Paying in large amounts of cash

Steve_xx

CKhalvashi wrote: »

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.

Yes I think by transferring that sort of sum in one go would cause them to panic a tad. However, it would often go through easily enough had you paid the same payee, in this case yourself, on a previous occasion. It'd absolutely come to a halt if the payee was someone you hadn't paid before, I reckon.

With cash deposits I would limit it to £1500 at a time and that should present no problems.

badger09

Steve_xx wrote: »

Yes I think by transferring that sort of sum in one go would cause them to panic a tad. However, it would often go through easily enough had you paid the same payee, in this case yourself, on a previous occasion. It'd absolutely come to a halt if the payee was someone you hadn't paid before, I reckon.

With cash deposits I would limit it to £1500 at a time and that should present no problems.

Do you have any evidence for this statement?:cool:

Steve_xx

badger09 wrote: »

Do you have any evidence for this statement?:cool:

Yes I've had to take cash on a number of occasions and have always limited it to this amount and I've never been asked any questions in different banks.

My friends grandma had been hoarding her pension for years, and putting it in the wardrobe. There were old notes etc. My friend found it and decided that it wasn't wise to let it go on as grandma was suffering some dementia. He couldn't take 23k to the bank in cash so he split it down into 1.5k portions and started taking it in. Part way through the exercise whilst at Lloyds, a friendly assistant who was trying to reduce the queue size offered help. He felt comfortable with her and so he sort of explained what he was doing. She was very understanding and took the last 5k - citing the fact that she'd rather it be deposited at Lloyds than anywhere else! But she did say that it was a wise decision not to try to deposit all 23k in one go!

robatwork

pledgeX wrote: »

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.

That doesn't happen.

More likely you have just been paid 20k in cash by Big Vern for your 1999 VW Golf in a clear case of money laundering.

So it's reasonable for the bank to ask why you have 20k in cash.

You don't have to put the money in the bank nor do they have to accept it.

GingerBob_3

robatwork wrote: »

That doesn't happen.

More likely you have just been paid 20k in cash by Big Vern for your 1999 VW Golf in a clear case of money laundering.

So it's reasonable for the bank to ask why you have 20k in cash.

You don't have to put the money in the bank nor do they have to accept it.

As far as the banks are concerned, just about everything is a clear case of money laundering! Except, of course, when they are doing it themselves!

Westie983

you can pay in what you like over the counter, the cashiers just ask if you have sold something as conversation.

you will have the questions when you go to withdraw it, as they will ask the source of the funds deposited, you should be fine to pay in, a large amount.

Steve_xx

Westie983 wrote: »

you can pay in what you like over the counter, the cashiers just ask if you have sold something as conversation.

you will have the questions when you go to withdraw it, as they will ask the source of the funds deposited, you should be fine to pay in, a large amount.

Yes you can pay in what you like over the counter. But be assured that if you traipse in there with 20k in your wallet then they'll be edgy and will no doubt ask you how you came by it.

GingerBob_3

Westie983 wrote: »

you can pay in what you like over the counter, the cashiers just ask if you have sold something as conversation.

you will have the questions when you go to withdraw it, as they will ask the source of the funds deposited, you should be fine to pay in, a large amount.

The stock answer to that one should be "Mattress. Now f*** off and get me MY money!"


If that was the common response they'd soon get the message and mind their own business.

Herbalus

GingerBob wrote: »

The stock answer to that one should be "Mattress. Now f*** off and get me MY money!"


If that was the common response they'd soon get the message and mind their own business.

More than likely the poor cashiers would be stuck in the middle of angry customers and branch management (who are on strict instructions to follow procedure from their compliance department).

Banks are complicit in law if one of their customers launders money through them, and no amount of swearing at anybody is going to change that.

jimjames

Steve_xx wrote: »

With cash deposits I would limit it to £1500 at a time and that should present no problems.

I think that might cause more issues, paying in a constant stream of cash. I had no problems with £10k cash and have done similar amounts before with no issues either.