Withdrawing six digit sum of cash?

Finance, Taxes, Banking, Insurance and Retirement
1
I am going to start another "Friday" thread by asking:

Is it possible to withdraw, say, 150'000 EUR in cash from a bank in Switzerland? Do I need to provide any information or request any confirmation, i.e. the source of money, intended purpose etc.? I guess in CHF should not be a problem, but I need EUR.

Any useful advice from anyone, who dealt with such quantity of cash previously would be appreciated.

2

As they say: There is no shame for being poor.

Now, for your problem. Read the terms and conditions of your bank. Sometimes this need prior notice. Also, you will not get 60 Millions from Mr. Musk if you pay a 150k fee. https://www.cbsnews.com/miami/news/f…-as-elon-musk/

3
Depends on the type of account, some require prior notice or charge you a fee.

Tom

4
This is a case where you should ask your bank instead of EF as it would be quicker and easier. I would arrange it in advance.

5
The most I pulled out in cash was 36k from my wife's account for a down payment on a rustico (the other 60k we did by bank transfer)

I had a letter from her, but they also phoned her to confirm, and charged a fee as it was from her savings account.

Tom

6
Withdrawal shouldn't be a major problem. But going over the border could be.

7
Ha, correct. Only time I've been asked questions while crossing from Switzerland to the EU is if I'm carrying more than 10K in cash or financial instruments.

It's not illegal to carry more than 10K in cash, but it has to be declared at customs and follow the procedure. If not declared...it might become a 20min/blick headliner

8
I remember withdrawing 20k+ in cash for my first Swiss car. Walked out the door, turned right and then right again into the post office where I presented it with the bulletin de versment to the clerk. She didn’t even blink an eye, just did her magic stamping routine and returned to me the very little receipt.

Ah those were the days.

9
But what exactly is the problem with that? And 10k is not such a big amount of money, I mean the typical EF member earns that in a month, worst case two.

What is the procedure? And how do you prove that this is legal money? I cannot image that a withdrawal statement would be enough as it does not prove that it is legal, only that it comes from your account. And a salary statement means nothing, it can be a fake photocopy...

10
Is this crossing the Swiss frontier or Schengen border? If it the former you might have to search long and hard to find someone to declare it to.

11
When crossing EU border, it's an EU regulation. Switzerland does not require you declaring any amount of cash when crossing its border

Anyway, having a receipt for the withdrawal of the cash sounds like the easiest case to prove where the cash is coming from, so I doubt it would cause any issue

12
Ah, no... I merely wanted to renew wallpapers in my bedroom. 150k seems about right for 24 sqm.

Seriously, this is not crossing Schengen, at least it is not planned. But in all those movies, the main hero never initially planned this to happen either...

13

UBS in Cornavin Station. You need to have the amount in your account and you go upstairs to the private salon, absolutely no problem

14

I’m just the messenger, I see no practical use of 10K in cash or gold bars. Anyway, those are the EU rules.

https://europa.eu/youreurope/citizen…h/index_en.htm

15
One time I was in the queue at UBS in Zürich airport and the guy in front of me was withdrawing a huge amount, no idea how much but they just kept handing over large bundles of notes, one after the other.

The most I ever drew out was 26K (same UBS) to pay for my Mustang.

16

There is a form to fill in, I suppose if there is nobody there then you can put it in their letterbox.
Usually, there is a book with forms for one to make a written declaration on the Swiss side of the border, presumably on the EU side too but I never noticed one. Probably best to keep a copy in case you get stopped after the border.

17
The most I ever paid in was £26,000 in £20 notes to a bank in Middlesborough, UK. I went to the information desk

"I need to deposit a large amount of cash".

"No problem sir, just join the queue for the cashier".

"It's £26,000"

"Oh. Ok, wait here".

Then ushered into a back room where the transaction took place.

18
My employer used to pay 12th, 13th, and bonus in cash, at the same time.

Tom

19

Under or over the table?

20
The most money I have ever seen was exchanging 1000 DM into Rouble with the mafia in Armenia.

They counted the notes with a ruler and handed it over in three carrier bags.