Large Cash Gift, What do I do?

BiancaTrish81

My "Brother" who is a long term friend whom we consider family is from Pakistan and recently he and his wife have just sold one of their properties. They are gifting us a large sum of money to bless myself and my children. They are wanting to give us over 150k. However, because It will be in cash I am not sure how I go about putting it in the bank or dealing with it, without raising suspicion. This is the first time anything like this has ever happened. I would really appreciate advice so I can make decisions prior to it happening if it does. 

eskbanker

It will undoubtedly raise suspicion (both on here and at the bank(s)), but get him to pay it into a bank first and then transfer it to you electronically for a clear audit trail, with some documentary support about the reason for the gift.  Make sure that you have multiple current accounts first, with different banking groups, so that should this spook one, you can still carry on with your life without all financial assets frozen....

colsten

If the money is clean, there is no earthly reason why this should have to be transacted in cash. Ask your brother to pay it by bank transfer.

Don't forget to ensure your account(s) have FSCS protection for the entire sum.

BiancaTrish81

eskbanker said:

It will undoubtedly raise suspicion (both on here and at the bank(s)), but get him to pay it into a bank first and then transfer it to you electronically for a clear audit trail, with some documentary support about the reason for the gift.  Make sure that you have multiple current accounts first, with different banking groups, so that should this spook one, you can still carry on with your life without all financial assets frozen....

colsten said:

If the money is clean, there is no earthly reason why this should have to be transacted in cash. Ask your brother to pay it by bank transfer.

Don't forget to ensure your account(s) have FSCS protection for the entire sum.

Thank You so much. I have asked  him to do it electronically. What sort of account would be best to have for this sort of amount?

colsten

It entirely depends on what your plans are for the money. 

BrownTrout

When do the schools go back?

phillw

BiancaTrish81 said:

What sort of account would be best to have for this sort of amount?

One that doesn't charge you a fortune to receive money from outside of the UK.
Some you lose 20%.

digalumps

20%??? in that case ask him to send it to.you in cash.

deadendwaterfall

eskbanker said:

It will undoubtedly raise suspicion (both on here and at the bank(s)), but get him to pay it into a bank first and then transfer it to you electronically for a clear audit trail, with some documentary support about the reason for the gift.  Make sure that you have multiple current accounts first, with different banking groups, so that should this spook one, you can still carry on with your life without all financial assets frozen....

But if they spook one bank in this way, won't it cause them to add a CIFAS marker, thus spooking all other banks they might hold accounts with too? 

eskbanker

deadendwaterfall said:

eskbanker said:

It will undoubtedly raise suspicion (both on here and at the bank(s)), but get him to pay it into a bank first and then transfer it to you electronically for a clear audit trail, with some documentary support about the reason for the gift.  Make sure that you have multiple current accounts first, with different banking groups, so that should this spook one, you can still carry on with your life without all financial assets frozen....

But if they spook one bank in this way, won't it cause them to add a CIFAS marker, thus spooking all other banks they might hold accounts with too? 

Banks can't just add CIFAS markers on suspicion alone....

Socajam

eskbanker said:

It will undoubtedly raise suspicion (both on here and at the bank(s)), but get him to pay it into a bank first and then transfer it to you electronically for a clear audit trail, with some documentary support about the reason for the gift.  Make sure that you have multiple current accounts first, with different banking groups, so that should this spook one, you can still carry on with your life without all financial assets frozen....

Best advice given
OP please do as eskbanker suggested.  The last thing you need is for your daily living bank account to be blocked.