what you do with large cash?

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Adam_hadam

Adam_hadam

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Feb 26, 2008
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Bucktee said:
It's the same when withdrawing at banks now.

Withdrawing a paltry $2k? They want to know why.

It's my money, why do I have to tell anyone how I intend to use it.
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Withdrawing eg US$2k I get questioned, my stock answer is: While I'm in US this bank won't let me withdraw US$ from my US$ account, I have to use a CDN$ account then you stick me with a poor exchange rate and a fee. Your credit card is even worse, don't get me started on those rip off cash cards.
 
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pacman647

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Nov 21, 2024
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This will all depend on how comfortable with how much cash you want to keep on hand around your residence or if you want to bank it and deposit it.

I haven't had any issues depositing large sums of cash at my banks. They will ask if I deposit over $10K sometimes, but not all the times as my deposits are consistent...mainly from trips to the casinos (what I usually advise to SP's if their banks ask them where the cash comes from).
As long as your deposits are consistent and/or you are up front, the CSRs don't care that much)
 
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xix

Time Zone Traveller
Jul 27, 2002
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La la land
I would say I have a consulting firm or Life Coach LLC. Sorry Life Croach business.

I live in a high rise, still use coin operated laundry.

I simply with drawl a roll of Toonies, Loonies and quarters. I was asked what for?.
 
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Big John

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Sep 19, 2022
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ATMs are so much easier to deal with now for deposits. You can deposit $3,000-$5,000 (up to 50 items per deposit) and it scans the bills going in, instantly depositing the funds into your account, no teller asking questions.

You can call in to bump your daily limit of cash withdrawal out as well. $1500/day for BMO and $3,000 for CIBC. Don't know the other banks but have to believe they are in the same range.
 
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Phil C. McNasty

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Dec 27, 2010
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bazokajoe said:
Safe deposit box, hidden in the house somewhere, yeah buy precious metals.
I know guys I used to work with buy gold/silver for cash and then cash it in when price goes up. No records of transaction at all
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In Canada you have to show ID when buying gold and silver
 
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Ponderling

Lotsa things to think about
Jul 19, 2021
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I have made cash deposits at a Canadian Tire store customer service desk to make payments against my CTC Mastercard account balance.

They did not bat an eye when I laid down $2000 cash as 50's and 20's.

Just need a manager to double count it as an internal control on cash.
Just like double counts when a cashier turn in their till at the end of their shift.
 
Alexis*

Alexis*

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I have a day job I pay taxes on and I feel that shields me from scrutiny more than someone with no job who always has cash flow they can't explain. Buying pre paid credit cards, gift cards with cash can be helpful. I'm a huge believer in cash savings kept outside of the home, plus I make a lot of purchases like clothes, restaurants, jewelry etc in cash.
 
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star003

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Alexis* said:
I have a day job I pay taxes on and I feel that shields me from scrutiny more than someone with no job who always has cash flow they can't explain. Buying pre paid credit cards, gift cards with cash can be helpful. I'm a huge believer in cash savings kept outside of the home, plus I make a lot of purchases like clothes, restaurants, jewelry etc in cash.
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i understand you can do all kind of expenses using that cash but can you generate more cash from that cash? where can you invest that cash which can make it grow?
 
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richaceg

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Feb 11, 2009
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ever wonder why average looking guys play big on roulette in Casinos? it comes out clean when you hit big. A buddy of mine who died a few years back had a huge cash business. he does a lot of renovations jobs and does cash sometimes...he bought a car in kijiji for 4k cash. after a year, sold it and bought another car for 7k cash...and every year he bought something better until he finally got a car for 18k cash then trade it in for a nice mercedes sprinter van for his business...he was smart with his money i guess...
 
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