Cash

[Morrad]

Hi,
I need a way to withdraw my funds in cash. There's really nothing to it except I like to keep everything in cash instead of in the bank. I know that banks dont like this. My business bank is an EMI. Anyone knows a good way to cash out without loosing alot of percentage in the proces?

 

[JohnnyDoe]

It is well possible but remember it has a cost.

 

[Morrad]

Would you happen to know any method ?

 

[JohnnyDoe]

There are professionals who provide this service, it’s quite impossible to DIY

 

[Novice]

It really depends on where you're living right now, what emi are you using a d if you're willing to move elsewhere to cash out the money.

Let's start with where do you live. It might be pretty easy or pretty hard.

 

[void]

most EMIs offer free/cheap SEPA payments in EUR - if this is the case then the cheapest option I could think of is (surprisingly ) currency conversion in an online exchange that accepts SEPA and allows to pickup cash at the counter - really depends on your country but in central europe this is pretty normal and free of charge (you just pay the spread which will be probably way cheaper than any fees)

 

[Morrad]

I live in Scandinavia, and they are very strict in regards to cash in general.
My EMI does not offer any physical cards so I cannot just withdraw the money. I can convert the incoming funds but I have a hard time to find a method to cash out.

Is it possible to get the names of some of the online exchanges that offer cash pickup at the counter ?

 

[meze99]

Would your EMI allow you to buy gold coins? Very easy to sell for cash

 

[Morrad]

Yes, that won’t be a problem. But isnt there going to be a loss in the proces? Ans where would you recommend to buy the Gold coins from?

 

[bigdaddyleon]

Yes, that won’t be a problem. But isnt there going to be a loss in the proces? Ans where would you recommend to buy the Gold coins from?

https://www.bullionstar.com/

 

[Forester]

IMO, the crucial question is: What amount of money you are talking about? The acceptable solution heavily depends on it.

 

[authorizedbody]

https://www.bullionstar.com/

It makes no sense to buy there. The prices are much higher than at other precious metals dealer.

Yes, that won’t be a problem. But isnt there going to be a loss in the proces? Ans where would you recommend to buy the Gold coins from?

If you want to buy gold coins it depends where you to receive or store them physically. The same goes for physical cash. Depending on this and the amount you want to extract from your emi account you need a different solution.

 

[Marie Manila]

Are your funds held in a corporate or personal account?
If it's a personal account, simply open an account with another EMI that will issue a debit card to you.
Then you can use an ATM to withdraw your funds.

 

[Martin Everson]

Is it possible to get the names of some of the online exchanges that offer cash pickup at the counter ?

Yes Pott Change in Netherlands works well for large amounts and works with cash pickup.

https://www.pottchange.com/en/money-exchange/order-currency/
You get to sit down in nice private room and count your cash before leaving. Very good for those traveling to developing countries where physical cash is often the norm.

 

[Morrad]

Are your funds held in a corporate or personal account?
If it's a personal account, simply open an account with another EMI that will issue a debit card to you.
Then you can use an ATM to withdraw your funds.

The funds are held in a corporate account. But if I open a personal account on an EMI that issues a debit card and I just keep withdrawing, won't that seem a bit suspicious - with all funds coming in and then just withdrawn?

Yes Pott Change in Netherlands works well for large amounts and works with cash pickup.

https://www.pottchange.com/en/money-exchange/order-currency/
You get to sit down in nice private room and count your cash before leaving. Very good for those traveling to developing countries where physical cash is often the norm.

I will check that out, thanks alot!

 

[wellington]

The funds are held in a corporate account. But if I open a personal account on an EMI that issues a debit card and I just keep withdrawing, won't that seem a bit suspicious - with all funds coming in and then just withdrawn?



I will check that out, thanks alot!

If you have nothing to hide....

 

[Morrad]

If you have nothing to hide....

I don't, I would just rather keep everything physically

 

[Forester]

But if I open a personal account on an EMI that issues a debit card and I just keep withdrawing, won't that seem a bit suspicious - with all funds coming in and then just withdrawn?

Again: What amount of money you are talking about? Also in this context it is crucial. If you do something like this with 4 figures nobody will care at 100%, for 7+ figures it's a nonsense.

 

[Morrad]

Again: What amount of money you are talking about? Also in this context it is crucial. If you do something like this with 4 figures nobody will care at 100%, for 7+ figures it's a nonsense.

Around 10-14k Euro each month

 

[Forester]

Again: What amount of money you are talking about? Also in this context it is crucial. If you do something like this with 4 figures nobody will care at 100%, for 7+ figures it's a nonsense.

Around 10-14k Euro each month

A little misunderstanding, as I can see. I was asking about the total sum that you want to convert into cash. (So, whether you want to perform this for three months, a year, or forever )