Selling something, buyer wants to pay cash...
Discussion
Wacky Racer said:
Be very careful.
Possible scenario.
Buyer comes to your house, takes picture, pays cash....all good.
Buyer leaves.
Five minutes later two huge thugs arrive, beat you half senseless and "retrieve" the cash.
Unlikely I know, but possible.
Arrange the handover in a bank or somewhere safe.
Your concern is gratefully received - in this case as the buyer is very Google'able it's not one of my worries. My main worry is a) showing I received the money legitimately (which should be easy), b) proving the funds come from legitimate sources (they are, but would take longer).Possible scenario.
Buyer comes to your house, takes picture, pays cash....all good.
Buyer leaves.
Five minutes later two huge thugs arrive, beat you half senseless and "retrieve" the cash.
Unlikely I know, but possible.
Arrange the handover in a bank or somewhere safe.
Depends on the bank (wouldn't advise depositing in either Natwest or HSBC.
Also the larger the branch the less hassle you will have (think larger branches in busy high street areas who are used to taking large cash deposits from close by businesses).
rough guidelines are any cash deposits 9,000 or more the banks may report to authorities if they cannot verify the source of funds - who picks up this report could be any government agency - S.O.C.A, normal plod, etc. My advise would be speak to the bank manager first - if you just turn up with that amount of used notes you may be turned away or the police will be called there and then.
I used to gamble large sums and have had my natwest account closed simply due to a high volume of cash in/out transactions. Banks deem large cash transactions as a major pain in the arse. I now deal with Barclays without problems and no stupid lectures from Natwest account clerks.
Please let us know who you get on.
Also the larger the branch the less hassle you will have (think larger branches in busy high street areas who are used to taking large cash deposits from close by businesses).
rough guidelines are any cash deposits 9,000 or more the banks may report to authorities if they cannot verify the source of funds - who picks up this report could be any government agency - S.O.C.A, normal plod, etc. My advise would be speak to the bank manager first - if you just turn up with that amount of used notes you may be turned away or the police will be called there and then.
I used to gamble large sums and have had my natwest account closed simply due to a high volume of cash in/out transactions. Banks deem large cash transactions as a major pain in the arse. I now deal with Barclays without problems and no stupid lectures from Natwest account clerks.
Please let us know who you get on.
Hmm. "Hello is that SOCA? Yes, well it's Natwest here. We have a man who's deposited a very large sum of money. Can you send a team around to arrest him?"
If it's a one off the bank clerk, or manager, may want to ask you where you got it from. You're quite entitled to tell them to mind their own but why would you?
There's no min or max withdrawl or deposit in banks but they're obliged to report any large cash amounts going in and out to the Inland Revenue, who may want to question you. But I doubt it.
The police will only be involved on their (HMRC) instructions. Possibly.
If it's a one off the bank clerk, or manager, may want to ask you where you got it from. You're quite entitled to tell them to mind their own but why would you?
There's no min or max withdrawl or deposit in banks but they're obliged to report any large cash amounts going in and out to the Inland Revenue, who may want to question you. But I doubt it.
The police will only be involved on their (HMRC) instructions. Possibly.
iambeowulf said:
There's no min or max withdrawl or deposit in banks
HSBC gave me hell when I tried to pay in the proceeds of a recent car sale. I had to provide copies of the buyers and sellers licence, the transaction reciept, the cars V5. All had to be shown in the branch with the buyer and seller present. We had nothing to hide so gave the info. I asked what would happen if we didn't, manager said my cash would be refused and I'd have to leave. £500 per day was the max deposit without questions being asked.
I have been surrounded in this growing up. The only reason the chap is paying cash is because either he or the person he received the cash from has not paid tax on it. He can tell you any story he likes but that is the start and end of it.
Which banksys are you selling BTW? I have a couple but won't be selling either. They're quite cool things...any plans to buy art with the proceeds?
Which banksys are you selling BTW? I have a couple but won't be selling either. They're quite cool things...any plans to buy art with the proceeds?
How would the buyer legitimately have £85K in cash to start with? It's extremely awkward and risky to carry about.
Even if you did have £85K cash for some reason, the 'normal' route would be to pay it into a bank, then transfer from there. So the fact he didn't has the amber light flashing.
Even if you did have £85K cash for some reason, the 'normal' route would be to pay it into a bank, then transfer from there. So the fact he didn't has the amber light flashing.
MrJuice said:
I have been surrounded in this growing up. The only reason the chap is paying cash is because either he or the person he received the cash from has not paid tax on it. He can tell you any story he likes but that is the start and end of it.
Which banksys are you selling BTW? I have a couple but won't be selling either. They're quite cool things...any plans to buy art with the proceeds?
Selling a Banksy to buy art... I like it! Which banksys are you selling BTW? I have a couple but won't be selling either. They're quite cool things...any plans to buy art with the proceeds?
Tried to deposit some money into a bank last year and got sat in a room and given the third degree by the bank manager. This was a branch in the middle of the City of London so you'd think they'd be used to handling large sums of money. Felt like I was treated like a criminal, even though it was all above board and that was nowhere near £85k.
I also attempted to put down a deposit for a car in cash and was given all sorts of grief by the dealer too so it seems my dream lotto win scenario of walking into an exotic car dealership to buy a car with a bag load of cash is also out the window.
I think you may struggle unless you have cast iron proof as to the legal providence of the funds. It seems the powers that be are determined to make cash transactions a thing of the past.
I also attempted to put down a deposit for a car in cash and was given all sorts of grief by the dealer too so it seems my dream lotto win scenario of walking into an exotic car dealership to buy a car with a bag load of cash is also out the window.
I think you may struggle unless you have cast iron proof as to the legal providence of the funds. It seems the powers that be are determined to make cash transactions a thing of the past.
Buyer arrives after banks have closed, hands over the £85k and leaves with picture...hour later buyer is on the phone to seller ranting he has been sold a fake and wants his money back, returns to seller hands back 'fake' picture takes cash back and leaves! buyer is now one £85k picture better off.
Me cynical?
Me cynical?
I think you just need to use a bank that's used to handling these sums - which I will guess you already do?
My business bank (non high street) does not bat an eye lid at a few 10's of K. I have seen people deposit / withdraw sums like that over the counter in plain view.
I have also seen someone collect a "brick" which was about 3 ft x 4 feet in euros wrapped in shrink wrap - I can only guess at c.1m?! Was put in a black duffle bag and he walked out with it.
My local high street bank don't like anything over a few grand. They are not used to it nor are they geared up for it. And they always assume you are a drug dealer. I tried to pay a few hundred $ back into my account in cash after a holiday and they gave me the 3rd degree. Bit of a joke really but they tick the box.
My business bank (non high street) does not bat an eye lid at a few 10's of K. I have seen people deposit / withdraw sums like that over the counter in plain view.
I have also seen someone collect a "brick" which was about 3 ft x 4 feet in euros wrapped in shrink wrap - I can only guess at c.1m?! Was put in a black duffle bag and he walked out with it.
My local high street bank don't like anything over a few grand. They are not used to it nor are they geared up for it. And they always assume you are a drug dealer. I tried to pay a few hundred $ back into my account in cash after a holiday and they gave me the 3rd degree. Bit of a joke really but they tick the box.
Its not an anti-cash culture. Its requirement under UK law and EU law to account for Anti-Money Laundering. The banks have to have sufficient controls in place to ensure they have done their Know YourCustomer and checked that this isn't illegal money in some way.
So rocking up to a bank with 85k and saying can I deposit this is 1) bound to solicit some concern from the bank 2) cause extra checks perfectly legitimately.
You should expect the bank to want you to properly verify your identity, the source of the money etc.
I personally would wager that its not such a problem in other countries, and co-incidentally they have significantly higher problems with the mafia / money laundering / bribery etc!
So rocking up to a bank with 85k and saying can I deposit this is 1) bound to solicit some concern from the bank 2) cause extra checks perfectly legitimately.
You should expect the bank to want you to properly verify your identity, the source of the money etc.
I personally would wager that its not such a problem in other countries, and co-incidentally they have significantly higher problems with the mafia / money laundering / bribery etc!
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