large cash withdrawal from bank (2025)

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andrew28 Posts: 20 Forumite

11 July 2019 at 3:28PM in

Hi i wish to take out £10,0000 cash out of my Santander standard bank account is there a special process for this ?

do i need to to inform them
or is this a normal thing for them ( i have never needed to do this before)

Thanks

«12»

boo_star Posts: 3,202 Forumite

11 July 2019 at 3:30PM

You'll probably need to go into the branch you intend to withdraw from and let them know.
If for no other reason than they may not have that much cash to hand and will need to order it in.
Sea_Shell Posts: 9,948 Forumite

11 July 2019 at 3:33PM

Sorry, how much? confusing use of ,
Have you asked them??
Prepare to jump through hoops (I have no personal experience though), especially if you are possibly seen to be vulnerable.

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Robin9 Posts: 12,676 Forumite

11 July 2019 at 3:35PM

Why not do a cash transfer - carrying such a large amount of cash can be risky.
If you do a cash transfer - make atoken transfer first to check you've got all the numbers right ! (voice of experience !)

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PRAISETHESUN Posts: 4,721 Forumite

11 July 2019 at 3:43PM

I'd heed the advice above - if you can make a transfer without having to carry cash then that is probably the safer route. That said, yes you will need to let your bank know - as above, most banks will not carry that much cash on hand so you will need to order it in. £10k cash is likely not a normal thing for them so you may get a few questions about where the money came from and where it is going to, basic stuff to ensure your safety (eg. you are not being conned out of your money) but also to make sure they comply with relevant laws
soulsaver Posts: 6,523 Forumite

11 July 2019 at 4:21PM

Best phone them and ask.
Barclays wanted 48 hours notice for c. £10k; Other bank's on other days may be different.
And £100k is likely a different ball park...

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[Deleted User] Posts: 0 Newbie

11 July 2019 at 4:38PM edited 11 July 2019 at 4:44PM

For a withdrawal of this size - £10K or £100K - the bank will assume you're a money launderer. Therefore they will make life difficult for you. These days you can't just go and get your own money out of the bank.
Since a number of banks (e.g. HSBC) are, or have been, an integral part of money laundering processes, sometimes on a global scale, they assume their customers are also criminals.
Just out of interest - you guys that work in a bank: I was told on a course once that your typical high street branch usually keeps about £250k on hand. Is that right?
boo_star Posts: 3,202 Forumite

11 July 2019 at 5:38PM

johnsmith1890 wrote: »
Just out of interest - you guys that work in a bank: I was told on a course once that your typical high street branch usually keeps about £250k on hand. Is that right?
I know someone who's elderly father wanted to withdraw about £25k some years ago. He ended up having to visit 3 branches to withdraw the full amount.
I certainly can't see the average bank branch holding £250k in cash. Why would they? There's likely to be very few instances when that kind of cash would be required by customers and it'll just encourage armed robberies.
DCFC79 Posts: 40,622 Forumite

11 July 2019 at 5:44PM

Why not as suggested transfer it online ?
Willing2Learn Posts: 6,294 Forumite

11 July 2019 at 5:46PM

But is it for 100K? Don't most banks have a max limit for faster payment transfers?

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etienneg Posts: 559 Forumite

11 July 2019 at 5:55PM

Why such a large sum in cash?
OP - will you tell us why?
Anyone else - can you suggest (legitimate) reasons why?
Personally I'm baffled, so I'm not surprised that a bank would assume it was NOT legitimate. If I'm missing the blindingly obvious, please inform me!