Depositing a large sum of cash

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Wulfserc
Wulfserc Posts: 2 Newbie
in Budgeting & bank accounts
Hi,
I've recently received money from my deceased father's insurance policy, it came to the amount of £30k, my uncle was the executor and has now released it to me but it is all in cash (odd I know), how do I go about putting this in the bank? Will I have to pay tax on it?

Cheers.
«13

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  • Sea_Shell
    Sea_Shell Posts: 9,441 Forumite
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    No you won't have to pay tax on the deposit (on the interest it then earns, maybe, depending on your own circumstances)

    However, you need to ask your bank for advice, and prepare to be asked a lot of probing questions. Can you provide any paperwork, copy statements from the estate?

    How on earth has it ended up in cash? Surely it would have been paid by cheque or transfer to the executor account. Why can't they transfer to you?
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.38% of current retirement "pot" (as at end April 2024)
  • Wulfserc
    Wulfserc Posts: 2 Newbie
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    Thanks for the reply, I have no idea how it's ended up in cash, that side of the family has always been very old fashioned and distrusting of banks but that's just made it extremely awkward and annoying for me to actually use the money!
  • Old_Lifer
    Old_Lifer Posts: 780 Forumite
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    An insurance company doesn't pay-out a large wad of cash in a plain brown envelope. Your uncle will have had a letter from the the insurer saying either that an amount had been paid by bank transfer or enclosing a cheque. Ask your uncle for a copy of the letter to show to the bank.



    From your own point of view, I would imagine that perhaps you may want to see the letter so you can be sure of the actual amount paid under the policy.
  • born_again
    born_again Posts: 14,606 Forumite
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    You are going to have to prove where the funds came from to pay in to a branch. Better to give it back to your uncle and get him to send it from his bank acc to your bank acc.

    That must have been a interesting conversation he had to get the 30K in cash from the branch..
    Life in the slow lane
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    Your uncle is trying to use you to launder this cash. As said above it will not have come from the insurance co and I don't see a bank just accepting your uncle gave you £30k in cash.
    If it were that easy they would be no need for expensive money laundering schemes.
  • 18cc
    18cc Posts: 2,120 Forumite
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    Be very careful. You stand a high chance of being asked some very awkward questions by the authorities.
  • Chino
    Chino Posts: 2,029 Forumite
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    edited 15 September 2019 at 4:05PM
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    18cc wrote: »
    ]You stand a high chance of being asked some very awkward questions by the authorities.
    You mean such as:
    Q: Where did these funds come from?
    A:
    Wulfserc wrote: »
    money from my deceased father's insurance policy

    Yes, that was awkward.

    Who exactly are these "authorities" and what would be "very awkward" about their questions?
  • Sea_Shell
    Sea_Shell Posts: 9,441 Forumite
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    It will be, if the next question is, can you prove that!!??
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.38% of current retirement "pot" (as at end April 2024)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Wulfserc wrote: »
    Thanks for the reply, I have no idea how it's ended up in cash, that side of the family has always been very old fashioned and distrusting of banks but that's just made it extremely awkward and annoying for me to actually use the money!

    Return the cash and ask for the money to be transferred from the executors bank account.
  • System
    System Posts: 178,100 Community Admin
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    born_again wrote: »
    .

    That must have been a interesting conversation he had to get the 30K in cash from the branch..




    From the Barclays website:
    "
    How much money can I withdraw over the counter in branch?

    There’s no limit to how much money you can withdraw over the counter in our branches – as long as you’ve got the money in your account.

    If you want to withdraw over £2,000, please give us 24 hours’ notice so we can make sure the money’s ready for you to collect."


    In practice the ease will probably depend on how much and how often you regularly move large amounts in cash. If your uncle is a one-man dealer in cars for example he might quite often carry very large sums in cash.
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