The 73-year-old was stopped at the border between Luxembourg and Saarland in Germany, where customs officers found €50,000 in each of his shoes and a further €100,000 in clothes packed in a suitcase.
The limit for taking money between Germany and the tax haven of Luxembourg is €10,000. People carrying large sums also have to say where the money has come from and what it will be used for.
He was on his way back from Luxembourg when he was stopped by German customs.
The pensioner was caught on Thursday November 7th and summary proceedings have now begun against him, the customs office said.
“Money is hidden as often as narcotics,” a spokeswoman for the customs office in Saarbrücken said in a statement.