Maximum withdrawal limit?

grumpy_codger

https://www.thisismoney.co.uk/money/saving/article-14460241/How-money-withdraw-counter-bank-one-go.html

wmb194

pope said:

I have been through a tough time with nightmare tennants. At last I had my property on the market and the sale is going to complete very soon. After the sale as the money is legit its coming from a house sale is there a maximum limit on what I can withdraw by giving notice or will there be questions asked?
I am banking with Nationwide Building Society.

Thanks 

What are you planning to do with the cash? These days it's very unusual to need a large amount of it.

Farway

wmb194 said:

pope said:

I have been through a tough time with nightmare tennants. At last I had my property on the market and the sale is going to complete very soon. After the sale as the money is legit its coming from a house sale is there a maximum limit on what I can withdraw by giving notice or will there be questions asked?
I am banking with Nationwide Building Society.

Thanks 

What are you planning to do with the cash? These days it's very unusual to need a large amount of it.

This will almost certainly be asked by Nationwide, all with the best intentions, not being fleeced by a cowboy builder or Nigerian Prince for instance.

I had to give notice to NW about large cash withdrawal, reason was large amounts of cash are not held at the branch

Likewise, I was asked about reason for cash, in my case it was car purchase from a friend & he didn't want a cheque / transfer

Ayr_Rage

The most I've ever taken in cash at NW is £7000, notice was required and I was asked for a reason.

Altior

DRS1 said:

Altior said:

DRS1 said:

Well I am confused.

First you say you won't be turning up and asking for cash.  Then you say you want to know about cash withdrawal limits.

What are you actually going to do?

They want the cash, but are willing to provide advance notice to the branch. 

Hmm.  So they want to walk out with a suitcase full of cash?  If they don't get questions at Nationwide they will sure as anything get questions when they get where-ever they want to pay it in.  Years ago I got the third degree when paying in some cash and it wasn't anywhere near the £10k figure which gets bandied around.

An electronic transfer might be wiser.

I did sell my car privately for cash relatively recently, about £8K. I didn't have the replacement car yet so the new owner dropped me off at Santander so I could deposit it safely, fortunately !

masonic

pope said:

masonic said:

Withdraw or transfer? You aren't thinking of turning up to a branch and asking for cash are you?

You can find transfer limits here https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/ to use as a guide only.

There may also be a daily limit, and any transaction could be held by the fraud team.

As mentioned in my post I am going to withdraw. No I'm not thinking of turning up to a branch and asking for cash. I am going to provide them with notice. 
Why would it be held by the fraud team? The funds are going to come from a house sale.

The fraud team are generally a centralised support team contactable by phone. They hold payments that a customer initiates if they are deemed high risk. They would only get involved in a branch cash withdrawal if the branch staff called them. If you are visiting a branch, it will be the normal staff you'll be dealing with and hopefully they'll be prepared owing to your notice. When you give notice you can ask about what information and documentation they'll need from you on the day. Apart from ID, they may ask for evidence of the source of funds and will probably question you about what you are going to do with the cash to avoid any liability should you fall victim to a scam or money laundering.

HillStreetBlues

Ayr_Rage said:

The most I've ever taken in cash at NW is £7000, notice was required and I was asked for a reason.

In the good old days hardly ever asked but once took £5k out in cash as asked for what it was for, I replied best mate, she then asked what he going to do with it, I replied win the Gold Cup.

david29dpo

I replied it was for a Russian hooker and a three day stay at the Hilton. 
Well she asked!