How much can be withdrawn per day without raising suspicions

How much can you withdraw daily without raising suspicion?

The question of how much money one can withdraw per day without causing suspicion is a legitimate concern for many people, especially given the regulations on financial controls that can be triggered when a behavior seems suspicious.

It is important to note that there is no maximum limit imposed by law on cash withdrawals from one’s current account, but only a limit on the use of cash, which is related to money transfers to third parties.
When using the ATM for withdrawals, there is a daily limit set by the financial institution that issued the card, typically ranging from 250 euros to 1,000 euros per day, with monthly limits that can go up to 3,000 euros.

Each account holder can negotiate with their bank to modify these daily and monthly withdrawal limits.
However, if withdrawing from a different ATM than the one provided by the bank, the maximum limit allowed in a day is usually 250 euros.

How much can you withdraw daily from the bank counter?

There is no limit to the amount of money that can be withdrawn from the bank counter, and in fact, there is no one who can prevent a customer from withdrawing their savings deposited whenever they see fit.
The only issue when withdrawing large sums of money could be the lack of available cash in the branch at that specific moment.
For this reason, when significant amounts need to be withdrawn, it is always advisable to notify the bank a few days in advance.

Although banks cannot impose a limit on the amount of money that can be withdrawn daily, anti-money laundering regulations establish a specific constraint.
While withdrawing sums from one’s current account daily does not expose the individual to any tax risks, the anti-money laundering regulations require that for amounts exceeding 10,000 euros per month, the bank asks the customer for the reason for the withdrawal.
This is because when the monthly withdrawals (total of all withdrawals made in the month) exceed this amount, the bank is required to report the transactions to the UIF (Financial Intelligence Unit) at the Bank of Italy for further investigations.

The risks of exceeding the maximum withdrawal threshold

The maximum threshold that private individuals can reach with withdrawals in a month is set at 10,000 euros.
Once this limit is exceeded, the transactions at risk are reported to the UIF, which in turn notifies the Tax Agency.
The Tax Agency may then conduct checks on received deposits and transfers (but not withdrawals) to determine if there is tax evasion.
The Tax Agency cannot investigate withdrawals made by private individuals from their current account, focusing instead on deposits and transfers.

It is important to note that the UIF may also request further investigation from the Financial Police when the monthly withdrawal threshold is exceeded, and this could lead to a tax assessment by the Tax Agency.