£8000 cash from Santander

pisces260290

what are u buying (jus curious) was browsing and wondered

Bloomberg

colsten wrote: »

I need to give my nearest branch a clear 24 hours notice if I want more than £2K. They are a small branch and simply don't have huge amounts of money in their tills and safes.

There is a larger branch 10 minutes drive away. They can usually pay out £4K but I once got there just before end of the day and all they had left was £2K. At least so they said.

It's in your own interest to order larger amounts. Be prepared to be asked why you need that much in cash, and don't try "smart" answers like "it's my money, I can do with it what I want"

I have heard of cases where people are asked about how they intend to spend large cash withdrawals. Are you actually obliged to tell the bank what the money is for? Secondly, can they refuse to pay out if they are not happy with your answer our you simply refuse to tell them anything?

tripled

r2015 wrote: »

Because my dealer only deals in cash.
He isn't VAT registered.

I think that's the same for most "dealers".

Ballard

Bloomberg wrote: »

I have heard of cases where people are asked about how they intend to spend large cash withdrawals. Are you actually obliged to tell the bank what the money is for? Secondly, can they refuse to pay out if they are not happy with your answer our you simply refuse to tell them anything?

Banks are obliged under anti money laundering legislation to ensure that no payments (whether cheque, electronic or cash) are for the purposes of an illegal activity. Being as electronic payments (such as faster payments) are easier to do than withdrawing the cash they have to be suspicious. They will want to know why you are withdrawing that amount of cash. Is it to evade tax, for instance?

If they are not convinced that the cash is for a legitimate activity they do not have to comply with your request and may report it to the authorities.

r2015

I thought I would let you know how I am getting my £8000 without anyone at a bank asking what the money is for.


I have 6 bank accounts, although they didn't all have money in them, and 6 cashcards.


As I don't need the money until next Wednesday I am getting £1500 a day from the ATM 10 mins walk from my house.


Dr. told me to get more exercise

Herbalus

r2015 wrote: »

I thought I would let you know how I am getting my £8000 without anyone at a bank asking what the money is for.

As I don't need the money until next Wednesday I am getting £1500 a day from the ATM 10 mins walk from my house.

Wouldn't it be ironic if you get a phonecall from each bank telling you there is suspicious activity on your accounts as you consistently withdrawing the maximum is not your regular pattern.

henm2

Bloomberg wrote: »

I have heard of cases where people are asked about how they intend to spend large cash withdrawals. Are you actually obliged to tell the bank what the money is for? Secondly, can they refuse to pay out if they are not happy with your answer our you simply refuse to tell them anything?

You are probably referring to HSBC where if it is a large cash transaction in or out of a personal account they ask extra questions due to compliance with their AML procedures. At one time they wanted evidence of where the money was coming from or where it was going to before they would complete the transaction. That is no longer the case but they will still refuse the transaction if they are not happy with answers.

r2015

Wouldn't it be ironic if you get a phonecall from each bank telling you there is suspicious activity on your accounts as you consistently withdrawing the maximum is not your regular pattern.

Would they consider it suspicious if I transferred £1000 into an account which had a zero balance and withdrew the £1000 over a week?

Or even if I instead walked into a branch to withdraw £900 at the counter then £100 from an ATM?

System

What alot of faff and you'll end up with a load of £20s.
Go into your branch with photo ID and they'll give you £100s

r2015 wrote: »

I thought I would let you know how I am getting my £8000 without anyone at a bank asking what the money is for.


I have 6 bank accounts, although they didn't all have money in them, and 6 cashcards.


As I don't need the money until next Wednesday I am getting £1500 a day from the ATM 10 mins walk from my house.


Dr. told me to get more exercise

r2015

Go into your branch with photo ID and they'll give you £100s

But my dealer doesn't want £100s