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How Do I Get Large Sums of Cash from Banks?

Great Barrington...
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How Do I Get Large Sums of Cash from Banks?

I need to withdraw cash from a bank that exceeds the amount I would take out with my bank card, for instance, 5,000 euros. I do not have a bank account in Europe. Do US banks have relationships with foreign banks so this could be done?

How can I withdraw these large sums of money?

Edited: 15 April 2014, 18:34
north carolina
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1. Re: How Do I Get Large Sums of Cash from Banks?

Personally, if I had that issue, I would get the money at home and carry it in a money belt, which I have done for precisely 5,000 euro. Italian banks will charge outrageous fees whenever they get a chance.

Chicago, Illinois
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2. Re: How Do I Get Large Sums of Cash from Banks?

banks in Europe generally don't do business with people who don't have an account with them; they don't change money for tourists. There is no way for a tourist to exchange money except ATMs that will not be ridiculously overpriced.

If you need a large sum arrange with your bank at home to get it before you travel and carry it in a money belt (a real body safe worn under your clothes not something dangling around your neck or a bum bag). Your bank should give you a decent exchange rate for a large sum like that. It will not be as good as the ATM rate but that is the cost of doing cash business like this. You might see if the apartment is willing to take a credit card payment or delayed payment once you are there rather than having all the money on the front end.

pittsburgh
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3. Re: How Do I Get Large Sums of Cash from Banks?

I agree with the above advice, but I'm curious as to why you would need that much cash at the beginning of your trip. Care to let us in on it?

Donna

Great Barrington...
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4. Re: How Do I Get Large Sums of Cash from Banks?

I'm making a purchase of goods and items that the vendor will discount for cash payment. I don't feel comfortable carrying large amounts of cash around

Chicago, Illinois
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5. Re: How Do I Get Large Sums of Cash from Banks?

I know how you feel -- I was once paid in cash on a consulting trip and I felt like I had a neon sign 'rob me' on my forehead when I was carrying several thousand in cash -- but it is in fact extremely secure in a money belt, probably more secure than taking it from a bank and carrying it once there. I recently needed to pay a large sum in cash for plans made in China -- it was a local agent who made my travel plans after a business trip and needed to be paid in cash. We got several thousand dollars worth of RMB from our bank and traveled with it with no problem. WHile these seem like large sums to us, a few thousand is nickel dime to those concerned with moving currencies across borders.

United States
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6. Re: How Do I Get Large Sums of Cash from Banks?

Did they do away with the law outlawing cash transactions over €1000? I thought that was the reason so many apartments rentals are now going with credit card payments.

TAB

pittsburgh
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7. Re: How Do I Get Large Sums of Cash from Banks?

Unless the discount was substantial I wouldn't risk carrying that much cash around. Also, once you pay in cash you have no recourse if there are issues with the product. If you pay with credit card or certain other payments at least you have recourse should something go wrong.

Donna

Great Barrington...
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8. Re: How Do I Get Large Sums of Cash from Banks?

Thanks for all of your concerns. I don't have an issue with this trusted vendor. Now I do have a contact in Italy (Italian/US citizen) who has a US bank account that is affiliated with an Italian bank. It is easy - I deposit money in her US account and she withdraws any amount she wishes in Italy. However, I don't have an account in Italy, if I could even get one. Otherwise, it would be easy. But I don't want to carry large sums of euros around through Milan, down to Amalfi, back to Rome and then to Florence where I need to give it to the vendor.

Sounds like a simple issue made very difficult. I am sure other businesses and individuals do it all the time though.

Edited: 15 April 2014, 22:44
New York City, New...
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9. Re: How Do I Get Large Sums of Cash from Banks?

My understanding - not surprisingly - is that you cannot open a bank account in Italy.

The reason for the not allowing cash transactions over 1000 euros has to to with tax issues - i.e. tax evasion.

Good luck with whatever you are doing

NY
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10. Re: How Do I Get Large Sums of Cash from Banks?

When I had a business need to provide cash I would just do an international wire transfer to the recipient's bank. There are of course fees on both ends and you need to be sure what currency the recipient wants and that their bank account can hold that currency, it costs a lot if the transaction bounces.

The recipient then just goes to their bank and gets the cash. I always wanted records for my own business records. These days when you send money by wire, seems you have to give more information about the recipient and general reason, not just the recipient bank account information.

Of course if part of the reason for cash is to avoid/evade laws, then that would not work.

I also think it may be possible to use PayPal or other services, not sure about to Italy.

If you really want or need to hand over cash without any bank transaction, then either carry it all, or carry some and get some via ATM's.

Good luck