Transferring £8000 - quick question

wannabemedic

Hello

Is there a limit to how much can be transferred between one person and another? It's a member of my family and the money is theirs but as a matter of convenience they were always able to deposit money into the local post office (it was so much more convenient than going to the bank in the city centre) and then I would transfer into a specific directsaver account which was separate from my own money, though in my name.

I'm now wanting to put this money back in their name, but wanted to check there aren't any rules/probs about transferring £8000 ish between accounts. I serached the forum and saw something about money laundering but not sure how that would apply/if it would apply.

Thanks

espresso

It depends on your bank. Lloyds and HSBC both have a £10k limit for telephone/online transfers, so you would need to check as some other banks are lower.

wannabemedic

Thanks, so there probably wouldn't be any questions/probs about why I'm transferring £8k across?

espresso

wannabemedic wrote: »

Thanks, so there probably wouldn't be any questions/probs about why I'm transferring £8k across?

No..............

wannabemedic

Thank you espresso & for the quick response too

bigstevex

I withdrew £7000 to buy a car a few months ago from my halifax account and they wanted know where i had got the money from, i had several large transactions go through in one month, house deposit in, house deposit out, car loan in, 2 X salaries in and then the car loan out, they even wanted proof, just a letter or something. I suppose they might have just been suspicious though

wannabemedic

bigstevex wrote: »

I withdrew £7000 to buy a car a few months ago from my halifax account and they wanted know where i had got the money from, i had several large transactions go through in one month, house deposit in, house deposit out, car loan in, 2 X salaries in and then the car loan out, they even wanted proof, just a letter or something. I suppose they might have just been suspicious though

Did they ask about the £7k or was it about the many large transactions?

There's no time limit so I could just transfer the money in smaller amounts dependent on what you were asked about - I can't prove where the money came from (unless they want my entire financial history in which case I can), just that it was casual savings over a period of time!

Jonbvn

espresso wrote: »

It depends on your bank. Lloyds and HSBC both have a £10k limit for telephone/online transfers, so you would need to check as some other banks are lower.

There is a £20k transfer limit on my HSBC account. I have reached this limit several times, especially when we purchased our house. It guess it may vary for different customers.

Althought slightly OT, I think there is a cash deposit limit of £5k for personal customers, after which the bank is obliged to notify the authorities. This is required to prevent money laundering.

bigstevex

Yeh, the cash limit of 5K applies to anyone unless you have a business account then its higher i guess.

As for my transactions, yes i think it was due to the large transactions over a short time period, i just thought it was funny though, the deposit came from a halifax savings account and they couldn't check. The same with the loan, they couldn't ring anyone/look at anything to show i had a loan for that amount with them. And i even had to request a room to have my money counted, they wanted to count out 7k infront of like 15 other people in the shop, how silly lol, i didn't wanna be mugged before i got out the door.

As long as you can say it came from another savings account don't worry about it, if they do report it or something, you have proof, albeit quite drawn out lol. Only feel guilty if your doing something wrong, which your not!