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

eskbanker

xylophone said:

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.

I can absolutely understand why that could be the case - if real money-launderers could simply sell cars to each other to turn a trail cold then that would be a pretty straightforward way of evading suspicion - but am unclear how that would work in practice?  An innocent car owner sells their car privately and rocks up to their bank with a pile of cash and some sort of evidence of the sale, but how likely is it that the bank will refuse the deposit if there is no further proof available of how the buyer originally came by those funds?  Obviously more of an issue for £20K than a few hundred but the principle is the same....

[Deleted User]

eskbanker said:

xylophone said:

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.

I can absolutely understand why that could be the case - if real money-launderers could simply sell cars to each other to turn a trail cold then that would be a pretty straightforward way of evading suspicion - but am unclear how that would work in practice?  An innocent car owner sells their car privately and rocks up to their bank with a pile of cash and some sort of evidence of the sale, but how likely is it that the bank will refuse the deposit if there is no further proof available of how the buyer originally came by those funds?  Obviously more of an issue for £20K than a few hundred but the principle is the same....

Balance of probabilities based upon the amount, reason and the account holder. There is an expectation of these occasional events with a high street branch but a fintech not so much.

Tiexen

Just to add, if you've been saving for years:

The Bank of England has warned that the deadline to use 'old style' paper £20 and £50 notes is just four weeks away.

Britons have until Friday, 30 September 2022, to spend the paper versions of the currency before they are withdrawn from circulation and no longer accepted as legal tender.

bleepbloopblorp

Tiexen said:

Just to add, if you've been saving for years:

The Bank of England has warned that the deadline to use 'old style' paper £20 and £50 notes is just four weeks away.

Britons have until Friday, 30 September 2022, to spend the paper versions of the currency before they are withdrawn from circulation and no longer accepted as legal tender.

They're not trying to spend them in Tesco, they're trying to pay them into their bank account.

Even then, Tesco could quite happily accept them for as long as they wish. You might want to Google what "Legal Tender" actually is.

[Deleted User]

Bigwheels1111 said:

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.

That's going to create red flags for banks, the AML guidelines will pick that up and, potentially, freeze accounts.

grumiofoundation

Bigwheels1111 said:

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.

This sounds like a terrible idea. Unless of course you want to risk all your family members getting their accounts frozen.