Is it possible to withdraw cash from the construction account?

Hello everyone,

Maybe someone has experience with this.

We are currently in the middle of the construction phase.

I can have money from the financing credited to our construction account at any time, usually takes less than 24 hours.

Can I also basically withdraw cash from it or is that not allowed or dependent on the bank?

I can definitely transfer it to my private account.

For example, if I want to buy scaffolding instead of renting it for about 5000 euros.

Thank you very much for your experiences

Works smoothly with us so far Invoice submission otherwise the available amount will no longer be replenished otherwise unproblematic Previously it was easier to advance payment, then submit the invoice, then it was approved and paid out within 2-3 days Ing Bank

You are already transferring to your bank account. You can also withdraw cash there. Depending on the amount, it becomes critical as there are maximum limits / limits for withdrawals. Of course, such transfers must later be documented with invoices. Not that you take a Karibik de Luxe vacation

That depends on the bank - brother-in-law at ING (direct bank) could not withdraw cash and also had to provide invoices for every cent spent.

At Sparkasse or Volksbank, you can freely withdraw cash from the construction account and you don’t have to prove everything with invoices, as long as the construction progress is regularly demonstrated with pictures.

That depends on the bank - brother-in-law at ING (direct bank) couldn't withdraw cash and had to justify every cent spent with invoices.

At Sparkasse or Volksbank, you can freely withdraw cash from the construction account and don't have to prove everything with invoices, as long as the construction progress is regularly documented with pictures.

So far, we had to justify everything with invoices at both banks. Where they are less strict are smaller amounts. The last 5000 or so we were able to receive as a remaining amount without proof. But anything larger had to be documented with receipts both at Sparda and ING in our case.

Why you supposedly can't withdraw cash via ING, I don't know either. Your construction financing has a reference account, which in our case is a regular checking account. I can transfer money there and then access it through the usual means. Also in cash.

Luckily, my Sparkasse neither requires images nor invoices. All withdrawals proceed relatively smoothly. They only mentioned that they might possibly send someone over once completion is done.