A Sydney city bank has been robbed in broad daylight.

NSW Police say two men held up the Bendigo Bank branch on Harris St at Pyrmont around 5pm (AEDT).

One was armed with a sledgehammer and they made off with a small amount of cash, police say.

A man whose daughter was a witness told Fairfax Radio a car was driving erratically down Harris St before the men got out and went into the bank.

"Next thing they drive up onto the footpath, they back up so the car was ready to get away," he said.

"I think it was three people raced into the bank ... they were only in there for about 30 seconds and they came out and screamed off into the car and nearly knocked over a couple of pedestrians and a cyclist."

Police say a dark blue Subaru WRX was last seen heading south on Harris Street.

No one was injured during the robbery.

The hold-up comes weeks after a Porsche Cayenne ram-raided a CBD bank in the middle of the day.

Three masked men crashed the luxury 4WD into an ATM outside a Westpac bank on Kent Street just before midday on September 13, causing the outer wall to collapse.

Armed with sledgehammers, the bandits then entered the bank through the opening and took money from the tellers.

They escaped in a blue Subaru sedan that was waiting outside with a getaway driver.

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