Withdrawing £20k in cash

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
28 replies 3.9K views
JohnLockJohnLock Forumite
74 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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.
«13

Replies

  • Willing2LearnWilling2Learn Forumite
    6.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Pre-order and get ready for lots of questions
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • JuicyJesusJuicyJesus Forumite
    3.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    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...
    urs sinserly,
    ~~joosy jeezus~~
  • bengalknightsbengalknights Forumite
    4.9K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    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.
  • davetrousersdavetrousers Forumite
    5.9K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    Sounds dodgy to me.
    .....

  • Shakin_SteveShakin_Steve Forumite
    2.4K Posts
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    ✭✭✭✭
    Sounds dodgy to me.
    All of his posts sound dodgy :D
    I came into this world with nothing and I've got most of it left.
  • xylophonexylophone Forumite
    38.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Are you happy with the bona fides of the seller?
  • DavidT67DavidT67 Forumite
    183 Posts
    Eighth Anniversary 100 Posts Name Dropper
    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...
  • PRAISETHESUNPRAISETHESUN Forumite
    2.4K Posts
    1,000 Posts Second Anniversary Photogenic Name Dropper
    ✭✭✭✭
    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-1701NCC-1701 Forumite
    530 Posts
    500 Posts Third Anniversary
    ✭✭
    All of his posts sound dodgy :D



    Yep, he claims he is 27 years old and has a son who has made 30k online in two months.
  • edited 30 August 2018 at 4:34PM
    Terry_TowellingTerry_Towelling Forumite
    2.3K Posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭✭
    edited 30 August 2018 at 4:34PM
    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.
This discussion has been closed.
Latest MSE News and Guides

Card providers to reserve up to £100

When you pay at supermarket fuel pumps

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals