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

In order to withdraw an amount greater than 40.000 RON or 5.000 EUR you need to make an appointment in the agency at least 24 hours in advance.

Programming is necessary because for security reasons, both for customers and employees, we do not keep large amounts of money in the neighborhood agencies. Therefore, for large withdrawals the agency must be notified to bring the money into the facility. 😊

⚖ In addition, you should be aware that Romanian law provides for maximum limits on cash transactions, namely RON 10,000 / day / for payments for legal entities. For individuals, in general, there is no limit imposed by law. However, you should take into account that any cash transaction above EUR 10,000 or equivalent - regardless of currency - is automatically reported under Law 129 / 2019 for the prevention and combating of money laundering and terrorist financing to the National Office for the Prevention and Combating of Money Laundering.

Also, cash transactions carried out by individuals, following the transfer of ownership of goods, the provision of services, as well as those representing the granting or repayment of loans, may be carried out within a daily limit of RON 50,000 / transaction. Under these conditions, for larger amounts, supporting documents 📃 are required , which may include affidavits from the clients (regarding the destination of the amounts).

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

Basically, according to the law, the Bank is obliged to ask you for supporting documents for transactions of individuals exceeding RON 50.000 / transaction.

Is it a good thing for society and customers that there is legislation requiring proof of where funds are going?

🤓 Yes, we think so - especially as this legislation is similar in all civilised countries and throughout Europe. It is a good thing that there are rules and transactions are checked, to ensure transparency of transactions, the purpose for which they are made and to ensure that illicit activities are not easily carried out. I mean these legal limits and regulations - which exist everywhere in Europe - help to have a sound society and a sound financial ecosystem, with rules and protected from illegal activities.