About electronic cash withdrawal (ECW)

ECW is a product, which will allow you to settle liabilities even if you do not know the beneficiary's account number.

An ECW ordered via Millenet instructs the Bank to make a cash payment of indemnification, scholarship, advance, loan or remuneration to the person identified in the instructions.

Selecting one of the four types of withdrawal you yourself decide when to put money on the account for the order to be accepted for execution and during what period the withdrawal is to be available to the beneficiary.

Benefits:

  • You do not have to keep a cash desk or keep a cash reserve.
  • You can pay liabilities not knowing the beneficiary's account number.
  • You can decide yourself when to put money on the account for the planned withdrawal, selecting one of four types of orders.
  • Place orders in a safe and comfortable way using the Millenet system ― you do not have to issue any paper documents, such as a cheque, payment instructions or postal money order.
  • The withdrawal may be available in any Millennium branch in Poland immediately after the order has been placed.
  • You can always follow the status of the individual order.
  • You don't have to call the recipient to inform about making an ECW order - the recipient will learn about it via SMS.

How to order an electronic cash withdrawal?

Your counterparty prefers cash over money transfer?
Order ECW in Millenet!

 

  1. Log in to Millenet for Companies and go to Payments > Electronic Cash Withdrawal
  2. Provide full name and ID number of counterparty (you don't have to provide his/her domicile) and select amount an currency (PLN, EUR, USD, GBP, CHF)
  3. Decide from which date and for how long the order will be waiting for counterparty to be collected
  • provide counterparty's mobile number - the recipient will receive an SMS once ECW is ready to be collected
  • decide if the amount should be debited from your account immediately or on the day of withdrawal

Questions and answers

  • 1. What does it mean that the Bank offers four types of ECW orders?

    Choosing one of the four ECW types the Customer will decide when to provide money on the account for the order to be accepted for execution.

    • Type W1 ― the order will be executed under the condition that the Customer, at the time of making the withdrawal by Beneficiary, provides funds permitting the withdrawal to be made. If funds are insufficient the withdrawal will not be made.
    • Type W2 ― the order will be executed under the condition that the Customer, at the time of activation of the order, provides funds permitting the withdrawal to be made. The amount will be automatically blocked from order activation. If there are no available funds at the time of order activation, the order will be rejected by the Bank.
    • Type W3 ― the order will be executed under the condition that the Customer, at the time of placing the order, provides funds permitting the withdrawal to be made. The amount necessary to make the withdrawal will be automatically blocked from the moment of entry of the order in the system.
    • Type W4 ― the order will be executed under the condition that the Customer, at the time of activation of the order, provides funds in an amount permitting the withdrawal to be made. On the day of activation the withdrawal amount will automatically debit the Customer's account.

    Note! Irrespective of the type of order, funds to cover the fee for submitting ECW order through Millenet are blocked when the order is placed. This fee is collected upon order activation.

  • 2. Can I place an ECW order, identifying another bank or the Post Office as the place of withdrawal?

    No. An ECW withdrawal can only be made in a Bank Millennium branch.

  • 3. Can an ECW order be placed and/or paid in a currency other than PLN?

    Yes, ECW orders can be placed in selected foreign currencies.

  • 4. Can I place an ECW order in EUR if I hold an account only in PLN?

    Yes, you can place ECW order from your PLN account in another currency and the other way round.

  • 5. Can I place an ECW order in any foreign currency?

    The list of currencies in which you can place an ECW order is limited to several popular ones (USD, EUR, GBP, CHF) and is subject to change.

  • 6. Can money be withdrawn in coins?

    Yes, but only in PLN. In case of foreign currency withdrawals, the amount has to be rounded up to the lowest denomination banknote.

  • 7. Must I fill-in some documents or sign an agreement on this service to start placing ECW orders?

    No. The product is available to every Customer via the Millenet system ― it is sufficient for the managing person to grant user rights to ECW.

Related products

Settlement account

Effectively manage financial flows in a company and benefit from the Bank's comprehensive product range.

More Settlement account