Cash Withdrawal limit

[Merri]

So, we viewed a pony yesterday, and fell in love. The vet is going on Tuesday, all being well, we go on Wednesday to collect.
I have just checked the withdrawal limit online for my bank, not really thinking anything about it (pony isn't terribly expensive) & I am reading horror stories of people only being able to withdraw small amounts over the counter.

Insert big sigh...

 

[Keith_Beef]

So, we viewed a pony yesterday, and fell in love. The vet is going on Tuesday, all being well, we go on Wednesday to collect.
I have just checked the withdrawal limit online for my bank, not really thinking anything about it (pony isn't terribly expensive) & I am reading horror stories of people only being able to withdraw small amounts over the counter.

Insert big sigh...

I ran into this a couple of years ago, not for a pony, but I was going to run a stall at a kind of "bring and buy" market and so I wanted about fifty Euros in small change (people will roll up with €20 and €50 notes from the bank machine and want to buy things priced at €1 to €5) and a few hundred Euros for purchases (I was hopeful)...

"Oh, no, we don't keep cash here in the bank!"

Another time, I wanted a couple of thousand... apparently, following EU rules introduced a couple of years ago, aimed at curbing the informal economy, each country sets limits on cash withdrawals and on the maximum limit of cash sales. I think that the limit here in France is €1500 for withdrawals and €3000 for sales.

On top of that, banks can contractually set the amount that a customer can withdraw... But your contract might allow a higher amount if you request it 24 hours in advance.

Or the seller of your pony might accept a "banker's draft" or "bank cheque". This works a bit like a postal order (if you're old enough to remember those) it's a cheque that draws directly on the bank, not on your personal account, so the seller can be confident that it will not bounce. You'd need to get the seller to confirm that he'll accept one of these, you'll need to request it at your bank probably 24 or 48 hours in advance, and there will probably be a small charge for it.

 

[meleeka]

I recently withdrew several thousand from my bank (NatWest). I didn’t need to tell them first.

 

[lamlyn2012]

If you let them know in advance they'll make sure they have the money for you.

 

[conniegirl]

Depending on which bank you are with you may be able to phone them and get the limit lifted for one day. I certainly can with HSBC. Your need to go through all the telephone banking rig morale and know exactly how much you want to take out.

Alternatively if you have online banking do a BACS transfer when you pick up the pony, they are fairly instant nowadays and the limit for BACS transfers is much higher than for cash withdraws (£10k vs £500 for me)

Cash withdrawal limits are only applicable to cash machines, if you go in branch with photo ID you can withdraw as much as you want!
The limits are there for your and the banks safety, if your card were cloned and the culprit got the pin (scarily easy to do with a cash machine) then it stops them completely wiping you out and taking all your money.

 

[southerncomfort]

No problem withdrawing cash from our local Santander bank but if you're concerned maybe pop in beforehand and ask what the procedure is.

As above, I think withdrawal limits are mostly for withdrawing cash from ATMs.

 

[The Fuzzy Furry]

I bank with Halifax, over the counter the max withdrawal is £2,500 unless you pre order.
Cash machine is £500 tho this can be dependant on different machines that are not at Halifax banks.

 

[MotherOfChickens]

its not that difficult-either phone the bank before hand or pay via BACs-paid for the last three using BACs.

 

[Merri]

Thank you, everyone.
I called my branch, they said it would be fine, just to pop in whenever. This seems worryingly straightforward!

 

[JDH01]

The last 2 horses I have bought I have paid by BACs. I was there ready to collect and husband paid, I then took horse home

 

[hopscotch bandit]

Can't you just organize a bankers draft, much easier and less hassle.

 

[Ruby's Mum]

Go to collect and you can pay via BACS on your phone. Ask the seller in advance for their bank details so you can set them up as a recipient and we transfer a small amount £1 over to them and ask them to confirm they have received it so you can be certain it's the right bank details etc. We've managed it even in areas of bad reception by just putting your mobile data on. We've bought horses. Paid for cars, trailer etc this way. You also have proof of the payment in your bank.

 

[Merri]

Thank you everyone!
It turned out that with my bank, there was no limit, so I went in on Monday & withdrew the cash.
Picking up our new pony tomorrow!