Benoni SAPS spokesperson Captain Nomsa Sekele said a man and his colleague withdrew money from two separate banks in Benoni on Thursday, Benoni City Times reports.
The money was placed in a laptop bag.
At about 3.25pm, the two were held up in a parking lot of a local shopping centre.
Sekele said the men, one of whom was armed, made their getaway in a car.
A case of robbery with a firearm has been opened.
Police have in the past warned members of the public not to withdraw large sums of money from banks, as it posed a risk to their safety.