Cash withdrawals

For companies which make cash payments to employees, customers or contractors, for example:

• remuneration to persons who have no bank account
• indemnity (insurers)
• other cash transactions
• advance payments to employees on business trip
• scholarships or benefits (public sector)

The most important features of the product

• Cash withdrawals may be made to persons who:
  • have no bank account
  • are third parties for a company
• Cash withdrawals in PLN and various foreign currencies (USD, GBP, EUR, CHF and other currencies)
• Unlike ATM withdrawals amounts don’t need to be rounded
• Withdrawals can be made from different bank accounts – event for the same as payroll or payment list
• No need to determine any specific receipt date – cash can be received within 3 months after submitting an order to the Bank
• If a receipt date is determined, failure to receive the cash by such date means that the order has expired without any additional costs

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Benefits

• Orders submitted via the CitiDirect platform significantly shorten the payment execution process
• No need to place a physical signature on the document – an xls file is sent
• No physical delivery of a document (e.g. check) to the cash recipient is required
• Cash may be received by any authorized person after 2 business days from sending the order to the Bank
• It is the cash recipient who selects a convenient date and branch of the Bank to receive the cash (within the limits agreed between a given company and the Bank)
• Cash recipient is identified against an ID or a passport
• Company account will only be charged after the cash is withdrawn by the cash recipient at a bank outlet