Question about buying with cash

[crew]

Originally Posted by brandrea

Interestingly, when I made a wire transfer recently, I was asked by the teller what it was for.

I questioned why she was asking and she told me that they have to make a note of it due to the amount... it was sort of off putting to me, but I assume the banks report to revenue Canada

In my opinion, that teller was being nosy. Asking for an explanation is way beyond a teller’s pay grade.

[Art 1]

Originally Posted by crew

In my opinion, that teller was being nosy. Asking for an explanation is way beyond a teller’s pay grade.

They have to fill in that blank though to proceed with the transaction. I questioned them very hard about it.

[crew]

Originally Posted by Art 1

They have to fill in that blank though to proceed with the transaction. I questioned them very hard about it.

Don’t doubt you Art. Maybe it’s a Canadian thing?
I’ve moved money around in just about every way offered and I’ve never been questioned about it.

[brandrea]

Originally Posted by SPMN

I had the same question from a US Bank when wiring funds to Takuya. Mine was for a Pelagos, so a fairly small amount of money.

I didn't like the question, but they said it's required to complete the wire.

Crypto adoption can't come fast enough. I understand the desire to stop money laundering, but it's frustrating to live your life by the rules, make moral decisions at every step of the way, just to be required to tell a banker the reason you're moving your own funds.

Yes, I was quite taken back by the request but was told it was required by the bank.

The teller was pretty taken back that the amount was for a watch

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[Fat_ninja]

Originally Posted by piratfisk

Thanks for the input, TRFers! The reason I ask is two-fold: 1, it might be a bit of a "thrill" to pay for a large purchase in actual cash (I can sense the collective eye rolls). 2, I keep reading here that dealers (both AD & second-hand) might offer discount for buying in cash because it saves them the CC fees on their end. I'm curious if anyone has done this & if they've run into any issues at their local bank.

The only place ive taken a wad of cash is...well u GUYS know.

[Etschell]

Bitcoin

[nick800]

Originally Posted by brandrea

FWIW, banks that deposit more than 10k must report to the federal government.

Also, I personally can’t see the point using cash for large transaction. How would you be sure the money is not counterfeit?

I’ve received a counterfeit check in excess of $20k. Never seen fake cash as far as I know. This wasn’t for a watch.

I’d be way more skeptical of a check/money order than cash

[brandrea]

Originally Posted by nick800

I’ve received a counterfeit check in excess of $20k. Never seen fake cash as far as I know. This wasn’t for a watch.

I’d be way more skeptical of a check/money order than cash

I'd never accept a check as payment unless it were certified

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[Art 1]

Originally Posted by crew

Don’t doubt you Art. Maybe it’s a Canadian thing?
I’ve moved money around in just about every way offered and I’ve never been questioned about it.

It was from my US TD account to my Canadian TD account. Several times now. I just reply to pay billls.

[mrs_LA]

Originally Posted by brandrea

Interestingly, when I made a wire transfer recently, I was asked by the teller what it was for.



I questioned why she was asking and she told me that they have to make a note of it due to the amount... it was sort of off putting to me, but I assume the banks report to revenue Canada

Same here. They asked me what it was for, if I knew who I was wiring to, and also warned me that once the wire was complete, that I would not be able to get my money back. I guess it’s just some extra precaution from banks with all the fraudulent schemes going on today.


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[SG56]

Originally Posted by Lgear080

It’s your money. You need not provide any heads up to your bank re a withdrawal.

Correct!

Your AD might require wire over $10k.

When you pay cash, your AD does not have to pay credit card processing fees 3%+ and can extend that saving to you.

When you wire, bank gets the full money but you have to pay for the wire. something around $50 if i recall right. give or take $10.

If you get incentive from your credit card that exceeds the 3% (additional) discount from the AD, then i suppose you use the card as you will get back more than the 3% saving.

[Hogtown Fatty]

I buy/sell/trade high end vintage and rare guitars, and cash deals are still very common in that world. I've found that cash really does talk and will get people to do things they wouldn't do online or with plastic around. Having cash ready on the spot really does something to the person you're dealing with- it's the utmost manifestation of "I mean business" (within my context at least), imo. Anytime I'm doing these high-$ deal I get asked several questions, in a fairly pressing tone, by the tellers at the banks here (in Toronto @ Scotiabank). It always makes me feel super uncomfortable and as if though I'm some sort of thief (it's my money!!!), but I understand they have a duty to flag/report any transactions over $10k. By far the worst experience I had was getting $40k CAD in cash together for a '55 Stratocaster I acquired a couple years ago- that was a downright hellish experience and I had to go to a couple different branches to get all the funds. Seems it's a Canadian thing as dudes I deal with down in the States and elsewhere seem to have no problems withdrawing large amounts. Heck, I've even been interrogated by currency exchange places here as to why I was getting as much money as I was (which really wasn't all that much that time... like 5k Euro). Maybe my fellow Canucks can help me out with this... have any of you bought any $10k+ watches from Canadian dealers in cash? I was at an AD yesterday that I'll be getting a watch (nearly $20k) from soon and they mentioned they would strongly prefer not to receive the payment in cash, which kind of surprised me.

[MILGAUSS88]

Originally Posted by CarrJ

maybe but Credit is God

If you went to a watch show, and whipped out a credit card, I think the would laugh at you. I have only seen a hand full of checks as well. 99% cash.

[piratfisk]

Thank you for all of the input!

[Greenp]

Originally Posted by SPMN

I had the same question from a US Bank when wiring funds to Takuya. Mine was for a Pelagos, so a fairly small amount of money.

I didn't like the question, but they said it's required to complete the wire.

Crypto adoption can't come fast enough. I understand the desire to stop money laundering, but it's frustrating to live your life by the rules, make moral decisions at every step of the way, just to be required to tell a banker the reason you're moving your own funds.

When I made a large wire transfer for a watch, the teller asked what it was for. I said jewelry. He asked "Something nice for your wife?" Just said "Yeah"

[Burlington]

Originally Posted by SPMN

I had the same question from a US Bank when wiring funds to Takuya. Mine was for a Pelagos, so a fairly small amount of money.



I didn't like the question, but they said it's required to complete the wire.



Crypto adoption can't come fast enough. I understand the desire to stop money laundering, but it's frustrating to live your life by the rules, make moral decisions at every step of the way, just to be required to tell a banker the reason you're moving your own funds.

My bank has done the exact same thing with me - wanted to run through a lot of details. Anti money laundering dressed up as security questions.