Paying in large amounts of cash

pledgeX

What are high street banks policies regarding paying in large amounts of cash, say 10k plus?

Here's a ridiculous example. A mystery man wins the lottery and gives out 20k in cash to the first person he passes in the street, just for the hell of it. This lucky winner takes this money straight to the bank to try and pay it in.

Now because this person has no proof of where the money came from, and can't get any proof, will they just refuse to accept it due to their anti money laundering policies? If so, does the lucky winner just have to stash the cash under his mattress until he spends it all? What if he spreads it out and pays in 500 quid a month over the next 40 weeks?

EssexExile

I've been paid £6000 for a car & had no problem, was while ago though before "money laundering" became a thing.

System

If it's HSBC:

You'll need proof for any cash over £20 as they will presume you're a Colombian Drug Lord otherwise.

henm2

The answer is don't give cash. Transfer it to the other person's account electronically. That way even HSBC won't give the recipient any hassle.

chambta

You will be asked a question in all likelihood and you can offer an answer of some sort. If I wasn't doing anything illegal I wouldn't be concerned personally.

LplateSaver

I've paid £4000 in before no questions asked. It was harder getting £1000 out recently.. Got a grilling.

Krash420

A couple of solutions:
1. If you have multiple accounts, just split it between them
2. If you don't pay in some at a time, say 5k one month, 5k the next, etc...
3. Declare it as a gift from someone, and I think you should be ok with that, but not 100% sure
4. When paying off credit cards, instead switch to paying cash. Use this money
5. Open Metro account, they're least likely to ask I think

I should note that we've paid in large sums like this into normal accounts in the past, so you should just be able to put it in without worry. In terms of money laundering, we all assume you got the money legally, maybe from an abroad investment or something... How on earth are the banks going to know if its from that or the £100's you've withdrawn from their bank accounts over the last many years accumulated to that sum

Also if yo u have a Paying In book then you can deposit the money for some accounts in a Post Office as well which may avoid questions...

Caveat: I assume the source of your money is legal

GingerBob_3

LplateSaver wrote: »

I've paid £4000 in before no questions asked. It was harder getting £1000 out recently.. Got a grilling.

Really? Why was that, and what did they ask? Sounds completely over the top.

jimjames

Paid in £10,000 before with no problems. Other than the fear of being mugged walking down the street.

lisa110rry

I've paid in £1100 in cash in the past year, no problem (purchased some building materials on line for a friend, he repaid me in cash).

CKhalvashi

henm2 wrote: »

The answer is don't give cash. Transfer it to the other person's account electronically. That way even HSBC won't give the recipient any hassle.

I transferred £40k from one of the company accounts to my personal account and got grilled by HSBC on the phone, despite it coming from an account that I have access to, to an account I have access.

Don't be surprised if you get something similar.