What if you woke up tomorrow and completely lost access to your bank account, credit cards, PayPal, and Venmo, all because of something you posted online?
What if you woke up tomorrow and completely lost access to your bank account, credit cards, PayPal, and Venmo, all because of something you posted online?
Also ATMs have max withdrawals. And if you want to take a larger amount from a human at the window, there’s a fee for that too.
ATMs have fixed limits due to anti-money laundering laws. I’ve never been charged a fee for withdrawing cash at the counter. If you want to withdraw larger amounts, you just have to notify them in advance because of the legal requirements, but I’ve never been charged for it. At Sparkasse, though, I could imagine that might be the case.
AML laws don’t limit cash limits on atm machines.
There’s literally zero legal risk of money laundering with cash that comes out of an ATM. It’s already coming from a trusted source (the bank).
AML risk is when you deposit large sums of cash into a bank
Yes, it does have to do with the Anti-Money Laundering Act. This applies even if you make transfers of more than €10,000. The law is now set to be tightened further for cash payments exceeding €10,000. This change is being implemented by the EU in 2027…