Selling something, buyer wants to pay cash...
Discussion
Just wondering what the technicalities and legalities are around people buying with cash these days. I've been lining up a buyer for something (a picture, but can't see a difference with a car etc) for a while and he's just come back after agreeing the price saying he'll be paying in cash. Will I ever be able to pay it into my bank, and if so what will I need? The buyer is from a foreign country, just incase that makes a difference.
BoRED S2upid said:
Why wouldn't you be able to pay it into a bank? If they ask you any questions tell them it's non of their business or you won it!
I've heard of people having troubles, so just wondered what documentation I needed. It's just shy of £85k.http://www.thisismoney.co.uk/money/saving/article-...
Petrus1983 said:
I've heard of people having troubles, so just wondered what documentation I needed. It's just shy of £85k.
http://www.thisismoney.co.uk/money/saving/article-...
Warn them in advance and you should be OK.http://www.thisismoney.co.uk/money/saving/article-...
Biggest issue would be security - not just dud notes, but getting done over at either exchange, or going to the bank or overnight or some such.
I am all for a buying stuff for cash but I can't think of a legitimate reason why someone would want to pay for something worth £85K in cash.
Petrus1983 said:
I've heard of people having troubles, so just wondered what documentation I needed. It's just shy of £85k.
http://www.thisismoney.co.uk/money/saving/article-...
Oh. No wonder your asking a couple of grand and 85 is a different kettle of fish! I'd be more worried about checking them all than paying them in. http://www.thisismoney.co.uk/money/saving/article-...
desolate said:
Warn them in advance and you should be OK.
Biggest issue would be security - not just dud notes, but getting done over at either exchange, or going to the bank or overnight or some such.
I am all for a buying stuff for cash but I can't think of a legitimate reason why someone would want to pay for something worth £85K in cash.
I'm not worried about dud notes, but have listened carefully to the rest. I'd be paying it in the same day, hence not wanting issues with it. Biggest issue would be security - not just dud notes, but getting done over at either exchange, or going to the bank or overnight or some such.
I am all for a buying stuff for cash but I can't think of a legitimate reason why someone would want to pay for something worth £85K in cash.
desolate said:
Warn them in advance and you should be OK.
Biggest issue would be security - not just dud notes, but getting done over at either exchange, or going to the bank or overnight or some such.
I am all for a buying stuff for cash but I can't think of a legitimate reason why someone would want to pay for something worth £85K in cash.
Because they've sold something illegitimately for more, in cash? Biggest issue would be security - not just dud notes, but getting done over at either exchange, or going to the bank or overnight or some such.
I am all for a buying stuff for cash but I can't think of a legitimate reason why someone would want to pay for something worth £85K in cash.
I'd have no issue selling to the buyer OP. I would request the handover was done within a bank though.
It would certainly raise internal questions in the bank where it came from.
I'm pretty sure money laundering regulations state any cash payments £20k(?) have to be verified in some way when being paid in.
Why does he have to pay cash? Can't he pay it into his own account and then transfer it to you?
I'd not accept it myself, as if there are any issues later on I think the bank can 'freeze' that cash until it's proved to be legit.
I'm pretty sure money laundering regulations state any cash payments £20k(?) have to be verified in some way when being paid in.
Why does he have to pay cash? Can't he pay it into his own account and then transfer it to you?
I'd not accept it myself, as if there are any issues later on I think the bank can 'freeze' that cash until it's proved to be legit.
desolate said:
Seems sensible to me,
Still can't think of a legit reason why anyone would have 85K in cash and want to do a deal this way.
Not that unusual in (for example) Spain where a lot of property deals will involve large cash elements. Probably find its money that has been out of the banking loop for a while.Still can't think of a legit reason why anyone would have 85K in cash and want to do a deal this way.
21TonyK said:
Not that unusual in (for example) Spain where a lot of property deals will involve large cash elements. Probably find its money that has been out of the banking loop for a while.
Therefore not legit.s
t load of cash to top up the official position. It happens but it's not really legit!Genuinely appreciate the feedback - but mainly wondering on the legality/diligence issues. The money had come from the guy selling UK assets that he now wants to buy a picture with, rather than anything else. I understand why he wants to work this way, just more worried how it would affect me (other than finally finding an excuse to buy a 550!!).
Petrus1983 said:
Genuinely appreciate the feedback - but mainly wondering on the legality/diligence issues. The money had come from the guy selling UK assets that he now wants to buy a picture with, rather than anything else. I understand why he wants to work this way, just more worried how it would affect me (other than finally finding an excuse to buy a 550!!).
If it's legitimate then ring your bank and tell them.That will give you a steer as to how much trouble you will have.
If it's demonstrable tax paid clean money the worst that will happen is some PITA form filling and time wasting.
desolate said:
If it's legitimate then ring your bank and tell them.
That will give you a steer as to how much trouble you will have.
If it's demonstrable tax paid clean money the worst that will happen is some PITA form filling and time wasting.
Thanks - I'll pop along to my bank tomorrow and find out in advance what they'll need.That will give you a steer as to how much trouble you will have.
If it's demonstrable tax paid clean money the worst that will happen is some PITA form filling and time wasting.
Simpo Two said:
Smells a bit like money laundering/something dodgy quite frankly.
Whilst I don't think it is, I think proving its not will be complex - I'll find out, but annoyingly I'm having 2nd thoughts - unless someone wants a couple of Banksy's in exchange for a Lamborghini in a stupid colour! Gassing Station | Finance | Top of Page | What's New | My Stuff