Withdrawing Large Amounts of Cash

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Phexx

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#88408 15-Aug-2011 20:15

Hi,
I have a headtstart account with ASB (I am 15) and need to withdraw $750. I was wondering if I can withdraw this amount in one go, or I have to do it over a couple of days.

Or, should I go into ASB bank and do it over the counter. I have easy access to ASB in Newmarket.

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#506987 15-Aug-2011 20:20

I think ATM withdrawal limits vary by bank and account types. Check on their website or give them a call.

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jjnz1

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#506992 15-Aug-2011 20:29

Its generally $800 per 24 hour period from an ATM with ASB unless you request otherwise. Also limited a $2000 (maybe $3000) eftpos transaction per 24 hours period.

If you require anything over $10000, the nice ladies (or gents) at the counter ask you to pre-book or ring ahead by a day or 2.

Maybe we could turn this topic into "what's the largest amount of cash you have ever withdrawn?"

josephhinvest

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#506993 15-Aug-2011 20:30

I think the normal limit for ASB is $800 per day, whether its cash or eftpos transaction.
I could well be wrong of course!

Cheers,
Joseph

Phexx

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#506995 15-Aug-2011 20:32

Thanks for the replies, there does not seem to be anything online so I might just try out and see if it works.

nate

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#507024 15-Aug-2011 21:33

Phexx: Thanks for the replies, there does not seem to be anything online so I might just try out and see if it works.

ASB Newmarket also has the amazing fast change machine.

Recently repaid a mate who I owed $500, all in $5 notes. He was not impressed (thanks ASB!)

johnr

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#507025 15-Aug-2011 21:37

ASB cash flow machines allow up to $2000 a day

EFTPOS is $10,000 a day

Talkiet

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#507037 15-Aug-2011 22:12

I bought a car recently and jokingly said I'd pay in cash - then decided to see if I could... I walked into a Westpac branch and withdrew $15k in 50's and 100's.... I didn't have to book ahead and they only took 10 minutes to get it all together...

They brought a machine out and counted it all in front of me, then put it in a plastic envelope that they sealed, and asked if I wanted a guard to walk to the car with me.

Very very easy - I never actually said what I wanted the money for and they never asked.

Cheers - N

Please note all comments are from my own brain and don't necessarily represent the position or opinions of my employer, previous employers, colleagues, friends or pets.

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nate

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#507052 15-Aug-2011 23:17

Talkiet: I walked into a Westpac branch and withdrew $15k in 50's and 100's

Do you think this will be again anytime soon? I will also need a description of you, and a photo of what you drive.

Talkiet

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#507053 15-Aug-2011 23:20

nate:
Talkiet: I walked into a Westpac branch and withdrew $15k in 50's and 100's

Do you think this will be again anytime soon? I will also need a description of you, and a photo of what you drive.

Heh... No, buying a car isn't something I do often (worse luck). I'm the 6 foot 6 rugby playing black belt carrying a glock.

Cheers - N :-)

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PenultimateHop

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#507081 16-Aug-2011 03:29

johnr: ASB cash flow machines allow up to $2000 a day

EFTPOS is $10,000 a day

The standard ASB limits are $2000 per day in cash and $2500 in EFTPOS purchases, per http://www.asb.co.nz/story_images/30_ASB_FastCash_FastP_s3375.pdf which seems to be the current terms and conditions for a cashflow card. Some machines may have lower limits on what the machine can / will permit. OP shouldn't have a problem withdrawing his $750.

Largest amount I've ever withdrawn in cash was just over 25K AUD; the largest sounding withdrawal I used to make regularly was 4 million - Vietnamese Dong ($231NZD)... Some other fun currencies have resulted in fairly large sounding withdrawals too (Rupees, Rupiah, Kip, etc).

eracode

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#507092 16-Aug-2011 06:53

Talkiet: I bought a car recently and jokingly said I'd pay in cash - then decided to see if I could... I walked into a Westpac branch and withdrew $15k in 50's and 100's.... I didn't have to book ahead and they only took 10 minutes to get it all together...

They brought a machine out and counted it all in front of me, then put it in a plastic envelope that they sealed, and asked if I wanted a guard to walk to the car with me.

Very very easy - I never actually said what I wanted the money for and they never asked.

Cheers - N

Even though they never asked, it would have been reported under the 'anti-financing of terrorism' Act (or whatever it's called). All cash transactions at banks over $10k (that's cash deposited or withdrawn) have to be reported and the bank staff are not allowed to comment in any way to the customer - and the whole thing is strictly enforced and taken very seriously. Making any comment that tips-off or alerts the customer is a criminal offence by the staff member and is regarded as a serious crime.

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Behodar

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#507097 16-Aug-2011 07:45

Talkiet: I walked into a Westpac branch and withdrew $15k in 50's and 100's.... I didn't have to book ahead and they only took 10 minutes to get it all together...

I can top that with $32k :P

wreck90

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#507099 16-Aug-2011 07:51

Not quite the same, but i tried to buy a new car on my credit card from south auckland motors but they refused.

I was salivating about the points i would earn.

PenultimateHop

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#507101 16-Aug-2011 07:57

wreck90: Not quite the same, but i tried to buy a new car on my credit card from south auckland motors but they refused.

I was salivating about the points i would earn.

I'm not surprised; I too have tried a few times in the past but always been unsuccessful - the closest I've come was a $5K downpayment.

If a dealer accepts a credit card you can expect that you've left 1-5% of the purchase price on the table in your negotiations, otherwise they're going to be squealing about the merchant fees. Also they really don't like the exposure to chargebacks, which is the usual reason I was given.

talisker

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#507110 16-Aug-2011 08:24

eracode:
Talkiet: I bought a car recently and jokingly said I'd pay in cash - then decided to see if I could... I walked into a Westpac branch and withdrew $15k in 50's and 100's.... I didn't have to book ahead and they only took 10 minutes to get it all together...

They brought a machine out and counted it all in front of me, then put it in a plastic envelope that they sealed, and asked if I wanted a guard to walk to the car with me.

Very very easy - I never actually said what I wanted the money for and they never asked.

Cheers - N

Even though they never asked, it would have been reported under the 'anti-financing of terrorism' Act (or whatever it's called). All cash transactions at banks over $10k (that's cash deposited or withdrawn) have to be reported and the bank staff are not allowed to comment in any way to the customer - and the whole thing is strictly enforced and taken very seriously. Making any comment that tips-off or alerts the customer is a criminal offence by the staff member and is regarded as a serious crime.

That's not quite right. It's the Financial Transactions Reporting Act that's relevant here. It requires banks to confirm the identity of anyone depositing more than $10k, but has no specific requirements around withdrawals. The only transactions that need to be reported are those that bank staff believe are suspicious, with regard to money laundering etc. There is no blanket requirement to report all transactions over $10k.

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