Maximum cash withdraw/deposit without triggering strange bank questions / audit?

My business bank account (E.Sun) charges 30NT to transfer money to another bank so I’ve been carrying the money myself between banks.

The other day I withdrew 200萬 NT in cash and then deposited it at another bank, and they ran a bunch of background checks (whether I have a business account at the other bank, reasons for both withdrawal and deposit, etc.), calling and approval from higher ups.

When I did this for 15萬 NT they didn’t ask any questions. I am afraid of getting audited by the tax authority if they’re asking so many questions. I am just trying to save on the 30NT transfer fee. The two banks are 2 minutes walk from each other and it’s on my way to work. Does anyone know what thresholds exist for triggering these kind of questions or audits?

Anything over 500k

Just so you know if you are going to carry 2 million to another bank you can request police escorts. That’s a lot of money to have on you.

Actually you taking cash out and depositing it to another bank raises questions, because you could have very easily wired that amount. Not sure why you’re caring about 30nt in transfer fees.

7 Likes

Please just post answers to the question if you care to post, thanks.

Taiwan is pretty safe so I’m not worried about getting mugged

In terms of time saved - I can’t wire this much online and have to do it in person anyways, I’d rather just a quick in and out between the two banks during lunch. If I can just keep it within the threshold it’s a pretty quick trip (when I withdrew/deposited 150k there were no questions, and it took me maybe 10 mins total for the trip between the two banks).

Another thing, if you make repeated deposits just under the query amount, expect to get a visit from a tax auditor. They flag things like this as attempts to evade money laundering regulations.

And honestly, you can request police escorts as people have been mugged when they make huge withdraws from the bank. I don’t think it costs anything.

But if you are making transfers like this they have to ask questions. I honestly don’t know the cutoff amount but if it looks suspicious, they will query it.

You need to ask both banks.
Each bank may have their own limits for withdrawal and deposits.

You can ask the bank to raise the transfer limit to specific banks and account numbers. You’ll need to fill in a form at the bank and once that is done, you can do the transfer online.

1 Like

Transfering in person and withdrawing in peraon takes the same time, but then running t o the other bank and going throughtheir deposit procedure takes more time…so your question seems incredibly phishy right off the bat…even to random internet people who dont care if you go to jail or not. Thus, it makes sense they raise an eyebrow at the bank, cause its REALLY strange logic for most.

As @Taiwan_Luthiers said, 500k is an official line. But bank tellers can raise concerns at any limit and interrogate you. Its quite annoying, but fraud is common here. Its especially common if you are young, female, old etc. They worry someone is cheating you. Or the teller is just a douchy jealous person that gets off on causing people hassles. All equally as common.

If you are going in person anyway, just transfer at the desk. This will save yime by not needing to deposit in person later. And avoid all the simple common sense reasons its not so bright to go around with 2million in your bag…

1 Like

you can talk to the bank and raise the limit for online transfers. I can transfer up to 500,000 day using online banking.

2 Likes

Seems like question has been answered as well as possible. Please send me a PM if there’s anything you’d like to add!