How to pay in £60k safely?

RocketPig

Met a bloke on ebay, he wants to buy something off me for roughly £60k, have yet to discuss how I will take payment but heres my options and I would like some advice.

Scenario 1 - Bank transfer
Check item at my house, go to bank and do bank transfer...firstly will the bank be able to transfer 60k in one go without asking questions? Secondly I'd be worried doing this incase he's not legit and while we're out he's got someone breaking into my house....won't be possible to take said item with us.

Scenario 2 - Cash
He brings £60k cash. Few problems with this, how do I count it in a timely manner, how to I ensure such a vasty quanity is legit, how do I go about paying this into my only bank account as quickly as possible without getting my account flagged for money laundering!!

Opinions please!

LucyTheDwarf

Don't accept cash!!! I wouldn't trust it.

I'd ask my bank what payment method to use. They'll be all too happy to help you if you're bringing 60K in.

jenny_13

Are you serious?????

The bank are going to investigate you for fraud and money laundering. If this is legit get a solicitors contract drawn up and then if it does go wrong you'll have more protection. (Something to show the bank) You also need to be careful about where the money is coming from.

Liquorice_Twirls

You will be definitely investigated - this looks well dodgy so don't be surprised.

Like Jenny_13 says, if it is legit go to a solicitor.

RocketPig

I see.

So cash is out the window for obvious reasons, and the bank wont do / will freeze my assets if we do a bank transfer.

How does a solicitor add to the legaility to the second option?

jenny_13

RocketPig wrote: »

I see.

So cash is out the window for obvious reasons, and the bank wont do / will freeze my assets if we do a bank transfer.

How does a solicitor add to the legaility to the second option?

As if he isn't genuine he won't want a solicitor involved and when the bank freeze your account (doesn't matter how the money got in there) you will have a legal document to show where you received the money from.

olly300

RocketPig wrote: »

I see.

So cash is out the window for obvious reasons, and the bank wont do / will freeze my assets if we do a bank transfer.

How does a solicitor add to the legaility to the second option?

If you transfer 60K or put in cash into your bank account and it just randomly appears from a stranger not a company or someone closely related to you, then the bank will freeze your account due to money laundering regulations.

If you go to solicitor, accountant or anyone else who is covered by the law, then due to money laundering regulations they have to legally check you both out. This includes verifying your identity and checking where the money comes from.

As you are selling something expensive then it's worth getting a proper contract in place even if it's a simple one. You don't want the seller to turn round and state you sold them a fake item then demand the money back. Which is why people told you to go to a solicitor.

wendyphant

ok I am nosey am goignt o ask what are you selling on ebay for 60K OMG just think of the ebay fees !!!!!

LucyTheDwarf

wendyphant wrote: »

ok I am nosey am goignt o ask what are you selling on ebay for 60K OMG just think of the ebay fees !!!!!

Thanks, I didn't like to ask!

RocketPig

olly300 wrote: »

If you transfer 60K or put in cash into your bank account and it just randomly appears from a stranger not a company or someone closely related to you, then the bank will freeze your account due to money laundering regulations.

If you go to solicitor, accountant or anyone else who is covered by the law, then due to money laundering regulations they have to legally check you both out. This includes verifying your identity and checking where the money comes from.

As you are selling something expensive then it's worth getting a proper contract in place even if it's a simple one. You don't want the seller to turn round and state you sold them a fake item then demand the money back. Which is why people told you to go to a solicitor.

Excellent reply thank you. I always assumed the banks would do their own home work to ensure the money is legit.

On a similar note, I believe the largest amount of money you can put into your account is 10k, how often can this be done without raising alarm bells? Not that I intend to go down this route in this matter, solicitor all the way!!!

jenny_13

RocketPig wrote: »

Excellent reply thank you. I always assumed the banks would do their own home work to ensure the money is legit.

On a similar note, I believe the largest amount of money you can put into your account is 10k, how often can this be done without raising alarm bells? Not that I intend to go down this route in this matter, solicitor all the way!!!

Banks do there own research but you still have to prove it matches up with what they have found out.

I've put more than £10k in my account but that was from a family member. Sometimes even less than £1000 can raise alarm if the bank believes it doesn't fit the usual pattern. Putting in multiple large amounts would probably cause more problems.

Solicitor is your best way.