I am looking for a Balance transfer card with 'Cheque to self' option. Unfortunately realized Citibank no longer offering this.
Are there any other options to transfer in cash? any suggestions on card?. I have AmEx card with good amount of limit.
is there option of getting another card and 'withdrawing positive balance' from that card to to cash?
Tried searching for relevant thread but couldn't found any. Thanks in advance.
is there a chance of getting a new card and withdraw positive balance to cash?
According to finder Citi was the only card issuer to offer it.
i spoke to them and they no longer offer it.
I don't think anyone does check-to-self anymore. I recently did a BT by transferring to another credit card and then, when they would not refund to another account, I closed the credit card. Refund was transferred to where I wanted it in the first place. Tip: keep the amounts below $10k or you'll trigger "money-laundering" flags.
How exactly is the mandatory reporting of cash movements to AUSTRAC greater than $10k (or any suspicious transfer) “triggering” anything?
There are tonnes of money movements so reported to AUSTRAC. I’m not aware of them acting upon them unless later you get in trouble with authorities - in which case those records will come out.
How the hell would I know? Just reporting my recent experience relating to getting a BT without a check to self.
If the amount was less than $10k, it would have gone through a lot quicker and smoother and without being told that, and I'm paraphrasing here, "we can't move the money to a third account because the funds are in excess of $10k and that's the limit for money laundering regulations. We can move it back to where it came from though."
Also, when closing the credit card, I wouldn't have had to show where the money came from if the balance was less than $10k. As it came from an account in my name, they processed it according to my instructions….eventually. Feel free to call AmEx to find the answer to your question 1800 059 388.
AUSTRAC doesn’t check every transaction over $10k, it’s just a mandatory reporting obligation that financial institutions have to adhere to. AUSTRAC may investigate if financial institutions report suspicious behaviour.
You’re more likely to come to AUSTRAC’s attention if you do several transactions just under $10k in a short time.
This would be exceedingly rare, because most credit cards treat cash advances (which a Cheque to self option would be) differently from purchases or balance transfers.