Thieves smashed their way into the machine at commercial premises in the Castlereagh Road area.
Detective Sergeant McPhillips said: “Shortly after 3:30 am, it was reported that an ATM cash dispenser had been broken into close to an off-licence in the area.
“A substantial amount of money was taken during the incident.
“It is believed that those involved were seen heading towards the Wayland Street area following the incident.
“Enquiries are continuing and we would appeal to anyone with any information or who saw anything suspicious in the area to contact detectives on 101, quoting reference number 377 18/12/18.
“Alternatively, information can also be provided to the independent charity Crimestoppers on 0800 555 111 which is 100% anonymous and gives people the power to speak up and stop crime.”