Selling something, buyer wants to pay cash...

[Petrus1983]

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.

[Petrus1983]

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]

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.

[Petrus1983]

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]

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.

[Petrus1983]

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!

[Petrus1983]

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).