Depositing £20,000 in cash to buy a car with Monzo

Lewisp8

I've been trying to save up to buy a new car for a couple of years, I can't get finance due to a DRO 4 years ago and I struggle to save with my current account as I tend to spend the money too easily and never get anywhere. The only way I've been able to save is to withdraw cash and hide it in a box, I know this isn't sensible but it's what worked for me. Anyway, I've finally made an offer on the car I want to purchase which is just under £20K, I've got the cash but I'm in a bit of a dilemma. The dealership I'm buying the car from doesn't accept cash, only card or BACS and Monzo who I bank with do not allow more than £1500 cash deposits in a 6 month period. I'm a bit stuck, I've got all this cash, and can't seem to spend it, the offer on the car will run out soon and I can't find a way to get the cash in to my bank. Doe anybody have any ideas?

Grumpy_chap

Lewisp8 said:

I've been trying to save up to buy a new car for a couple of years, I can't get finance due to a DRO 4 years ago and I struggle to save with my current account as I tend to spend the money too easily and never get anywhere. The only way I've been able to save is to withdraw cash and hide it in a box, I know this isn't sensible but it's what worked for me. Anyway, I've finally made an offer on the car I want to purchase which is just under £20K, I've got the cash but I'm in a bit of a dilemma. The dealership I'm buying the car from doesn't accept cash, only card or BACS and Monzo who I bank with do not allow more than £1500 cash deposits in a 6 month period. I'm a bit stuck, I've got all this cash, and can't seem to spend it, the offer on the car will run out soon and I can't find a way to get the cash in to my bank. Doe anybody have any ideas?

Cash (actual notes) are expensive for a business to process and may be perceived as having a fraud risk.  Hence, not attractive to a car dealer.

Payment of this kind sum into a bank will raise alarm and possible risk of the account being frozen.  Do you have withdrawal receipts to support the history of the savings?

Unfortunately, what worked for you, is rather unusual.  

grumbler

Open an account with another bank. When making a deposit have two years of statements supporting your legend of withdrawals for saving.

Bigwheels1111

Are your mum and dad or close family members around. if you trust them
You could deposit chunks of cash into their account and they can forward it to your account.
I did it for my brother, about 3 months ago.
He though he would get a better deal with cash.
Not so.

Rob5342

Remember that Monzo has a daily limit of £10,000 for debit card transactions and bank transfers. Even if you could get the money into your account you would need to contact them to see if you could increase the limit.

Your best bet on is probably to open another account and hope you don't get burgled in the meantime. You will probably need proof of the source and/or have a limit on how much you can pay in on each visit.

Next time open a savings account with a notice period.

eDicky

You could forget about that car and about buying a car from any dealership, instead find the vehicle you're looking for being sold privately by someone who'll be happy to receive the cash.

xylophone

someone who'll be happy to receive the cash.

And be landed with the same deposit problem?

xylophone

The only way I've been able to save is to withdraw cash and hide it in a box

Presumably you have a record of the withdrawals?

You might open an account with one of the  high street institutions and transfer in a sum from your Monzo account.

You might then make an appointment at your branch and explain that you are holding cash which you have saved and produce the evidence of withdrawals from Monzo as above.

I would imagine that it would then be possible for you to deposit the cash and go ahead with a car purchase in due course?

eDicky

xylophone said:

someone who'll be happy to receive the cash.

And be landed with the same deposit problem?

He will have sold his car privately for cash payment. Will that be a problem in the UK these days..? It's been a while for me, but I would always write a bill of sale with a copy each, there's the V5...

[Deleted User]

eDicky said:

xylophone said:

someone who'll be happy to receive the cash.

And be landed with the same deposit problem?

He will have sold his car privately for cash payment. Will that be a problem in the UK these days..? It's been a while for me, but I would always write a bill of sale with a copy each, there's the V5...

The bank may ask for proof of the funds for AML / audit purposes. Any receipts, car adverts and other relevant docs will all work. 

I'm not sure Monzo will accept 20k as they only use those Paypoint terminals.

xylophone

He will have sold his car privately for cash payment. Will that be a problem in the UK these days..? It's been a while for me, but I would always write a bill of sale with a copy each, there's the V5...

I suspect that the vendor's bank  could raise questions about how the purchaser came by so much cash.