Is it true you have to file papers with the government in the US to withdraw large sums of cash at your local bank branch? I read somewhere once if it's over $5,000.00 somewhere you have to file papers with the FBI and wait. What if I wanted to withdraw $30,000.00 one day at my local branch, or even $4,000,000.00(where I had millions spread across banks for protection)?
Is it true you have to file papers with the government in the US to withdraw large sums of cash at your local bank branch?
It's true that a currency transaction report (CTR) gets filed with FinCEN (Financial Crimes Enforcement Network) when you make a cash transaction in excess of $10,000. Banks have systems that do this automatically, so you don't have to really do anything other than provide some tax info if not already on file with the bank.
The teller can flag your CTR if they think the transaction is suspicious, but there shouldn't be a delay on the withdrawal unless the bank has to make arrangements to have enough cash on hand.
Some people don't like the idea of CTR's being filed and therefore make multiple smaller withdrawals, but that can be considered illegal structuring, and can result in confiscated money.
An international Outlook (in this case Sweden in European Union).
According to laws and regulations large cash transactions are considered conspicuous. The law makers might have reasoned is that cash transactions can be used in as example: - financing terrorism - avoiding taxes - buying or selling illegal goods such as drugs or stolen items - general illegal transactions such as paying bribes
Starting there, all banks (at least in Europe) are required to report all suspicious transactions to the relevant authorities (in Sweden it is Finanspolisen, roughly the Financial Police). This is regardless of how the transactions are performed, in cash or otherwise. In order to monitor this all banks in Sweden are required to "know the customers", as example where does money come from and go to in general. In addition special software monitors all transactions and flags suspicious patterns for further investigation and possibly notification of the police.
So, at least in Sweden: there is no need to get permission from the FBI to withdraw cash. You will however be required to describe the usage of the Money and your description will be kept and possibly sent to the Financial police.
The purpose is not to hinder legitimate transactions, but to Catch illegal activities.