How much can you lodge without the 3rd degree?

the_commander

Hi all, we own a camper van which we are about to sell for £26K

We will be getting cash. Can anyone tell me how much you can lodge into a bank account before you get the 3rd degree from them?

We are not doing anything dodgey, but I just don't want to attract an audit or anything as the thought horrifies me of getting all my records together.

Cheers for any advice.

JimmyTheWig

I'd be tempted to say bank it all at once as soon as possible.
Give the buyer a receipt and ask them if you want to give you a "receipt" to say they've given you the cash.

If you deposit it in bits and pieces it might look more dodgy. You will look like you've got something to hide.

tradetime

Not 100% sure on this one but I seem to remember hearing or reading somewhere that £10,000 or more being deposited in cash into a bank requires them to inform whoever with regards to money laundering prevention. But I'm sure someone will know for sure. I'd imagine walking into your local financial institution with £26k in a briefcase is gonna attract attention from someone.

fishingdobbie

I banked a cheque for £65.000 with no problems, but I did take the time to email them in advance, letting them know where it was coming from

tradetime

fishingdobbie wrote: »

I banked a cheque for £65.000 with no problems, but I did take the time to email them in advance, letting them know where it was coming from

That's a cheque, it's different since the source is traceable, I sold a house recently and was paid by transfer into one account and then had to move the money through my current account for quite a few accounts, and never raised a question. A breifcase of cash is likely to be a different story.

dunstonh

£26k paid in cash when you have no record of doing it will get questions asked but none that you have to worry about unless you have something to hide. Nothing more than probably 2 simple questions lasting no more than 30 seconds.

tradetime

dunstonh wrote: »

£26k paid in cash when you have no record of doing it will get questions asked but none that you have to worry about unless you have something to hide. Nothing more than probably 2 simple questions lasting no more than 30 seconds.

True, the OP may have nothing to hide, but usually someone handing over that much cash has, someone may be interested in where it came from, HMRC for example, I really don't know, just speculating out loud.

PasturesNew

I'd not worry about the 3rd degree. Simply take a copy of the advert and the vehicle document/new owner details and signature as showing where the money's come from.

debbie42

Just wondering what I'd do in those circumstances... Unless I knew (and trusted) the purchaser really well, I'd want a bank to check that the cash was ok. The thought of either carrying all that real cash to a bank, or getting there and finding it was dodgy wouldn't appeal to me at all.

holidayqueen

Dont work for a bank, but when large deposits are made to our co' by cash, if the cust then requests them back (similar to a withdrawal) the cust has to provide proof of where the money came from and only original official doc's are acceptable. ie banks sta's.

epsilondraconis

E-mail the bank in advance to tell them you'll be arriving with the money in a violin case and that you'll also be wearing a red carnation. Shouldn't attract too much attention. :cool: