How to transfer 12k cash?
Discussion
Our friends have moved back to Aus and left their BMW X5 for us to sell.
We sold it for 12k and have a stack of cash we need to get to them.
We can't deposit it into their accounts as that is no longer allowed.
I don't want to stick it into our account to transfer due to potential tax issues at a later date.
Looked at Western Union and they allow up to 4k cash deposit to be taken as a cash withdrawal there. Rate seems low, be 240 quid in fees and I would have to make 3 trips. Not ideal.
Any other suggestions with how to get them their cash with out it leaving is with a potential headache down the line?
They have English and aus bank accounts and he had a English business account
We sold it for 12k and have a stack of cash we need to get to them.
We can't deposit it into their accounts as that is no longer allowed.
I don't want to stick it into our account to transfer due to potential tax issues at a later date.
Looked at Western Union and they allow up to 4k cash deposit to be taken as a cash withdrawal there. Rate seems low, be 240 quid in fees and I would have to make 3 trips. Not ideal.
Any other suggestions with how to get them their cash with out it leaving is with a potential headache down the line?
They have English and aus bank accounts and he had a English business account
deckster said:
Why can't you deposit cash? Just answer the bank's questions and explain the situation, should be fine.
Equally, what tax issues are you expecting if you transfer from your account to theirs?
You're overthinking this.
Unless of course Tampon has reason not to want to draw attention to himself where it comes to cash transactions. Equally, what tax issues are you expecting if you transfer from your account to theirs?
You're overthinking this.
Though to be fair I deposited a smaller sum than that in several payments about 10 years ago. A recent FOI request threw up that one of the jobsworths at the bank had reported me to head office for unusual cash transactions when, in his opinion, my line of work didn't warrant it.
Cheers guys for some of the suggestions.
For those desperate to know why I don't want to cash the 12k myself: I am currently a middle class drug dealer and don't want the fed chasing my road man gotten P's.
I can't deposit the cash in their bank account, not allowed.
I don't want to put 12k into my account cause if I got caught for some cheeky Air B and B of my house and the famously friendly tax man looked back I could get stung for 40 percent of my friends car sale being a cash deposit on my account. Potential 4.8k bill.
Sorry no massive Don Corelone back story. Just trying to figure out a way to help friends with least potential issues for me.
Car is gone, fat wedge sat in my kitchen with my wife now checking every lock.
For those desperate to know why I don't want to cash the 12k myself: I am currently a middle class drug dealer and don't want the fed chasing my road man gotten P's.
I can't deposit the cash in their bank account, not allowed.
I don't want to put 12k into my account cause if I got caught for some cheeky Air B and B of my house and the famously friendly tax man looked back I could get stung for 40 percent of my friends car sale being a cash deposit on my account. Potential 4.8k bill.
Sorry no massive Don Corelone back story. Just trying to figure out a way to help friends with least potential issues for me.
Car is gone, fat wedge sat in my kitchen with my wife now checking every lock.
Edited by Tampon on Thursday 31st October 23:06
NickCQ said:
Why not buy the X5 off them first and then immediately sell?
Send them £12k from existing cash in your account and then deposit the cash into your account.
Nothing dodgy from a tax perspective, easily explained if challenged.
He cant do this because the car is already sold.Send them £12k from existing cash in your account and then deposit the cash into your account.
Nothing dodgy from a tax perspective, easily explained if challenged.
Sounds like the OP doesn't want to even get into an explanation situation with the tax man. Even if this is easily unexplainable once they start digging then the can is open and all the worms will start moving around.
The only way to get cash to him is the money gram people you've mentioned or other businesses like this.
Not sure you can post cash and if you did then the conversion from GBP to AUS needs to still happen and would probably be an over the counter type deal which isn't a great rate. If they have any friends and family in the uk who are planning to visit any time soon they could just take it with them again converting over the counter on arrival. This is then making it their problem as right now it feels like your problem.
You can post valuables but they might hit import tax problems. If you can think of something small to send which they can convert to cash or electronic money by selling on. You need to insure this obviously when you ship which the import tax is then based on if it applies. Obviously insuring for less avoids tax but has risk. Generally packages don't really get lost and if the item is solid like gold then it cant get damaged. You would need to buy the item or items cash here obviously.
The other option is just laundering the cash here by either gradually spending it on household expenses or more extravagant purchases like holidays which you can still pay cash for I think in stores - a good reason why the high street holiday shops will always exist if you ask me - or the good old gem of going down the casino and having a big win. You buy chips - lots of chips - with cash and then convert them back to electronic money. I wouldn't like to do 12000 in one night but its doable in theory. I've seen people spunk a couple of grand at a roulette table but they generally don't buy 2 grand of chips in one hit. I'm not sure if the casino can police this but as I've never really done it maybe they have their ways. If you have 3 or 4 nights at the casino winning this could raise a flag with the tax man if the tax man has any sense so I'd want to have one win for a large amount. Still feels dodgy buying 12 grand worth of chips. Maybe take 5 mates and all buy 2 grand each then cash in the lot yourself - again sounds dodgy but possible.
If you don't like the casino idea you need to flip items here which you buy cash and sell electronic. Obviously that's a bit of work and you'll probably eat into the cash a bit reducing its value. Ideally one item like a car .... oh hang on .... that's where we started.
I'm surprised you accepted cash for the car. Not many people do now for this exact reason and the inherent risk of someone turning up at your house with a bag of money and then leaving you after knowing you now have a bag of money sat there.
ATM said:
He cant do this because the car is already sold.
Sounds like the OP doesn't want to even get into an explanation situation with the tax man. Even if this is easily unexplainable once they start digging then the can is open and all the worms will start moving around.
The only way to get cash to him is the money gram people you've mentioned or other businesses like this.
Not sure you can post cash and if you did then the conversion from GBP to AUS needs to still happen and would probably be an over the counter type deal which isn't a great rate. If they have any friends and family in the uk who are planning to visit any time soon they could just take it with them again converting over the counter on arrival. This is then making it their problem as right now it feels like your problem.
You can post valuables but they might hit import tax problems. If you can think of something small to send which they can convert to cash or electronic money by selling on. You need to insure this obviously when you ship which the import tax is then based on if it applies. Obviously insuring for less avoids tax but has risk. Generally packages don't really get lost and if the item is solid like gold then it cant get damaged. You would need to buy the item or items cash here obviously.
The other option is just laundering the cash here by either gradually spending it on household expenses or more extravagant purchases like holidays which you can still pay cash for I think in stores - a good reason why the high street holiday shops will always exist if you ask me - or the good old gem of going down the casino and having a big win. You buy chips - lots of chips - with cash and then convert them back to electronic money. I wouldn't like to do 12000 in one night but its doable in theory. I've seen people spunk a couple of grand at a roulette table but they generally don't buy 2 grand of chips in one hit. I'm not sure if the casino can police this but as I've never really done it maybe they have their ways. If you have 3 or 4 nights at the casino winning this could raise a flag with the tax man if the tax man has any sense so I'd want to have one win for a large amount. Still feels dodgy buying 12 grand worth of chips. Maybe take 5 mates and all buy 2 grand each then cash in the lot yourself - again sounds dodgy but possible.
If you don't like the casino idea you need to flip items here which you buy cash and sell electronic. Obviously that's a bit of work and you'll probably eat into the cash a bit reducing its value. Ideally one item like a car .... oh hang on .... that's where we started.
I'm surprised you accepted cash for the car. Not many people do now for this exact reason and the inherent risk of someone turning up at your house with a bag of money and then leaving you after knowing you now have a bag of money sat there.
Well this guy hit the nail of the head!Sounds like the OP doesn't want to even get into an explanation situation with the tax man. Even if this is easily unexplainable once they start digging then the can is open and all the worms will start moving around.
The only way to get cash to him is the money gram people you've mentioned or other businesses like this.
Not sure you can post cash and if you did then the conversion from GBP to AUS needs to still happen and would probably be an over the counter type deal which isn't a great rate. If they have any friends and family in the uk who are planning to visit any time soon they could just take it with them again converting over the counter on arrival. This is then making it their problem as right now it feels like your problem.
You can post valuables but they might hit import tax problems. If you can think of something small to send which they can convert to cash or electronic money by selling on. You need to insure this obviously when you ship which the import tax is then based on if it applies. Obviously insuring for less avoids tax but has risk. Generally packages don't really get lost and if the item is solid like gold then it cant get damaged. You would need to buy the item or items cash here obviously.
The other option is just laundering the cash here by either gradually spending it on household expenses or more extravagant purchases like holidays which you can still pay cash for I think in stores - a good reason why the high street holiday shops will always exist if you ask me - or the good old gem of going down the casino and having a big win. You buy chips - lots of chips - with cash and then convert them back to electronic money. I wouldn't like to do 12000 in one night but its doable in theory. I've seen people spunk a couple of grand at a roulette table but they generally don't buy 2 grand of chips in one hit. I'm not sure if the casino can police this but as I've never really done it maybe they have their ways. If you have 3 or 4 nights at the casino winning this could raise a flag with the tax man if the tax man has any sense so I'd want to have one win for a large amount. Still feels dodgy buying 12 grand worth of chips. Maybe take 5 mates and all buy 2 grand each then cash in the lot yourself - again sounds dodgy but possible.
If you don't like the casino idea you need to flip items here which you buy cash and sell electronic. Obviously that's a bit of work and you'll probably eat into the cash a bit reducing its value. Ideally one item like a car .... oh hang on .... that's where we started.
I'm surprised you accepted cash for the car. Not many people do now for this exact reason and the inherent risk of someone turning up at your house with a bag of money and then leaving you after knowing you now have a bag of money sat there.
Yes to your reading of the situation. Looks like either I swallow the risk of cashing it myself or they take the hit on the exchange.
The other suggestions are way to much hassle for something so innocent. Their money their car I just wanted to do them a favour and it is turning into a bit of a mare.
We have tried to sell it for weeks but price expectations and the fact the parking brake lunched itself after they left made it more and more difficult to sell. When a bloke turned up and offered 12k cash, I rang them to check, they didn't answer so I took it to be done with the situation. Now I have another headache.
Thanks for the other suggestions though guys.
If it’s a one off, reason of “car sale” should be sufficient explanation to pay into your account, having access to the advert on your phone might be handy if challenged.
Think transactions over £10k are obliged to be reported. (Split with wife if paranoid) but If you’re worried about 40% tax I’m guessing £12k doesn’t look an unusually large amount for you.
Re your AirBnb worries - think you are still good for £7.5k annual income & if you are getting near this HMRC is Prob already looking at how frequently you are advertising & may have linked your mobile number phone number in your car advert to the one on air bnb. (They do search for recurring numbers to establish frequent traders v occasional)
Think transactions over £10k are obliged to be reported. (Split with wife if paranoid) but If you’re worried about 40% tax I’m guessing £12k doesn’t look an unusually large amount for you.
Re your AirBnb worries - think you are still good for £7.5k annual income & if you are getting near this HMRC is Prob already looking at how frequently you are advertising & may have linked your mobile number phone number in your car advert to the one on air bnb. (They do search for recurring numbers to establish frequent traders v occasional)
Tampon said:
I don't want to put 12k into my account cause if I got caught for some cheeky Air B and B of my house and the famously friendly tax man looked back I could get stung for 40 percent of my friends car sale being a cash deposit on my account. Potential 4.8k bill.
You are massively overthinking this. Deposit £12k in your bank and just transfer it to them - I've just done exactly the same for my father in law and didn't think twice about it. If you're really that worried, then presumably you'll have correspondence from your mate about the sale, a copy of the advert, a receipt, and hopefully a photo of the logbook before you sent it off to the DVLA.Hang on a minute....
These friends p1ssed off to Oz leaving you to sell their motor, which you've kindly done. Now they expect you to deal with the headache of getting the cash to them?
Isn't it up to them to get their money from you, causing as little hassle to you as possible as you've already done them a big favour? Can't they sort out a western union or something and you just deposit the cash?
These friends p1ssed off to Oz leaving you to sell their motor, which you've kindly done. Now they expect you to deal with the headache of getting the cash to them?
Isn't it up to them to get their money from you, causing as little hassle to you as possible as you've already done them a big favour? Can't they sort out a western union or something and you just deposit the cash?
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