This is the maximum amount you can withdraw from an ATM - if you exceed it, your bank will report you to the tax authorities
Are we free to do what we want with the money in our bank account? For ordinary people, yes. But for some, not quite. While cash payments are on the decline, many French people still use them every day. Going to the bank counter to withdraw their banknotes remains a reflex for many households, but not everything is permitted under the pretext of having cash.
Cash withdrawals are regulated by bank cards. Depending on whether you have a standard, gold/premium, or even higher-tier card, a weekly withdrawal limit is imposed. It's possible to exceed this limit, but beware of taxes: the bank must "report" you to the tax authorities in certain situations.
Generally speaking, Visa and Mastercard cards allow you to make withdrawals of between €500 and €5,000 each week. For those with higher-end cards (Visa Infinite, Mastercard World Elite, for example), it is therefore possible to withdraw large sums of cash each month.
Those who make compulsive withdrawals should beware: if you withdraw €10,001 or more in a single month and from the same account, the bank must report the withdrawal to Tracfin, the tax agency responsible for combating money laundering. In the eyes of the law, withdrawing that much money "presents a high risk of money laundering or terrorist financing."
In these situations, the bank must provide Tracfin with the person's identity, their account number and related information, as well as a detailed list of their withdrawals (dates, amounts, ATMs, etc.). The administration will then ask you to provide proof of all of these withdrawals.
However, for this to be reported to the tax authorities, the withdrawal of more than 10,000 euros must have been made during the same month. In other situations, this may not be reported.
"If, during a calendar month, a person withdraws €6,000 from their current account and €9,000 from a joint account, these two transactions, totalling €15,000, will not have to be reported to Tracfin," the organisation explains.
But to avoid creating too easy a bias, "these movements could, however, give rise to a declaration of suspicion to the extent that they appear suspicious."
Furthermore, these withdrawals must have been made from the same account. If €6,000 was withdrawn from one account and €9,000 from another, during the same month, this will not automatically be reported. However, the bank may also submit a suspicious transaction report to the tax authorities. For those with large portfolios, it's best to think carefully before making large withdrawals.
L'Internaute
