Cash withdrawal to liquidate account?

[no1d]

Hi everyone,

"We request you to make arrangements for the transfer of the bank account balances or withdrawal thereof in cash during the notice..."

Bank gave me a notice to liquidate the account of my SEY company so I want to take some cash.

Cash withdrawal seems like a straightforward process but what are the risks of withdrawing high amounts, high six figures?

 

[uplana]

What currency do we speak? If‍ the bank allow you to withdraw high amounts I can't see any risk, just make⁠ sure to have your documents in place!

 

[Martin Everson]

I don't know what country the bank is in and what country you are resident‌ in but you may risk losing your life walking out of a bank with such‍ an amount of cash in certain countries 🙁.

Assuming funds are legit and declared etc⁠ I would personally just transfer the balances to a personal account as either salary, dividends,⁤ loan or whatever and be done.

 

[no1d]

@uplana, currency is Euro and USD. What documents do you mean are necessary?

@Martin Everson, the bank is in Budapest and funds are legit but not declared. I‌ have personal account at same bank but transferring to personal account will trigger CRS, that's‍ what my account manager told me.
I'm going to CH next week to try open⁠ few accounts under my UAE Visa but I'm not sure if its gonna work.

 

[Martin Everson]

Huh? Your corporate⁠ account for Seychelles company at the bank is being reported under CRS if you are⁤ beneficial owner, director or shareholder. Your account manager not telling truth unfortunately. That fool really⁣ telling you your Seychelles corporate account at a Hungary bank is not gonna be reported?⁢ He smoking some bad weed my friend.

 

[no1d]

Yeah, I think he doesn't know what's going on in back office. He said that‌ as active NFFE entity it won't get reported.

If that's the case, that's why I‍ want to get a part in cash, and avoid transferring to personal account.

 

[Martin Everson]

I actually‍ covered this in another thread years ago. Where another banker told someone else the exact⁠ same wrong thing.

 

[troubled soul]

Each and Every country and bank low level banking support staff are immature and ignorant‌ about banking policy.
Never trust anything they said on first hand. Confirm and Reconfirm with‍ as many source available. Go in to the deep as much as possible to learn⁠ things . Learn every small Details , Read all Term and Conditions in details.
You can put yourself in trouble when trust someone blindly regarding offshore banking , and arguing⁤ that He or She said so. Nobody give a damn for what he or she⁣ said in past.

 

[countryfree]

Before asking the bank, you may check the list of AEOI countries. If you are‌ in a country following CRS rules, there's no point asking about reporting.

 

[csp dubai]

bad idea withdraw cash , after you will have problem to use it, if the‌ funds are from dubbious origin buy cripto on any exchagers

 

[Martin Everson]

Very true. You have to do your⁢ own homework.

 

[no1d]

Funds are from my affiliate marketing company, everything is legit.

My only concern is⁠ if cash withdrawals could trigger some sort of checks but I don't mind cash, in⁤ eastern europe its still widely used.

 

[legrant]

If everything is legit, even if they did some checks, everything should check out and‌ there shouldn't be any problem

 

[JimBeam]

I see you have UAE visa...

Do you have a personal bank account in UAE?‌
Why just not transfer it there?

What bank is it in Hungary (MKB)?

 

[no1d]

I have the UAE Visa and personal account but I don't want to hold everything‌ in one country/bank. I run another business with Chinese imports and they do not really‍ like UAE banks.

Yes the bank is MKB. They terminated most of the offshore accounts⁠ but my friend's account with HK company is still fine.

 

[JackAlabama]

If you deal with China, try to get HK accounts it should be possible as⁣ you can show a need and might not need bigger balances or referrals. But I'm⁢ sure you know that. 😉

 

[Mark Rucken]

I have also been advised by top bankers in Cyprus that banks⁤ are not reporting active non financial entities that have less than 250k of sitting money.⁣ God knows is this true or not, but it is obvious that no one knows⁢ how CRS work and does it work at all.