Reply With QuoteThat would draw a few looks at the ATM!!!!!
Any max cash withdrawal limit from a UK Bank current account?
For example, after I sell a house and the proceeds of £500k have been deposited into my bank account, can I withdraw any amount in cash? In one go? Say £250k.
Just curious! :)
That would draw a few looks at the ATM!!!!!
By prior arrangement I presume.
Why would anyone want to?
if you are worried about the £85k per account guarantee, you could open a number of bank accounts and spilt the amount between these plus if you are married/partner the same.
I had to do something like that in Bogotá once. When the cash had been counted, bagged up and handed over the GNB cashier asked me if I needed an armed escort to my vehicle as they were obliged to offer one for cash withdrawals over 50 million COP. I don't think it was an unusual occurrence there, I didn't even make a prior appointment.
Don't just do something, sit there. - TNH
Obviously I'd need to inform the bank a few days in advance and turn up with passport as ID, but I was wondering if they would allow such a large cash withdrawal?
I don't see why not, in principle - it would be my money. :)
Please tell me you took them up on their offer, just for the hell of it :-)Originally Posted by Mr Curta
They might ask a few money laundering questions, obviously they will believe whatever you tell them
Agree with your principle totally, I'd be very interested in how you got on in reality, give it a go and let us know...
You can speak to your account manager and they will arrange the money to be ordered in for you, I have done this before. It takes a few days to arrange and dealt with in privacy of a back office. They ask you questions about what it’s for in my case it was for a watch and I kept the paperwork to prove the money was from the bank.
I have had two lots of inheritance come in from deaths of family. The Solicter’s were happy to keep the money for me till this was over.
I declined and transferred the money into several accounts and made new ones to spread the risk.
Last edited by shoppy; 9th April 2020 at 09:59.
Thanks! That's hepful to know. So no armed guards then? :)
Armed? Are we talking US or UK?
He said Bogota, and that the currentcy was COP, so definitely UK.
No no armed guards that would have been cool, I then placed the money into my day sack. Walked to car and than went home and stashed it in secret of darkness. It’s not that impressive in £50 pound notes.
I did it once before when buying a car and they had a limit on cash a day so took a few days. Not sure why I did it in hindsight, I think I was being tight about some bank charges so on principle I did it. How times have changed I am older and can not be bothered. It’s funny how times change as I paid for my Volvo in my transaction on my debit card. No phone call from the bank to check if it was me spending that much.
It does beg the question that in these days of electronic payments, BACS, Swift, etc why anyone would actually need to have £250k in cash. It’s a lot of paper to carry, plus how are you going to spend it. Most dealers (cars, art, etc) would not be happy trying to deal with that much cash unless.
PS. If you intend to take it to a non-UK you are required to declare it.
Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
Friedrich Nietzsche
Not just for money laundering, but they also have a duty of care towards you in case you are being scammed.
There have been a few cases where vulnerable/elderly people have been stopped from giving their life savings to scammers because the bank staff involved became suspicious as to why they were withdrawing large amounts of cash.
It's not so much about whose money it is, but rather depends on the T&C's of the account in question. Certainly in the past, many current account contracts had "withdrawal on demand" written into them. This would be (far) less common with deposit/savings type accounts.
I'm aware of a few savvy people who used this to their advantage, albeit many years ago. Banks often request or demand notice for larger cash withdrawals, but the reality might be that you can literally go in and demand they pay your withdrawal and they have to pay it. Of course this happens rarely as people generally don't read lengthy T&C's, and even if they do will tend not retain most of it unless they feel they are likely to need the information at a later date.
As a side note, banks keep detailed records of historical cashflows and resultant needs when placing orders but this is 'dead' money, the more cash at hand they have the less money they have to utilise in profit making activities. I think many people would be quite amazed at just how little cash many bank branches actually carry and how tight the controls can be to ensure there isn't a large excess of this 'dead' money. Hence the desire from banks to be given advance notification for even fairly small withdrawals.
Naturally it depends on the branch size, but certainly in the past 5 people all wanting 10k and demanding withdrawal (it's probably never happened in reality) would have the potential to cause significant issues, most commonly solved by a visit to a competitor bank who had less stringent cash controls. Returning with £50k in a briefcase to replace that withdrawn.
they will when you ingress the cash elsewhere - but to take it out - its yours, there only concern is having enough float around to cope with your transaction
Dear The Hack,
You do realise that Ball bearing knife in SC is £250 not £250k? Just checking before you make a mistake with a face to face.
😉
I had alternative arrangements that would have made it rather awkward, but I was tempted for a moment.
Don't just do something, sit there. - TNH
Really??!! I should have gone to Specsavers. :)
Thanks for the heads-up...
As mentioned they will have a duty of care to you so will ask a lot of questions. Also I’d imagine they will ‘tip off’ the relevant bodies as it would be suspicious, regardless of where the money has come from.
I recall a friend who worked for Barclays in 2008 when the market meltdown happened, telling how an old farmer came in and withdrew £80,000 in cash. He thought the entire financial system was going down the pan and intended to bury it on his farm. Said no one would ever know where to look. They tried to talk him out of it but he was adamant. They weren’t a big branch so needed to get the money delivered a day or two later before they could let him have it.
:) Nope - it would all be spent in the UK.
One of the saddest acts I ever came across was in the mid 1990s. A colleague of managed to save £100k in a savings account in a building society. He was frightened of investing in shares.
He once gave them a weeks notice and took out the entire £100k in cash on a Friday afternoon and spent the entire weekend gawping at it in a big pile on his dining room table.
He took it back Monday afternoon. He just wanted to look and gloat at the pile of notes.
Nowt wrong with piles of cash, quite a few years ago I had £65 grand on the bed with a couple of dirty sluts rolling around with each other and copious quantities of champagne being quaffed!, you are only young once.......but you can be immature forever
Really hoping this is true. Sad part is I could easily believe a TZ-UK member rolling on a bed with £65k in Rolex whilst my first reaction to this is it seems far fetched. If it is true...respect.Nowt wrong with piles of cash, quite a few years ago I had £65 grand on the bed with a couple of dirty sluts rolling around with each other and copious quantities of champagne being quaffed!, you are only young once.......but you can be immature forever
Last edited by Christian; 9th April 2020 at 12:54.
Footballer?Nowt wrong with piles of cash, quite a few years ago I had £65 grand on the bed with a couple of dirty sluts rolling around with each other and copious quantities of champagne being quaffed!, you are only young once.......but you can be immature forever
Sat diver.
Gawping at your own pile of notes is different from gloating. If he was doing some kind of ‘rich kids of instagram’ thing then fair enough, sad. If he just took out the cash to look at it for himself then I’d say each to his own...too much effort for me but the guy might just want some gratification from saving so much.
Following on from this, anyone else think they’d behave differently buying watches with cash? Would it make you think twice About how much you are spending handing over thousands in notes compared to bank transferring a number on a screen?
My bad...RTFT!
Are you confusing yourself with George Best?Nowt wrong with piles of cash, quite a few years ago I had £65 grand on the bed with a couple of dirty sluts rolling around with each other and copious quantities of champagne being quaffed!, you are only young once.......but you can be immature forever
Think yourself fortunate that they did not run off with the cash leaving you tied naked to the bed.Nowt wrong with piles of cash, quite a few years ago I had £65 grand on the bed with a couple of dirty sluts rolling around with each other and copious quantities of champagne being quaffed!, you are only young once.......but you can be immature forever
If it’s for coke and hookers - enjoy the ride
Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
Friedrich Nietzsche
...plus gambling and fast cars. :)
If it’s for coke and hookers - enjoy the ride
Are you worried about a bank run?
I work for a large high Street bank so can answer in general. It is possible but would need a lot of organising. Banks generally now don't have much surplus cash as it is now recycled from what is paid in. You will have to answer many many questions and even then it can be declined nif the Bank Manager is not happy. The transaction will be logged and reported to money laundering as standard. The money will have to be given over the counter as not insured anywhere else not even a private room. Once it's left the counter it's your risk even if you were attacked in the banking hall. I honestly have only been aware of one large cash withdrawal and it took 2 weeks to organise. The banks and government do not like large cash transactions like this so be prepared. If you have access to private banking then it's a little easier but still not simple.
I can't honestly think why anyone would want to go through risk and hassle that this would cause. Please don't tell me you think it's safer at home?
If my bank refused to hand over any amount that was deposited in my account, ( all with the relevant notice period of course ), then My money would swiftly be moved to a bank that would.
At the end of the day you're not exactly earning a fortune in interest with it sat in the bank.
There will be temporary deposit protection for up to 6 months above the £85,000 limit for certain types of deposits classified as temporary high balances, such as the proceeds from private property sales. Protection will be up to £1million in most cases.
https://www.bankofengland.co.uk/prud...nsation-scheme
Someone who lies about the little things will lie about the big things too.
Spot on. Depositing £10k in cash raises enough issues, WAY better to re-distribute using electronic means
Wow that would scare them! I’d imagine your bank would be more than happy for you to move it elsewhere And let them deal with the hassle. You may be ‘swiftly’ moving it a few times.
This
Whilst I understand your feelings life is never that simple. Money laundering rules trump all and that’s why cash of that size flags up and gets investigated. Trust me when I say the bank makes nothing out of storing your cash and would love to shut the doors on most of the high street branches. High street banks have a limited life span as it’s a model That doesn’t really work in the modern world. The Government would love nothing more than getting rid of cash altogether. Trust me when I say all banks will behaviour in pretty much the same way. If they ain’t happy with the transaction they won’t do it as they are personally responsible.
My bank card allows £1k per day from an ATM and I think up to about £5k is fine over the counter without an appointment. Anything over (and depending how over) would require you to either wait in the corner for 30-60 mins while they get it ready for you or ordering ahead by a few days. Expect questions and checks. You can't just cry "it's my money", it's in their hands and they have to comply with not only regulations but their own internal processes and checks. You agree to this by having your money there.
I know someone who works in FS and they've said that while branch footfall was less the average withdrawal has gone considerably up. Quite a few people want physical cash on hand and others are trying to keep within FSCS limits.
Maybe things have changed since I was compliance and mlro for HSBC, but I’ve personally requested and had all my house sale money made available to me with 48 hours notice, which I then walked to another bank.
It's just a matter of time...
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