Large cash payment for a car - legit?
Discussion
Barkychoc said:
I sold a car for 7.5k cash a few years back and had a hell of a job paying it into the bank - no local banks would take it (not my bank admittedly) in the end the Post Office took it. The old dears raised a few eyebrows when I started shovelling the notes through the window.
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very odd, you must live in a strange place..
rallycross said:
Barkychoc said:
I sold a car for 7.5k cash a few years back and had a hell of a job paying it into the bank - no local banks would take it (not my bank admittedly) in the end the Post Office took it. The old dears raised a few eyebrows when I started shovelling the notes through the window.
.
very odd, you must live in a strange place..
JiggyJaggy said:
Just realised the oxford Street branch is open until 2pm on Saturday's. Best not to take any chances with this one I think.
I won't claim to know the law here, but I would have thought you're still taking a risk accompanying the buyer to your bank to pay in the cash. If it turns out to be nicked / forged / marked / proceeds of crime it could as a minimum be a PITA.If however the cash passes through the buyer's bank to yours there is less chance, I would imagine, of the transaction being reversed.
I stand to be corrected by someone with a greater knowledge of how banks work.
13m said:
JiggyJaggy said:
Just realised the oxford Street branch is open until 2pm on Saturday's. Best not to take any chances with this one I think.
I won't claim to know the law here, but I would have thought you're still taking a risk accompanying the buyer to your bank to pay in the cash. If it turns out to be nicked / forged / marked / proceeds of crime it could as a minimum be a PITA.If however the cash passes through the buyer's bank to yours there is less chance, I would imagine, of the transaction being reversed.
I stand to be corrected by someone with a greater knowledge of how banks work.
If it's done via faster payment there is no chance of it being reversed.
My mate sold a car to a friend who banked with the same bank but in another location, he transferred 20K across and lo and behold the next thing both bank accounts were frozen, despite showing the bank the completed V5 with the new owners details which they agreed identified the account owner that the transfer came from it took another 6 weeks to sort it out! Major hassle but mainly due to incompetence within the branch admittedly...
JiggyJaggy said:
We are looking to sell one of our company cars this weekend and a chap form up north wants to come and pay cash. Its circa £40k so Im wondering if there are any issues or ramifications with this? I have suggested he places the cash straight into our business account but being a Saturday collection I'm not sure if any banks in central London are open.
Im also slightly edgy about the security aspect. Anyone has any recent experiences or advise they can offer?
Too much risk in this not worth doing: Im also slightly edgy about the security aspect. Anyone has any recent experiences or advise they can offer?
Too large an amount to check the notes properly
Weekend makes it very hard to pay into your own bank (and check its legit ie no fakes included)
Your business account will charge you a large amount for paying in that much cash
As said above, more than £10k for cash car purchase has implications, a garage has to get copy of passport or similar to prove the customer ID and then fill in forms for anti money laundering/ HMRC.
I would suggest to the buyer that it's too much cash to handle and suggest he comes and views, leave £10k deposit and pay another £10k on collection provided the other £20k is sent via bank transfer (not over the counter unless he pays the bank charges and is prepared to bring passport).
jaf01uk said:
My mate sold a car to a friend who banked with the same bank but in another location, he transferred 20K across and lo and behold the next thing both bank accounts were frozen, despite showing the bank the completed V5 with the new owners details which they agreed identified the account owner that the transfer came from it took another 6 weeks to sort it out! Major hassle but mainly due to incompetence within the branch admittedly...
That just wouldn't happen, unless via a court order.R8Steve said:
13m said:
JiggyJaggy said:
Just realised the oxford Street branch is open until 2pm on Saturday's. Best not to take any chances with this one I think.
I won't claim to know the law here, but I would have thought you're still taking a risk accompanying the buyer to your bank to pay in the cash. If it turns out to be nicked / forged / marked / proceeds of crime it could as a minimum be a PITA.If however the cash passes through the buyer's bank to yours there is less chance, I would imagine, of the transaction being reversed.
I stand to be corrected by someone with a greater knowledge of how banks work.
If it's done via faster payment there is no chance of it being reversed.
The other party could in theory pay it in. Though in practice the bank is unlikely to blithely accept £40k cash from someone they don't know. Furthermore, as we are agreed, there is less chance of anything going wrong if it passes electronically.
13m said:
R8Steve said:
13m said:
JiggyJaggy said:
Just realised the oxford Street branch is open until 2pm on Saturday's. Best not to take any chances with this one I think.
I won't claim to know the law here, but I would have thought you're still taking a risk accompanying the buyer to your bank to pay in the cash. If it turns out to be nicked / forged / marked / proceeds of crime it could as a minimum be a PITA.If however the cash passes through the buyer's bank to yours there is less chance, I would imagine, of the transaction being reversed.
I stand to be corrected by someone with a greater knowledge of how banks work.
If it's done via faster payment there is no chance of it being reversed.
The other party could in theory pay it in. Though in practice the bank is unlikely to blithely accept £40k cash from someone they don't know. Furthermore, as we are agreed, there is less chance of anything going wrong if it passes electronically.
R8Steve said:
13m said:
R8Steve said:
13m said:
JiggyJaggy said:
Just realised the oxford Street branch is open until 2pm on Saturday's. Best not to take any chances with this one I think.
I won't claim to know the law here, but I would have thought you're still taking a risk accompanying the buyer to your bank to pay in the cash. If it turns out to be nicked / forged / marked / proceeds of crime it could as a minimum be a PITA.If however the cash passes through the buyer's bank to yours there is less chance, I would imagine, of the transaction being reversed.
I stand to be corrected by someone with a greater knowledge of how banks work.
If it's done via faster payment there is no chance of it being reversed.
The other party could in theory pay it in. Though in practice the bank is unlikely to blithely accept £40k cash from someone they don't know. Furthermore, as we are agreed, there is less chance of anything going wrong if it passes electronically.
I don't think the buyer would risk paying the cash into his or her own account if it was later going to get bounced. But assuming he did and the transfer was electronic, do we know for sure that it couldn't be reversed if it had been actioned against hooky funds?
I am not sure why the OP is prepared to take the risk. Unless there is an incentive to do so...
R8Steve said:
jaf01uk said:
My mate sold a car to a friend who banked with the same bank but in another location, he transferred 20K across and lo and behold the next thing both bank accounts were frozen, despite showing the bank the completed V5 with the new owners details which they agreed identified the account owner that the transfer came from it took another 6 weeks to sort it out! Major hassle but mainly due to incompetence within the branch admittedly...
That just wouldn't happen, unless via a court order.13m said:
Yes I imagine that's what would happen.
I don't think the buyer would risk paying the cash into his or her own account if it was later going to get bounced. But assuming he did and the transfer was electronic, do we know for sure that it couldn't be reversed if it had been actioned against hooky funds?
I am not sure why the OP is prepared to take the risk. Unless there is an incentive to do so...
If done via faster payment, yes, 100%. I don't think the buyer would risk paying the cash into his or her own account if it was later going to get bounced. But assuming he did and the transfer was electronic, do we know for sure that it couldn't be reversed if it had been actioned against hooky funds?
I am not sure why the OP is prepared to take the risk. Unless there is an incentive to do so...
R8Steve said:
If done via faster payment, yes, 100%.
Defo 100%? Are you sure that there isn't some caveat about money laundering that give the bank a get-out? Banks don't like getting stuffed and I don't see them cheerfully taking £40k on the chin if the buyer turned out to be Mr Al Qaeda or Mrs Di Esh.13m said:
R8Steve said:
If done via faster payment, yes, 100%.
Defo 100%? Are you sure that there isn't some caveat about money laundering that give the bank a get-out? Banks don't like getting stuffed and I don't see them cheerfully taking £40k on the chin if the buyer turned out to be Mr Al Qaeda or Mrs Di Esh.So for example if Mr Al Qaeda buys a car from you for 40k and that 40k came from an illegal source POCA would go after his assets - In this case his new car. You have sold the car with no knowledge of Mr Al Qaeda's activities. Neither you nor the bank looses money.
If Mr Al Qaeda buys the car from you and it happens to have a bootful of missiles - you are most likely involved in the laundering process and a court may take the money from your account under POCA. Again, there would be no cost to the bank here.
A faster payment cannot be reversed though.
R8Steve said:
So for example if Mr Al Qaeda buys a car from you for 40k and that 40k came from an illegal source POCA would go after his assets - In this case his new car. You have sold the car with no knowledge of Mr Al Qaeda's activities. Neither you nor the bank looses money.
Are you suggesting that the bank would let me keep the £40k until Plod and the courts had recovered Al's assets and liquidated them?As far as I can see, in this country Al's representative in this country is likely to be young lad who at best might own a laptop and be in possession of the key to a rented bedsit.
But I think we're getting off topic here. £40k cash in branch would be too risky for me.
Du1point8 said:
Take him to your bank (if open on weekend) and hand it over to them direct and let them count/deal with it.
Once they are happy give him the keys.
If not open on a weekend, re-arrange for mid week.
I've done exactly this & it worked perfectly. The bank put it through one of those machines which counted it & presumably checked it wasn't hooky money. Took a couple of minutes (was £25k in £20 notes) & the bank were fine about it although they did ask where I'd got it from.Once they are happy give him the keys.
If not open on a weekend, re-arrange for mid week.
The money showed up in my account & the lad went on his way with his new car. This was a few years ago now though so I don't know if banks still accept that much cash.
13m said:
R8Steve said:
So for example if Mr Al Qaeda buys a car from you for 40k and that 40k came from an illegal source POCA would go after his assets - In this case his new car. You have sold the car with no knowledge of Mr Al Qaeda's activities. Neither you nor the bank looses money.
Are you suggesting that the bank would let me keep the £40k until Plod and the courts had recovered Al's assets and liquidated them?As far as I can see, in this country Al's representative in this country is likely to be young lad who at best might own a laptop and be in possession of the key to a rented bedsit.
But I think we're getting off topic here. £40k cash in branch would be too risky for me.
northwest monkey said:
I've done exactly this & it worked perfectly. The bank put it through one of those machines which counted it & presumably checked it wasn't hooky money. Took a couple of minutes (was £25k in £20 notes) & the bank were fine about it although they did ask where I'd got it from.
The money showed up in my account & the lad went on his way with his new car. This was a few years ago now though so I don't know if banks still accept that much cash.
They count it, they don't check it unfortunately. This is done later at the cash centre. It's quite common for notes to flag up as forgeries with big business deposits later on, night clubs/pubs especially. The money showed up in my account & the lad went on his way with his new car. This was a few years ago now though so I don't know if banks still accept that much cash.
The banks generally will accept any amount, it would be prudent to call ahead and tell them you're arriving with a bag full of money though.
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