Money from abroad

Newbie321

Hi all,
We are near to reaching the deposit / fees required for a house purchase.
However, overseas family have now approached us to lend them some money (£2000). It is for an urgent matter, where extended family are pooling together to help out.
This would be sent by Western Union in cash, and then sent back to us again via Western Union, next month or two.
By the time of completion, if we needed to rely on that £2000 for fees, would the repaid money cause an issue? Would I be better keeping it as cash, or depositing it back in to my account?
Thanks

cahillg81

As long as you keep a paper trail it should be find.

Voyager2002

Newbie321 wrote: »

Hi all,
We are near to reaching the deposit / fees required for a house purchase.
However, overseas family have now approached us to lend them some money (£2000). It is for an urgent matter, where extended family are pooling together to help out.
This would be sent by Western Union in cash, and then sent back to us again via Western Union, next month or two.
By the time of completion, if we needed to rely on that £2000 for fees, would the repaid money cause an issue? Would I be better keeping it as cash, or depositing it back in to my account?
Thanks

Note that Western Union is a very expensive way of moving money around the world. If the relatives have a local bank account then you would do far better using a money broker.

An additional point: if they repay in a few months, a transfer through a money broker would arouse less suspicion than the use of Western Union.

And I do suggest that you avoid paying any non-returnable fees until the money has been repaid, or else be sure that you can manage without it.