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this post was submitted on 01 Dec 2023
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No Stupid Questions
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No such thing. Ask away!
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And probably, more than one. When you start moving large amounts of money, a lot of people start paying attention: banks want to know why you’re taking that money away from their institution, tax agencies want to know if you’re paying the taxes you’re supposed to, and security agencies want to know if everything is legal and you’re not involved in something fishy.
So, if you actually have the money and the transaction is not immediately rejected as an error, you are probably going to be asked a few questions. Unless you’re someone who regularly deals in such things. Bank have ways to detect unusual types of transactions from an account.
If you don’t have the money, it’ll probably just be classified as an error.
I moved 12,000,000 million and most of those questions don't get asked. The banks just put the transfers thru and tax agencies just find out when you file at the end of the year.
That doesn't mean i moved those kinds of sums without oversight. My lawyer and the other parties lawyers were involved and moneys were tracked accurately and documented.
If it is a personal transaction, good chance The bank manager will likely see it comes across their desk and additional verifications may be checked but little is done other than that.
If the transactions are international, that is when some of those oversights happen. Mostly just security checks.
I’m pretty sure different countries or regions may have different mechanisms. I’m still amazed at the ability yo move large amounts inside the US, as you have states that almost qualify as tax havens. Guess the US government is not concerned. I still find it interesting.
No banks ask why you're withdrawing money, except security questions for your benefit. Like to see if you are being scammed. They don't really care, even about a million dollars.
The person who receives the money is going to have to deposit it in a different bank, so banks are just transferring money back and forth.
No tax authority or security agency knows about it (at least in the US). You are just not that important. If you don't pay taxes or do something illegal they'll get you later. The bank keeps records for like 7 years.
So, you're telling me in the US you can move a million dollars in a transaction and no one will bat an eye? Holy money laundering, Batman! :O
Edit: Btw, this reminds me of a guy that was doing crypto transactions from unknown origin (and not huge quantities, in the thousands) and had his accounts frozen by the bank because authorities wanted to investigate where the money was coming from. But I think he was in the UK. I'm amazed that you can move money that easily in the US...
The person you’re replying too doesn’t know what they are talking about. Once you start moving around several thousands of dollars (10k?) they will always ask you so they can document it and report it to the IRS/FBI if necessary. In my experience, once you move around enough money to have to go to a banker’s desk verses a teller window they will want to know what’s going on.
If I deposit 10,000 in cash I have to make a declaration where it came from. Cash. If I take out 30,000 in cash there is nothing they ask other then they have me sign a waiver that states they are not liable it I get mugged or spend it on some scam. This is it into or out of my personal account. If it is cash into my business accounts, they never care.
If it is transfers between accounts, I can send millions. There is no light that goes off unless it is out of country or into the country. Domestically they are not following this.
I moved 12,000,000 million last year and no one batted an eye. Other then the lawyers involved, no one really cares. I am sure the banks double checked any large transactions but if they do, I am not aware of it.
As for taxes, they were made aware of it when I filled my financials at the end of the year. Taxes paid then.