Withdrawing Large Amounts Of Cash


Rather odd questions here…

Before when I had my account with Lloyds, if I wanted to withdraw say £3000 to say “buy a car”… I would go into Branch and withdraw it from the person behind the desk…

As Monzo doesnt have any branches… if I needed to withdraw large amounts how would I go about doing so?


For that kind of money I’d expect the dealer would take a bank transfer… walking around with that kind of money isn’t recommended.

Personally I’d use a credit card for section 75 protection.


I was just using buying a car as an example… but if for some reason you needed >£1000 cash was just wondering if it would even be possible?

I don’t think he wants to buy a car. He wants to “buy a car”. For example pay a builder in cash, the builder may offer a discount for cash.


But to answer the actual question, when I’ve had to withdraw large amounts with other banks I’ve just taken what I can from the cash machine each day ahead of time.

Otherwise, you could send it to a legacy bank account and withdraw it there I guess.

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Still easier to do a bank transfer… cash is a PITA to deal with in large amounts, and I’ve never heard of anyone insisting on it.

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Bank transfer is fine if you want to do things, less so if you want to do “things”. If you wanted to buy a car a transfer would be fine, but if you wanted to “buy a car” then probably less so.

Whether or not we agree with the morality/ethics of this, it’s still his money and I believe Monzo should be offering an option to accommodate this. I think the reason behind the daily cash withdrawal limits are to reduce the impact of fraud, so maybe Monzo could have a feature to raise the limits after being given notice in the app?

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Sometimes tradesmen offer you a discount if you pay in cash.

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they do if they are normally defrauding the taxman…and by paying them in cash you are aiding and abetting their crime.


Thankfully there is no law (yet) that forces customers to suspect/investigate someone’s potential wrongdoings just because they are preferring a certain form of payment, so why not enjoy this little bit of freedom while it lasts and not judge others based on what payment methods they prefer? :slight_smile:


It was more of a… what if… it’s not common I know but I know in the past I have had to get cash out for various things… just didn’t know if there was an option for Monzo customers…

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There was a discussion about this a few months back: What if i need a **lot* of cash?

The recent government Taylor Review (July 2017) suggested that there should be a ban on paying cash-in-hand to tradesman such as a builder or window cleaner, etc. Whilst it isn’t law, the government is certainly going down that avenue.

In the end, if you need £1,000+ of cash then I would go into a more “secure” high street branch with my second account (it is always recommended have more than one current account in case access to your money is blocked or the account closed) and withdraw the money.

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Because they’re pocketing it, not declaring it to HMRC and dodging the tax on it.

I know it makes it cheaper for me, but that’s not any motivation for me - I think it’s morally wrong to do this. All the income tax (and various other taxes) I pay - why should they be able to swan around not paying any tax on probably quite a lot of their earnings?

It really puts me off when a tradesman says they’ll give a discount for cash - I won’t use them when they say this.


I know exactly why they do it. And it’s admirable of you to refuse that method so they have to pay tax on it.
Sadly for lots of people cash is so short they have to take the cheapest offer they can get.
Let’s not get into an argument about that though.

I feel everyone else has to pay higher rates of tax than needs be due to the state having to factor in tax avoidance. If people could not be paid in cash then tax revenues would increase and the tax rate could come down. By paying workmen in cash we force up the tax bill for ourselves.

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Slowly but surely the only uses for cash will eventually be the illegitimate ones.

We will see the end of cash soon.

It is also very awkward when the recipient of £3k counts it in front of you whilst you stand and watch, [or just takes your word for it], [unless it is in £50s} (which for the most part are unattainable to the vast majority of law abiding citizens, - {except for the very well-off who like to pay in cash, but they probably prefer their Amex Centurion because its less faff and they can have their butler pay it off for them monthly}


Of course I wouldn’t begrudge someone who wasn’t well off and it was a choice between them being able to get their boiler fixed or them and their family going without hot water.


I know with First Direct I can ring them up on the day and have a higher cash transaction limit put on my account for one withdrawal if I need more than the daily limit in one go. Maybe if you message the COps they can do the same?

All the income tax … I pay - why should they be able to swan around not paying any tax

Because you both have different levels for what constitutes acceptable risk. For you the risk and penalties associated with getting found out are not worth it, but for him they are. It’s just business.

No it isn’t, it’s tax evasion and illegal.