Petem95

Regarding withdrawing cash from a bank to purchase a car with - is there a limit to how much you can withdraw?

Say for example you wanted 15k cash - could you walk in with the usual ID, or is there a limit before more checks or something would be needed?

girl-in-a-scoob

you would probably need to give them prior notice to make sure they had it. But if the money is in your account then no there isnt a limit, I would give them notice though to be safe...

(ex bank mgr)

girl-in-a-scoob

Meant to say too that you will need to take some id with you.. driving licence, passport or something similar

MrJim

Hi,where i live barclays would only let me take £1000.00 had to give them 24 hours notice to take out larger amounts

Markus

I recall a few years ago, when purchasing a car, I had the audacity to walk into my local branch and asked to withdraw £3000 in cash. I was told that they would have to check that they had that amount to give out and that I should really have phoned a few days earlier to let them know what I wanted to do. After waiting a few minutes they said I was lucky and they would be able to fulfill my request.

Perhaps it's just me, but it seemed a little off that I needed to give them notice to withdraw a reasonable sum from my account. I could understand if it was ≥ £5000 but a bank should really have some sufficient reserves to deal with such a request. Perhaps it's simply because it would not be gaining interest for them as it's physically sitting somewhere, and we can't possibly have a bank losing money now can we.

The point being, I doubt you'd get the 15k if you just walked in, you'd probably need to give them a few days to get it for you. They will probably ask what it's for and if you mention purchasing a car I expect that would be acceptable. I'd probably take along a print out of the advert showing the car for sale, simply to avoid any hassle.

CRAIGFIN

I agree with the "give them a little notice" advice but I walked into a LloydsTSB once hundreds of miles away from home and removed £16,000 with no notice at all. They were very helpful and only needed my ID and a couple of security questions. I couldn't phone their branch, to forewarn, as my phone call was diverted to Bangladesh or somewhere similar.

dpb

They wouldnt hand over my 160k in july when i went in...

David_Dickson

I dont see the need to tell them its for buying a car. Its your money, you can do what the hell you want with it. Tell them you are doing a KLF style video and plan to burn it all.

Its when you start paying in large sums that you have to justify where it has come from.

The Snug Rhino

no bank is likley to give you 15k without notice no matter what ID you show........but why would you want it? Just do a TT and jobs done.

exvaux

iTrader: (1)

if it was northern rock thats cos they never had it but i had no end of trouble when i took 8 grand out to buy my scoob,got stopped by police who wanted to know where i got it from then the garage wouldnt accept that amount of cash so i went to a local branch (same bank) who questioned me about where i got it as well when i tried to pay it back in and get a bankers draft written

Petem95

TT? Telephone transfer?

I know if you are with the same bank this is fine as its instant, but AFAIK even using chaps its not instant between banks?

girl-in-a-scoob

Will take five days unless both accounts belong to you and are with the same sort code

Jerome

Who would want to walk around with £15k?

Imagine being mugged and losing it.

I'd much rather get a bankers draft.

If you really do have to have cash, I'd give them as much notice as possible if taking out £15K. A bank doesn't like having huge sums in high street bank otherwise they become too attractive to bank robbers etc.

speye91

I had to give 3 days notice to withdraw anything over 2k at my local Halifax.

Odds on

I withdrew £12.5k on Tuesday without giving any notice. I didn't show any ID either. (Mind you, I do know most of the staff that work there!)

If they've got the money, then they should give it to you IMO. It is yours after all.

Do yourself a favour though, don't start ringing round different branch's asking how much money they've got. I reckon they'll have the Police after you pretty lively!!

P1Fanatic

I withdrew £15k once but phoned up in advance. Just make sure they get it in £50's otherwise it will take an age to count

Simon

The Snug Rhino

TT is a telgrpahic transfer - same day. Buy all my cars like that.....walking around with £5k + is nuts let alone £15k

PaulC72

Debit Card can pay any amount and is as good as cash if not better TBH as alot of places will not accept large amounts of money as it becomes a risk for them.

KiwiGTI

Cash is untraceable.

The Snug Rhino

Bananas are yellow.

jods

Depends if you use a card or a sawn-off

jods

If they asked me what I was withdrawing my own money for, I'd leave them in no doubt whatsoever as to where they should shove their heads.

ar5eholes

Trout

iTrader: (1)

Last time I bought a car I used my Visa card. It was over £10k.

billythekid

The main thing you want to do is book a private room for your collection, so you can take your time to check if you want all the cash is there and every tom dick and harry wont know what you have got!

CrisPDuk

Depends how big the branch is Markus, I used to work in a small branch of a national bank, company policy was that we weren't supposed to keep any more than 15 grand on the premises overnight. Anything over that was collected by the armoured car in the afternoon.

Monday's were always fun though, if more than a couple of the local takeaways were later than usual paying in their weekends takings (or at least the declared portion) we'd be too late for the van and the manager would then be stuck with having to explain to the regional office why we were showing considerably over our allowance
He used to prowl round all day with a list of all our big cash depositors checking them off as they came in

KiwiGTI

I expect a few customers of Barclays will be asking this very question from today.

monkeysan

most car dealers will not accept more than £6k cash to "help prevent money laundering"

satancom

Always paid cash for my cars.. but then again never bought a car worth more than 4k

I have been to a my local high street bank and taken out like 3K no worries. But i went to an out of town branch 200 miles from home in an industrail estate and struggled to pull 2k. They did after a fair few checks and asked if I could notify them in advance next time

Petem95

No doubt - if I had a fair bit of cash in Barclays I'd be pulling it out!

Isnt it £10bn of losses or something?

alistair

Money laundering only really kicks in for deposits of > £10K in cash