Depositing "Larger" Sums of Cash into a UK Current A/C

born_again

There is no way to do it that will not flag a issue when using the same bank. Small amounts or a lump sum. Unless you have proof of source of funds.
Cash deposits are a red flag now.
If you are a cash based business then that will not be a problem. If it cash you have been saving up over the years, then it is going to be a issue.

Grumpy_chap

xylophone said:

Or previous issues?

That could be the problem - I have a substantial hoard of £5 white and £1 Treasury notes but will they just take them over the counter?  So what if the ink is not quite dry?

[Deleted User]

HSBC were caught accepting large cash deposits for Mexican drug cartels in the US so are very cash risk averse now.

Go to a bank / branch (e.g. Lloyds) that has a business banking facilities and they will be used to processing large deposits.

If you've got a paper trail and it's legitimate then I wouldn't worry but you may have complete some paperwork.

Old_Lifer

One of my retired friends has his pension paid into his building society account.   He still thinks mainly in cash and cheques.  He withdraws cash and shops with cash.  Once a month  he withdraws cash and pays it into his bank account to fund his bills paid by direct debit .  He has done this for  many years  and nobody in his bank has ever asked asked the source of the funds. He always wears a jacket and tie and is a retired professional, so very middle class I suppose.

Grumpy_chap

Old_Lifer said:

One of my retired friends has his pension paid into his building society account.   He still thinks mainly in cash and cheques.  He withdraws cash and shops with cash.  Once a month  he withdraws cash and pays it into his bank account to fund his bills paid by direct debit .  He has done this for  many years  and nobody in his bank has ever asked asked the source of the funds. He always wears a jacket and tie and is a retired professional, so very middle class I suppose.

Established behaviours over many years are unlikely to be flagged.  If, however, the value of the payments in suddenly jumped, it may be noticed.

kaMelo

Old_Lifer said:

One of my retired friends has his pension paid into his building society account.   He still thinks mainly in cash and cheques.  He withdraws cash and shops with cash.  Once a month  he withdraws cash and pays it into his bank account to fund his bills paid by direct debit .  He has done this for  many years  and nobody in his bank has ever asked asked the source of the funds. He always wears a jacket and tie and is a retired professional, so very middle class I suppose.

I wonder if things would change if he dressed like this.

daveyjp

Old_Lifer said:

One of my retired friends has his pension paid into his building society account.   He still thinks mainly in cash and cheques.  He withdraws cash and shops with cash.  Once a month  he withdraws cash and pays it into his bank account to fund his bills paid by direct debit .  He has done this for  many years  and nobody in his bank has ever asked asked the source of the funds. He always wears a jacket and tie and is a retired professional, so very middle class I suppose.

Pension is a traceable source of income.  It will never flag.

jimjames

angryjames said:

pbartlett said:

hsbc are perfectly able to handle deposits of cash of any size - and they do have the processes and systems in place. You may think 20k is a large sum for hsbc to process but it's not

all you have to do when depositing it is satisfy their aml rules.

Of course they can do it, which is precisely why they were being investigated, but that aside this just begs my original question, how does one do this?

Go to the bank, pay in via machine or over the counter. I've done this at Natwest and Nationwide with no issues for a total of £45k

Eco_Miser

daveyjp said:

Old_Lifer said:

One of my retired friends has his pension paid into his building society account.   He still thinks mainly in cash and cheques.  He withdraws cash and shops with cash.  Once a month  he withdraws cash and pays it into his bank account to fund his bills paid by direct debit .  He has done this for  many years  and nobody in his bank has ever asked asked the source of the funds. He always wears a jacket and tie and is a retired professional, so very middle class I suppose.

Pension is a traceable source of income.  It will never flag.

Pension is traceable, but Old Lifer's friend is  breaking the link, by withdrawing cash at the building society and paying in cash at the bank. As far as the bank is concerned, he's just a guy paying in cash every month, yet no questions are being asked.