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General Interest > Money Matters
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The thing with banks
    #29683770 -




Depositing or withdrawing 10K in cash moreover tends to get you put on lists of suspicious transactions, at least in the EU.


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Re: The thing with banks [Re: Asante]
    #29683791 -

Asante said:



Depositing or withdrawing 10K in cash moreover tends to get you put on lists of suspicious transactions, at least in the EU.


We do the same in the united states in over 2500 dallors amounts.


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Re: The thing with banks [Re: Asante] * 1
    #29684026 -

This is one of the reasons I love cryptocurrency.  Custody your own assets, send them directly and nearly instantaneously to whomever you want, whenever you want.

To be fair to the banks, I manage accounts for several entities and often digitally transfer 5 to 6 figure sums between accounts/institutions.  Generally speaking, so long as there's the digital paper trail and your account has remained in good standing, the banks don't tend to have a problem complying with the request to move your money, even as it doesn't usually clear instantaneously.

It is unfortunate that there can be additional hurdles to cash withdrawals. I'd assume part of it is that banks legitimately may not carry a large amount of banknotes on hand because 1) most people don't transact in cash these days and 2) it leaves them less exposed to physical robbery.  Of course, there is likely a control issue there as well, where they want to maintain oversight over the flows, ostensibly to discourage criminal activity.


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Re: The thing with banks [Re: geokills]
    #29686479 -

in the UK anything over around £4k you are going to get questions asked /flagged  , its more to do with the money laundering regulations set on the banks.

Edited by pugster (10/05/26 09:32 AM)

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Re: The thing with banks [Re: pugster]
    #29686481 -

I keep 95% of my money in equity stocks via ETFs. I'm very diverse and up 14% this year with minimized risk. I reinvest dividends and keep next to nothing in cash.

I haven't ever had issues with banks. But when my grandma died, They held a 5k USD inheritance cheque for a long time.

XEQT is my main ETF and it does hold some financials as well as just about everything. It's 8000+ stocks last time I checked.

:cookiemonster:

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