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30-07-2024, 08:00 PM | #1 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,356
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Do the “big 4” still let you withdraw bulk cash without appointments, forms, etc?
Trying to sort a stuff-up requiring liquidity by midday tomorrow and the easiest immediate fix is to withdraw cash from one account and physically deposit it into the other. There are really two issues - will a branch of one of the big 4 actually let you withdraw a tidy G6ET worth of cash on the spot (just for example of relative amount)? And will the receiving bank - who now only accept deposits via ATM - credit the entire deposit as it’s made? There’s no blackmail, crime, duress (other than our mistake). |
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30-07-2024, 08:05 PM | #2 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,675
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Cant you just do an internet transfer. My bank does it instantly and my daily transfer limit is 100k
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30-07-2024, 08:16 PM | #3 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,356
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No, it’s more than our daily limit (old school, normally no need for more) and to lift it takes two days.
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30-07-2024, 08:27 PM | #4 | ||
Regular Guest
Join Date: Aug 2008
Posts: 2,987
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Step 1 shouldn’t be a problem from a branch, but call them first thing in the morning to check.
Step 2 needs to be done at a smart ATM, not one where you put the cash in an envelope, if you want the funds to be available immediately. If your withdrawal is over $10K (I don’t know of any tidy G6ETs for less) they may ask you what the money is for so they can report it to AUSTRAC.
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30-07-2024, 08:38 PM | #5 | ||
FF.Com.Au Hardcore
Join Date: Jun 2006
Location: Perth
Posts: 607
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Normally if you ring the bank they will lift the limit straight away. (up to $100K with most)
I know they question any amount over $10k being deposited. FFS our bank questioned what I wanted change for last time I went in. We have our business account with them but they still have the nerve to question why I wanted to change a couple hundred in notes for smaller denominations for our cash register float!! I spoke to Commonwealth recently and they were saying that amounts over $100k could be transferred, but needed to be done in a branch. I would guess that they will make it hard to get more than $10k out at the branch - but they should be able to do the transfer for you if you have the BSB and Acc number that its going into. You are saying that the bank you are depositing to are ATM only - I dont know of any ATM's that would allow more than $10K deposit. Best bet would be in branch, transfer to the receiving BSB - but will probably need ID etc.
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30-07-2024, 08:38 PM | #6 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,356
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Cheers, there’s three branches of our bank close by - once I am there it will probably be a faster response than waiting on the phone.
Have done a number of Smart ATM third party deposits now, getting the hang of them but never a serious amount before. If it gets squirrelly I’ll try to make their Feeling more relaxed about it now, looks like the problem has a solution. |
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30-07-2024, 08:39 PM | #7 | ||
Donating Member
Join Date: Jan 2007
Posts: 292
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Withdrawing cash money above 10k without notice - highly unlikely and may raise many red flags.
EFT online should be possible. It will work if your bank let you increase limit for a day and receiving bank credit to nominated account immediately as most OZ majors do. I did something similar in two lots for mine - true story. Kind regards, George V |
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30-07-2024, 08:42 PM | #8 | ||
Looking for clues...
Join Date: Jan 2005
Location: Morayfield
Posts: 23,459
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Talking 20-40k, are there legals involved? Can an extension be made in good faith to enable electronic transfers?
Withdrawing to cash to transfer is dodgy as... I have increased my daily limit to transfer for a day... once.
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30-07-2024, 08:44 PM | #9 | ||
praek tih kl jo kr
Join Date: Mar 2011
Location: Atwell W.A.
Posts: 1,686
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My wife just transferred $50,000 by just going into the bank (not our branch), after a few small checks the money was in the other persons account within the hour.
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30-07-2024, 08:54 PM | #10 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,356
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No legals involved, just a misstep on our part that followed overlooking an agreement. I’m confident it’s soluble in some way tomorrow morning.
Celebrating the AFF brains trust “rescue” with a toasted Aldi Easter bun. |
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30-07-2024, 09:48 PM | #11 | ||
Rob
Join Date: Sep 2006
Location: Woodcroft S.A.
Posts: 21,658
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Are you sure you can't just raise the limit temporarily with a phone call?
I did this recently when I bought my Everest. Bank transfer to new owner virtually instant after a 2 second call to the bank.
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30-07-2024, 09:58 PM | #12 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,660
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Quote:
I'm in the process of purchasing a new car this week. |
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30-07-2024, 10:06 PM | #13 | |||
Rob
Join Date: Sep 2006
Location: Woodcroft S.A.
Posts: 21,658
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Quote:
Same when a sold my territory. The buyer sat opposite me at my dining table and transferred to my account. It appeared within seconds. It needs to be OSKO though which most banks use and may depend on the account you are transferring from.
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31-07-2024, 10:12 AM | #15 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,356
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Sorted, got the OSKO limit raised, confirmed in person at a branch, instant payment effected. Better than toddling from one bank to the other with buckets of cash.
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31-07-2024, 10:44 AM | #16 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,660
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Quote:
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31-07-2024, 12:19 PM | #17 | ||
FF.Com.Au Hardcore
Join Date: Jun 2006
Location: Perth
Posts: 607
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One of the very few times the branch is actually good for something
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03-08-2024, 09:17 PM | #18 | ||
Regular Member
Join Date: Jan 2006
Location: bright
Posts: 385
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Which is why you're flat out finding a bank in the country anymore.
Closest branch to me is 45 mins away now. pita. I think the local closed branch just has barrels stored in it now. Very weird, what's that about? |
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