods: Log on to HSBC HK Mobile Banking app with your Mobile Security Key or biometric authentication. Initiate a cash withdrawal via the app.
• ATM Interaction: At HSBC ATMs or Hang Seng ATMs, press the “Mobile Cash Withdrawal” button and scan the QR code displayed on the screen.

Note that the withdrawal instruction is valid for 10 minutes, ensuring timely and secure transactions.

BEA Cash Withdrawal

The Bank of East Asia (BEA) facilitates mobile cash withdrawals through its BEA Mobile app:

• Activation: To use the BEA Mobile app, navigate to “Settings>Transfer & Payment>Overseas ATM Withdrawal”, and activate the service.
• Set Limits: Define your daily withdrawal limit and activation period.
• ATM Interaction: Use the activated service at BEA ATMs to withdraw cash without a physical card.

This feature is particularly useful for managing overseas cash needs securely.

Best Practices for Cash Withdrawals

Whether you're handling payroll, paying for supplies, or managing travel expenses, ensuring secure and efficient access to cash is vital for your daily operations. The following best practices are especially relevant for businesses in Hong Kong that rely on both physical and mobile cash withdrawal methods.

Check Your Balance

Before visiting Hang Seng ATMs or other ATMs to initiate a mobile cash withdrawal, confirm that your Business Account has sufficient funds. Overdrafts can lead to unexpected fees, declined transactions, or disruptions in operations, especially when time-sensitive expenses like vendor payments or reimbursements are involved.

• For mobile withdrawals, use your payment provider’s app to view the available balance in real-time.
• Some ATMs may also display your balance before you confirm a withdrawal, though this may incur a small fee depending on the provider.

Ensure Compatibility

Hong Kong banks are rapidly adopting digital technologies like scanning the QR code to complete withdrawals and NFC (Near Field Communication) payments. To use these features effectively, ensure your mobile device meets the technical requirements:

• QR Code: A functioning camera and an updated mobile banking app are essential to scan a QR code.
• NFC: Your phone must support NFC, and the function must be enabled in your settings.

Additionally, double-check that the ATM you’re visiting supports mobile cash services. Not all machines are equipped with QR or NFC readers, especially older units or those in more remote locations.

Avoid Using Public Wi-Fi

Cybersecurity is a growing concern, especially in Hong Kong’s densely populated urban areas with many free public Wi-Fi hotspots. When performing mobile transactions, particularly those involving cash, avoid connecting through unsecured networks such as cafés, airports, or shopping centres.

• Use your mobile data connection or a secure, private Wi-Fi network to access your business accounts.
• Consider installing a trusted VPN (Virtual Private Network) to add an extra layer of encryption.

Enable Transaction Notifications

For immediate monitoring of activity, turning on real-time push or SMS notifications for cash withdrawals is recommended. In case of suspicious activity, you will be notified immediately and can act on it accurately. This is especially useful when issuing Corporate Cards to employees.  

• Most financial institutions in Hong Kong offer customised notification setting features in their mobile applications.  
• Alerts can be set for certain transaction types, amounts, or even geographical locations.  

Reach Out to Customer Support for Troubleshooting

Per your provider's policies, don’t shy away from contacting support if any issues arise from a stalled withdrawal, ATM freeze, or delayed push notification.  

• A number of banks and payment service providers in Hong Kong have live customer service available 24/7 through a hotline, chatbot, or direct messages on the mobile application.  
• Reporting your transaction ID, phone model, and the corresponding ATM's address can streamline the process.

Withdraw Cash Anytime for Your Business with Aspire Corporate Cards

Managing business expenses efficiently is crucial. Aspire's Corporate Cards offer a seamless solution for your cash withdrawal needs. With Aspire's Corporate Cards, you can:

• Access Funds Globally: Withdraw cash from ATMs worldwide, supporting your international business operations.
• Monitor Expenses: Utilise Aspire's Expense Management tools to track and control spending in real-time.
• Simplify Payments: Make Global Payments effortlessly, ensuring smooth transactions with suppliers and partners.

Open an Aspire account today to streamline your financial operations and support your business growth.

Frequently Asked Questions

Is it possible to use mobile cash withdrawal services outside the country?

Yes, but it is subject to your provider. Some banks from Hong Kong, such as HSBC, allow a cardless withdrawal service at overseas ATMs that support UnionPay QR Code Withdrawals, including those based in mainland China. Check with your provider before travelling or undergoing international withdrawals to confirm any restrictions or fees that may apply.

Is there a fee for withdrawing cash using a mobile app?

Yes, particularly for withdrawals in foreign currency and from ATMs not affiliated with your service provider. Charges may include ATM fees, foreign exchange conversion fees, or other international service fees. To avoid surprises, check the fee structure of the provider in advance, consider the withdrawal currency, and use financial service providers that have clear, business-friendly pricing without hidden fees.

How safe is the option for mobile cash withdrawal?

Mobile cash withdrawal is secure because there is no physical card involved, which minimises the possibility of loss or card skimming. Most transactions need a fingerprint or passcode, and QR code or NFC-enabled withdrawal possibilities add another level of control. Provided that one does not connect to public Wi-Fi and uses a mobile provider’s official application, this method is safer than traditional ATM access.