Some bank customers have reported experiencing difficulty in withdrawing large sums of money from their current accounts over the counter at banks in recent years.
Banks have ramped up anti-money laundering measures and also attempting to keep customers safe from fraud attempts.
Individuals wanting to take out a significant amount of cash, for purposes such as home renovations or purchasing a second-hand vehicle, may face inquiries regarding the reasons for their withdrawal.
Banks may decline a substantial cash withdrawal due to reasons like insufficient funds at the branch or if they suspect any potential illicit activity or external coercion behind the request.
Andrew Hagger, personal finance expert at website Money Comms said: ‘If you just turn up unannounced at the counter of your bank branch and ask to withdraw £10,000 in cash there’s a good chance that your request may get declined.
‘If you make arrangement to pick up the following day (or specified day) you may have more success but be prepared for the bank to ask you some searching questions about why you need such a large amount of cash.’
So how much money can you take out from your bank at the counter? And can you just turn up to your bank to take it out or do you need to call ahead and give notice?
This is Money asked six major high street banks, the Post Office as well as digital banks Starling and Monzo to find out.
HSBC: No limit
HSBC does not have a maximum limit for how much cash a customer can withdraw from the counter, providing it has the amount you require in cash at your branch.
There is no requirement to give notice for a withdrawal, but HSBC said it helps with the efficiency of the process if you give it prior warning if you want to make a large withdrawal.
A HSBC spokesman said: ‘We will always be limited by the amount of cash available in the branch at any one time. We do keep limits under review.’
Banks set different limits for how much cash you can withdraw from your account at the counter
Lloyds: No limit
There is no limit for how much money you can withdraw at a Lloyds branch counter.Â
For larger withdrawals, Lloyds will facilitate almost all cash withdrawal requests, providing the required ID is shown.
Santander: £5,000
For cash withdrawals up to £5,000 you will not need to give any advance notice to Santander to get your money.
If you are withdrawing more than £5,000, you will need to provide your branch with at least 48 hours’ notice.
A Santander spokesman said: ‘We don’t encourage customers carry around very large sums of cash for their own personal safety.’
NatWest: £5,000
Customers can withdraw amounts up to £5,000 over the counter during its opening hours on Monday to Friday – though not on Saturdays.
You will need to give advance notice if you are withdrawing an amount over £5,000.
For sums of £5,000 to £19,999 – you will need to give NatWest at least 24 hours’ notice, especially for specific denominations.
For amounts over £20,000 – customers need to give NatWest at least three business days’ notice, or it will decline the withdrawal.
Customers can give NatWest notice in branch, or by calling its telephone banking line on 03457 242424
Barclays: £2,000
There’s no limit to how much money you can take out over the counter in a Barclays branch – as long as you’ve got the money in your account.
But if you want to withdraw over £2,000, Barclays needs 24 hours’ notice so it can make sure the money’ is ready for you to collect.
Customers can give notice for large cash withdrawals either in person in branch, over the phone.Â
Nationwide Building Society: £2,000
Withdrawals up to £2,000 can be made at a Nationwide branch counter without giving prior notice to the building sociey.
If you need to make a withdrawal of more than £2,000, you will need to give Nationwide one working day’s notice.
A Nationwide spokesman said: ‘We’ll try to offer larger withdrawals on the day, but it depends on the amount of cash the branch has available.Â
‘We would therefore recommend customers give us one working days’ notice for larger withdrawals.’
Post Office: Set by your bank
If you are withdrawing money from your bank at a Post Office counter, cash withdrawal limits for each transaction are set by your bank and approved by the bank at the time of the transaction.
A Post Office spokesman said: ‘This is not set by or in the control of the Post Office. Each bank can have different limits.’
The Post Office has a service for large withdrawals but all of them have to be set up and approved by the customer’s bank.
If a customer wants to make a large cash withdrawal from a Post Office, they need to first speak to their bank.
What if I have a digital bank?Â
If your main bank is with a digital bank, your options for withdrawing cash are taking it out from an ATM, as with other high street names, or you can withdraw money at a Post Office counter in lieu of going into a branch.
Monzo: £400
Monzo personal customers can withdraw up to £400 daily at the ATM or at a Post Office counter.
Business customers can withdraw up to £1,000 daily at an ATM but will not be able to withdraw money at a Post Office counter.
No notice is needed for the withdrawal of the maximum daily amount. Withdrawal limits can be raised in the app.
Starling: £300
Starling has a £300 daily limit for customer withdrawals – whether you’re using an ATM to withdraw the money or the Post Office.Â
Have you found it hard to withdraw a lump sum over the counter? Get in touch:Â [email protected]Â
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