He told me they were all a little concerned, but she presumably drew less attention to herself than if she had been in an armoured personnel carrier.
I used to commute into Geneva by train and one of my companions worked at UBS. One day he told me of a little old lady who turned up at the cashiers, withdrew 1 000 000 in cash and walked out with it all in a Migros carrier bag.
This was, and to some extent still is very typical of Monaco private banks. Old guy/lady who is barely coherent and needs help walking just comes to branch and takes away a stash of cash into the bag, and walks straight into casino just next door.
Over.
Tom
https://www.bazg.admin.ch/bazg/en/ho…ecurities.html
(Covers the rules on exporting importing cash to EU, from Swiss perspective).
There is also (IIRC) a 100,000chf cash withdrawal limit mandated under Swiss AML rules. And most banks have their own individual cash withdrawal limits.
In today’s world there really are very few reasonable (ie. legal) excuses for wanting to have that much cash on you?
Kind regards
Ian
Withdrawal may require notice but shouldn't be a problem.
Depositing it somewhere else could be...you'll probably have to complete a lot of AML paperwork.
It's my money, I might want to sleep on it. Or I'm afraid the Credit Suisse is looking a bit iffy.
Recording music video Not sure about the genre, but surely there's one where a jacuzzi full of Euro bills is enticing.
You first of course need to tell EF what you want 150k in cash for.
You can try that. They will ask for acceptable proof. By all means move it out of CS, but by traceable means.
Sadly, "it's my money" no longer washes in todays AML world.
Kind regards
Ian
i know someone who took out a 6 figure sum out of his account (basically emptied it) due to banking system concerns. given what happened in 2008 and the recent banking crisis in the US, it's not an impossible risk.
Has any CS depositor lost money?
There was a case a few years back where three dudes from a commodities trader or something withdrew I think 150m in cash from a private bank in Geneva to basically hide the trail of the money (it was embezzled from their employer).
The private bank ask UBS, who turned around and asked the SNB. The money was, IIRC, delivered in two batches and they spent a couple of hours each counting the bills.
Probably one of those "When you think you've seen it all..."-moments for the people involved in that stunt.
Forget money - just transfer it into gold bars and just take the gold bars with you. This is not even 3kg...
Expect the bank to require a plausible explanation for requiring that much cash money (regardless the currency, i.e. EUR, GBP, CHF, USD), with corroborative third-party evidence. So just a self-declaration ("I need the money") will not be sufficient.
Example: provide the bank with a purchase agreement/contract (for a car). The second-hand car business in Switzerland still largely operates cash-based!
Recently, Swiss anti-money laundering regulations were sharpened, requiring banks to perform Due Diligence ("Sorgfaltspflicht") at any amount above CHF 15'000.-
The days are (luckily) long gone one could just withdraw "tons of money", obviously to combat money-laundering (and predicate offenses such as tax evasion...)
UBS made it a pain to transfer a house deposit. Said I needed to give notice and then couldn't produce the form I needed to do that. After complaining, they transfered. They didn't bat an eyelid when I wanted our Pilar 3 amounts as cash to deposit in another bank. 6 notes for 12k!
Cash wise, i've done up to 50k GBP. A lot of notes! I needed to order, especially for low denominations.
I've also had +100k transfers have the account blocked by the incoming bank. Was told an STR (Suspicious Transaction Report) was lodged. They required new passport copies (they'd lost them) and our work contract for proof of income. When we told them they just need our occupation for AML (worked in a bank and did that training) , they closed our account, messing up direct debits that I had to pay on a credit card until we set up with another bank. You might face this issue when depositing large sums in another bank.
Bank will ask why you are withdrawing a larger sum of money. Trying to protect customers from scams as it happens a lot.
Honestly, I wouldn't feel comfortable buying something big in cash. Years down the line when you sell the asset, you will be asked for proof of purchase amount for the capital gains tax calculation. The tax office requests proof of bank transfer amounts.
Never had problems to pull out as much as desired (most I've done was 35k)
The 100k limit was scrapped in any case.
Tom
I suppose we should be pleased we're not in France, where it's all but illegal to have more than 1000€ in cash. All transactions greater than that have to be carried out through a bank (cheques, transfers, cards, etc.), to keep a paper trail.
Just why exactly do you think the Swiss have Chf 1'000.-- notes and have indeed recently issued new notes ?
Are you sure about it being illegal to have more that €1'000 in cash in France ?
Yes, see here: https://www.europe-consommateurs.eu/…mitations.html
So it is not illegal to carry more than €1'000.-- but it is illegal for a resident to pay more than €1'000 in cash for a single item.
Slight but important difference !