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How to pay in £60k safely?
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What if the funds where to come from a business account, would that be accepted? I've had a large compensation payout in the past and that didn't raise any issues...0
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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.
Absolutely not true.
In fact if a bank genuinely suspected someone of money laundering the very last thing they would do is 'freeze' an account.
This would effectively be 'tipping off' the account holder about their suspicions.0 -
What if the funds where to come from a business account, would that be accepted? I've had a large compensation payout in the past and that didn't raise any issues...
The money can be tracked and traced to a legit source.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
[STRIKE]Does that mean every lottery winner has the annoyance of their accounts being frozen before they get their hands on their millions?[/STRIKE]
I would have thought you could just do priority payments like CHAPS. This is a recognised transfer method and needs to be initiated from the sender's side for a small fee. Producing a passport and copy of your ebay receipt is all I would be expected to do tbh!
Definitely don't do cash though!0 -
Absolutely not true.
In fact if a bank genuinely suspected someone of money laundering the very last thing they would do is 'freeze' an account.
This would effectively be 'tipping off' the account holder about their suspicions.
Your quite right but it's easy then explaining all the different things they may do from leaving you alone and you finding the police on your doorstep, to sending you a polite letter that they give you a month to move your account(s) elsewhere.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Anyone who wins lots of lottery cash gets lots of financial and other help so it wouldn't be a problem.choc_mouse wrote: »Does that mean every lottery winner has the annoyance of their accounts being frozen before they get their hands on their millions?choc_mouse wrote: »I would have thought you could just do priority payments like CHAPS. This is a recognised transfer method and needs to be initiated from the sender's side for a small fee. Producing a passport and copy of your ebay receipt is all I would be expected to do tbh!
Definitely don't do cash though!
It depends on the bank.
One bank refused to let a family member put a large sum in from her own savings account.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Your quite right but it's easy then explaining all the different things they may do from leaving you alone and you finding the police on your doorstep, to sending you a polite letter that they give you a month to move your account(s) elsewhere.
Better that than panic who could be a very innocent OP for no reason.
As they aren't money laundering they have no reason to worry.
Most banks will want to get the £60k into a savings account sharpish and then have the account holder sat in front of someone who wants to whisk their money away for a few years.0 -
Interesting, seems like a rich person's version of getting your "card declined".0
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Opinions please!
Your options aren't good.
1. If you go to his Bank and watch as he gets a counter cheque / Bankers Draft made out to you, and have it handed to you in front of the cashier .. that's safe. It will still take normal Clearing time, but it's guaranteed funds and he can't countermand it other than by claiming it's lost. Even then his Bank can't stop it until reasonable time has elapsed.
2. Or he sees the item ..... goes away and makes a CHAPS payment of the £60k .... then comes back once you have the cleared funds. Possible to do that in the course of a single day ...... if he's prepared to set up the CHAPS in advance and then wait until early evening.
Cash is a potential trauma / BACS is too long and the value exceeds Faster Payment. I would go with CHAPS ....... and split the £25 cost with him?If you want to test the depth of the water .........don't use both feet !0 -
60k isn't a lot of money
in my village I've waited behind people paying in 40K in cash
the issue here isn't money laundering but how do you know the money/cheque is real
I don't know the answer but concentrate on making sure you aren't defrauded rather than worrying about money laundering0
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