Withdrawing £20k in cash

JohnLock

Hello,

I need to withdraw £20k cash to buy a new car (cash in hand).
The seller is giving a £1k discount for cash payment.
I have never taken out this much money before.
Can I just walk into my local branch and do it, or will I be arrested?
Or do I need to order it? If I do, how do I do this?
I'd also prefer £50 notes only.

Willing2Learn

Pre-order and get ready for lots of questions

JuicyJesus

I doubt you'll be arrested!

I'd definitely go in ahead of time and order it, particularly if you want £50s. Banks tend to keep minimal cash on hand.

I do have to wonder where your £1k discount is coming from, mind - if it's a tax dodge, put it this way; they'll be saving a lot more than £1k on tax...

bengalknights

Ring your bank up and state that you need to withdraw £20k in cash in 50s at the branch you want to collect from.

They will then give you a date to turn up and request you for ID and "reason", the "reason" will be notified to HMRC and any ML institutes and thats it.

davetrousers

Sounds dodgy to me.

Shakin_Steve

davetrousers wrote: »

Sounds dodgy to me.

All of his posts sound dodgy

xylophone

Are you happy with the bona fides of the seller?

DavidT67

No legitimate, honest car dealer is going to ask for cash payment,; debit card or bank transfer maybe, but this sound like a risky transaction, where you could be left holding a lemon or stolen goods with no recourse. just saying...

PRAISETHESUN

I'd avoid getting that much cash out - IMO the £1000 "discount" isn't worth the hassle, or the safety aspect of having £20k in cash on me if something were to happen. I'd insist on paying electronically, or at worst a bankers cheque so there is at least some recourse if something goes wrong.

But if you HAVE to do it, definitely need to organise it ahead of time so the bank will have the funds on hand in the denominations that you require. Be prepared for questions galore.

NCC-1701

Shakin_Steve wrote: »

All of his posts sound dodgy

Yep, he claims he is 27 years old and has a son who has made 30k online in two months.

Terry_Towelling

Is the car brand new or just new to you? Presumably you will be getting a receipt if it is a brand new car. In my experience, the best deals are always when you agree to take the dealer's finance option (and settle early) and not cash. Dealers generally don't like to have large amounts of cash on the premises - so it doesn't really sound like a dealer transaction.

Is this one of those 'Nudge nudge wink wink, meet me in the service station/Sainsburys car park, guv' purchases?

Whatever you do, don't go alone.