Big Pete

Hii

Just taken a very large ammount of cash yep remember that old crinkly stuff ? From the sale of my car .

Well was going to just pay it straight in the bank , but the guy said do him a favour feed it in as such a large ammount causes alarm bells ,and i could get tax and FBI crawling over me as they will think its money laundering ?

So anyone know ammount trigger limit is ? and if you have had any similar problems ?

Any ideas ..

derbyflan

If its legit then you've got no worries mate. The Bank will probably be all over you like a long lost friend.

Lionda

Oh - aren't they just soooo boring when it comes to depositing large amounts of money (I vaguely remember doing the same in the dim and distant past ) we were questioned when we put £45000 in from the sale of a house - hubby told them he'd robbed a bank - didn't go down too well so we told them we'd sold a house and they were ok. No problems. Glad to hear the sale of the car went through ok

rugbymatt

If its as much as I suspect from the sale of your car in the pics mate then be very careful.

If you deposit it, they will be obliged to inform IR that its been put into your account, its too large a sum to claim it as a gift and you will have to have at least some kind of paper trail.

If you try and change that amount in Euros you will have to do it in stages because the same applies, but god help you taking it abroad, they will screw you to the wall if they catch you.

Your best bet is to divide it up and deposit it in irregular lump sums, ie, dont put the same amount in every month, too suspicious!

Either that or give us all some to "look" after for you!!

SoJohn

hehe. How much? I think it's something like more than 7-10k before they start asking pesky questions. I'd just say put it in and face the music/tax. Customs might be a bit suspicious if you start transferring large amounts of cash.

rugbymatt

Thought it was much lower than that.

I often get paid in cash by clients, and I have had a couple of investigations because of s few big deposits.

spain

I think anything over 12,000€ has to be verified and its is automatically disclosed to the tax man - even if it is legit (surely the bank should of told you the amount ? ) a way around it is to pay in smaller amounts which will then go under the radar, time consuming yes but saves the hassle

when we sold our house the deposit went into our account, we had to supply full details of person it came from

BriscasBetterHalf

I'd be more concerned if you have received a large amount of cash as to if its all counterfeit or not!

Lionda

rugbymatt

I don't mind doing it for our Pete, do you?

Lionda

If it would help Pete then I certainly do not mind

spain

doh, just realised you are in UK - so ignore my reply

derbyflan

Well I've bought and sold a few houses in the recent past and have often had the money passed through my current account/s. I've never once had questions asked.

SueG

Can I suggest in future if you take a bankers draft? That way the Bank that issues the draft has already made the money laundering checks and you will have no questions asked when paying into your account. I think I would be worrying if I had been told by the Buyer not to pay large amounts in - why? - did he come by the money legally -if he did and you can prove that the money was for the sale of your car then there should be no worries on either side but if I was told what you were I think I would have refused cash and sent him off to get a draft from the Bank. Each to their own of course. xx

SueG

This money laundering is fairly new (five years or so?). Also if you sold through Solicitors then the money would have come from their client account so your Bank would not have raised any query in that instance.