Retrieve large sum of money

The Dynamics Tailor shared this question 1 week ago
Question

Dear bunq,

Next week I have to retrieve a fairly large sum of money (to buy a car).

I cannot transfer the money to the account of the seller, just want to pay, receive papers and keys and leave.


How do I get a few thousand euros from your account in cash? The maximum daily atm limit I can set is €500.

Comments (19)

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4

Hey there,


The maximum limit per day is indeed €500,- per day per card, we have this because of safety issues. Are you a bunq Premium user? Then use all of your 3 cards to get up to €1500,- a day in total! 👍

I hope that tip fixes your problem 😄

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5

I’m a Bunq Zakelijk User, but then I’d need to order more cards first. Only have one at the moment.

So there is no possibility to order a certain amount for day X?

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3

Nope; those amounts in cash would trigger a lot of questions and possible even a formal investigation...


Best is to use an escrow service, or just use bunq.me/bunq.to depending on your specific circumstances and the amount.

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3

Rabobank has an option to change the limit temporarily with a max of €5000 (cash).

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4

I did not know that fact. For this reason it does not make sense to leave more than 1500 Euros at bunq accounts.

If you want to buy a used car in germany, you will not have any sucess without cash.

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7

But this is an issue with the "old fashioned" way of thinking about money. In my opinion, limiting the availability and usefulness of "physical" money can greatly reduce the amount of black money and unpaid taxes.. To provide a solution for your example: You could send the money to the seller via a normal bank transfer and show him your phone to prove that you really sent it.

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5

Jan Brodda: of course. But we’re talking about car dealers here, and not the type that fits in with hip and modern startups like bunq.


Also, the process you describe might make money laundering more difficult, but you can count on the fact that someone will come up with a way to create an app that looks like bunq and acts like bunq, but isn’t actually sending any money.


Facilitating fraud and theft is worse then facilitating black money, if you ask me.

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5

Staying with the example above, you could also transfer the money to the dealer and then you wait for it to appear on his bank account. But then you have to trust the dealer. On the other hand, all these thoughts become unnecessary when SEPA instant payments are implemented at most banks. Then you can send the money to the dealer, wait a minute and take the car with you :)

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4

You’re right Jan. I don’t know how you handle your business but I don’t trust car dealers ;)


Sometimes we have to work with the current world to make the future possible. In this situation, I’m quite disappointed in bunq - my private bank handles it without any problems (so I’ll be transferring the money there to get it done).

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3

Exactly!

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5

Start today with witdrawing cash. Are you sure the cardealer doesn't have an Pin-terminal?

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5

Yes I’m sure they don’t have it. I paid my deposit in cash, which was already more than I’d like to leave at a car trader without taking the keys home ;)

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4

Oh, forgot to mention this in my post: going to the bank daily to retrieve money is not a very modern way of banking either...

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6

Just buy the car with litecoins😁

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5

Good question. If it i a security thing, then make a 2 factor authentication security step to facilitate this. Then the security is bigger than old fashioned banks, but does not lose (core) functionalities.

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5

E.g. open 5k withdraw for 5 minutes after hand recognition (and finger scan)

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5

Good morning Nik! 👍 Thanks for you feedback!

Making such a decision will include other banks as well, since certain rules are set for this. Though, GWK offices might be a possibility to obtain a larger amount of money at the same time!

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3

ABN allows you to withdraw maximum of 15000eur /day. Thats the maximum limit you can set up. ING Had a limit of 1000 and rabo 5000

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4

I use ABN privately and will indeed use this solution to solve the problem. Although ABN only supports it for local banks so I’ll need to travel with a few thousand in cash anyway.

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