In order to take an amount ranging from 10,000 to 50,000 euros in cash out of the country, individuals must present an authorization issued by the National Bank of Moldova at the customs. To obtain this authorization, applicants need an to submit an application to the National Bank with a number of documents attached. The document is issued free of charge.
“The need to present an authorization issued by the National Bank of Moldova for the withdrawal of cash from Moldova by resident or non-resident individuals occurs in the situation where the amount exceeds the value of 10,000 euros, but is not greater than 50,000 euros”, the central bank said in a response to IPN.
First of all, the applicant needs to show a valid passport. Proof of ownership documents are also required for the cash to be taken out, such as, for example, a property sale agreement or an heir’s certificate. Then, the applicant needs to show a certificate from the Fiscal Service that they don’t owe anything in taxes following the sale of property or other transactions from which the cash to be taken out resulted. Any other documents that the applicants feel could be useful may also be attached.
The National Bank has 30 working days from registering the application to issue the authorization or deny one. In the process, in accordance with anti-money laundering and anti-terror funding legislation, the central bank may ask relevant authorities to investigate any suspicions as to the legality of the money, during which time the administrative procedure is suspended.
Any untruthful or contradictory submissions, or failure of the applicant to comply with the National Bank’s requirement may be grounds for denying an authorization. Similarly, an authorization will not be issued if the inquired authorities find reasonable suspicions as to the legal origin of the money. Finally, taking out foreign currency cash may be temporarily prohibited under broader limitations that the central bank may impose to stabilize the domestic foreign currency market.
Individuals are required to declare in writing any cash over 10,000 euros or the equivalent. The maximum amount in cash allowed to be taken out of the country is 50,000 euros or the equivalent. If the amount exceeds this limit, only bank transfers are allowed.
