Not Money Laundering

oshoshitzu

I tried to transfer £10, 000 from my Barclays account to another bank; but the transaction was refused because I don't have the new Barclays pin sentry card reader. It will take upto 7 working days to receive this. I'm thinking of going into my local Barclays branch and withdrawing the £10,000 out in cash and then depositing it in my Nationwide account, rather than wait for the card reader.

Is depositing £10,000 in cash in the Nationwide account likely to cause me hassle/ raise suspicions of money laundering. If it is I'll wait for the card reader?

I'm not a money launderer, I just want the money in the Nationwide account as quickly and easily as possible for transfer immediately to another account.


THANKS

debbie42

oshoshitzu wrote: »

Is depositing £10,000 in cash in the Nationwide account likely to cause me hassle/ raise suspicions of money laundering.

They will probably ask you questions about where the cash originated, but as long as you answer that there shouldn't be a problem. I'd be more concerned about getting the cash out of your bank: mine has limits, though special arrangements can be pre-ordered. Also, I personally wouldn't like to carry that much cash from one bank to the next!

isofa

Do you have a cheque book on the account? If so, just write a cheque.

Or BACS transfer it to your cheque account, (assuming it's also with Barclays to avoid any security issues), and then write a cheque from there.

Or ask Barclays to write a bank cheque for the amount you need, from the account, payable to yourself, ready to pay in at Nationwide.

tradetime

All good suggestions, a briefcase full of cash in this day and age really wants to be a last resort

JimmyTheWig

You would have to order that amount of cash. Couldn't just walk in and take it out. But still should be quicker than 7 working days.

Do they charge for a bankers draft? Might be the quickest way.

But to answer your question, as long as you've got your receipt to say that you've withdrawn that sort of cash from Barclays there can't be any money laundering worries...

Baldur

JimmyTheWig wrote: »

You would have to order that amount of cash. Couldn't just walk in and take it out.

That depends on the size of the branch, I suspect - I've certainly withdrawn significantly more than £10k in cash in the past, with no notice.

ad44downey

It's £5k maximum in my high street bank and that's only when you give them several days' notice.

TRUSt_NO_1_2

oshoshitzu wrote: »

I tried to transfer £10, 000 from my Barclays account to another bank; but the transaction was refused because I don't have the new Barclays pin sentry card reader. It will take upto 7 working days to receive this. I'm thinking of going into my local Barclays branch and withdrawing the £10,000 out in cash and then depositing it in my Nationwide account, rather than wait for the card reader.

Is depositing £10,000 in cash in the Nationwide account likely to cause me hassle/ raise suspicions of money laundering. If it is I'll wait for the card reader?

I'm not a money launderer, I just want the money in the Nationwide account as quickly and easily as possible for transfer immediately to another account.


THANKS

I once tried to draw £10000 cash out of Natwest and they started form filling.
I asked why and they said because once you hit £10000 they have to take precautions (fill out a few forms !) to prevent money laundering.
I asked what would happen if I reduced it to £9999.99p...to which they replied "oh you can have that straight away with no form filling at all"
So I withdrew £9999.99p
duh !

student100

Banker's draft would be no quicker than an ordinary cheque - so just write yourself a cheque from the Barclays account.

(A bankers draft is just a cheque drawn on the bank's account, rather than your own. This has the advantage to a third party that the bank is certain to have funds available whereas you may not have. However, from your own account, you know for sure the funds are there, so an ordinary cheque would be better in this case).

JimmyTheWig

student100 wrote: »

Banker's draft would be no quicker than an ordinary cheque

Seriously? Even though the funds are guaranteed it still takes days to clear? That's terrible.

In which case, a suitcase of cash it is, then. Check with your bank if you need to order it, though, and if you need any ID.
And get a receipt from the bank to say that you've withdrawn it as evidence that you are not money laundering.