What should I do if I want to withdraw a large amount of money from my account?

To withdraw an amount greater than 40,000 RON or 5,000 EUR, you need to make an appointment at the agency at least 24 hours in advance.

Scheduling is necessary, because for security reasons, both for customers and employees, we do not keep large amounts of money in neighborhood agencies. Therefore, for large withdrawals the agency must be notified, so that it brings the money to the unit.😊

⚖ In addition, you need to know that the legislation in Romania provides some maximum limits for cash transactions, namely: 10,000 RON / day / for payments for legal entities. In case natural persons, in general, there is no limit imposed by law. However, you must take into account that any cash transaction over the amount of 10,000 EUR or the equivalent - regardless of currency - is automatically reported according to law 129 / 2019 for preventing and combating money laundering and terrorist financing to the National Office for the Prevention and Control of Money Laundering.

Also, cash operations carried out by individuals, as a result of the transfer of ownership rights over goods, the provision of services, as well as those representing the granting or repayment of loans, can be carried out within a daily limit of 50,000 RON / transaction. Under these conditions, for larger amounts, it is requested supporting documents📃, which can include even self-declarations of clients (regarding the destination of the amounts).

❗ Taking into account these conditions, banks (including Banca Transilvania) are obligated to monitor compliance with the established ceilings and implicitly to request supporting documents for cash withdrawals exceeding certain amounts.

Practically, according to the legislation, the Bank is obliged to request supporting documents for transactions of individuals that exceed 50,000 RON / transaction .

Is it a good thing for society and clients that there is legislation requiring proof of the destination of funds?

🤓 Yes, we believe so – especially since this legislation is similar in all civilized countries and throughout Europe. It is a good thing to have rules and for transactions to be verified, to ensure the transparency of transactions, the purpose for which they are carried out, and to make sure that illicit activities are not easily conducted. That is, these limits and legal regulations – which exist all over Europe – help have a solid society and financial ecosystem, with rules and protected from illegal activities.