Cash

Depositing cash – Where can I deposit cash?

The easiest way to deposit cash is at a deposit ATM if you are using a debit card. Insert your card into the ATM and feed coins and bills into the machine. The money is deposited into the account linked to your debit card.

If you intend to make a relatively large cash deposit or you don’t have a debit card, you need to make the deposit at a bank branch that provides cash services. Be prepared to prove your identity.

Also be prepared to provide a statement of the origin of cash and, if required, documents that verify it.

Go to the otto.fi website

Check the opening hours for the bank branch and cash services

Withdrawing cash – Where can I withdraw cash?

The easiest way to withdraw cash is at an ATM or a store checkout if you have a debit card. You can withdraw cash at any ATM, both in Finland and abroad. In most cases, you can pay your purchases with a debit card, which means that you don’t need to withdraw cash for making payments.

You can easily find the locations of the nearest ATMs on the service providers’ websites. You can also find the locations of the nearest Otto ATMs on OP-mobile.

Go to the otto.fi website

If you don’t have a debit card, you can withdraw cash only at a bank branch that provides cash services. In such a case, you need to bring a valid personal ID document with you. Also be prepared to explain the intended use of the cash you want to withdraw.

Check the opening hours for the bank branch and cash services

Origin of cash – Why does the bank ask about the origin of cash when I make a deposit?

The bank may ask you about the origin of cash when you are making a deposit. The reason for this is that the bank is under an obligation by law to know its customers and, whenever needed, the bank must check the origin of funds deposited into your account. In this way, the bank can make sure that the funds being deposited come from a legal source and that no money laundering or other fraud is involved.

We know that most of our customers are honest and that the funds come from a legal source, but we must ask questions from as many customers as possible so that we can identify any deviations.

Withdrawing cash – Why does the bank ask about the intended use of the cash?

The bank may ask about the intended use of the cash that you want to withdraw. This is because the bank is under an obligation by law to know its customers and their use of funds. The purpose of this is to safeguard the customers’ financial interests and to identify any illegal activities.

We know that most of our customers are honest and that the funds come from a legal source, but we must ask questions from as many customers as possible so that we can identify any deviations.

Money laundering – What is money laundering?

Money laundering refers to disguising the origin of funds acquired by illegal means. This may include accepting, keeping or carrying funds related to criminal activity, and any other measures promoting the acquisition of such funds.

Criminals try to conceal the origin of funds so that they can use illegal money in legal operations. For example, criminals may try to deposit illegal funds into ordinary bank accounts. Criminals may use a third party to make a deposit or withdrawal. Possible acts of money laundering may include credit transfers between several accounts and banks, buying real property or exchanging funds into another currency. When the funds are eventually deposited into a bank account, it is very difficult to find out the criminal origin of the funds, and the funds may appear to have been obtained lawfully.

The bank must know all of its customers so that it can prevent such criminal activities. The bank may ask its customers to provide a clarification of the origin of funds in order to prevent illegal funds from ending up in the bank. The questions we ask from our customers form an important part of our work to prevent money laundering.

Form – What is the form for clarifying the origin or intended use of funds?

The bank may ask about the origin or intended use of funds in connection with a withdrawal, deposit or credit transfer. In practice, the bank asks the customer to fill in a form to provide the required information. If necessary, the bank will ask you to attach documents to prove that the information is correct.

By asking about the origin or intended use of funds often enough, we can get to know and understand our customers and their spending. This will also enable us to respond to potential threats or fraud that the customer may encounter.