How to legitimise a large amount of cash?
Discussion
Just curious as a friend of a colleague has been handed £20k in £20 notes that her (bonkers...) mum has been hoarding. Now the new notes are out she has 6 months before they're not in circulation.
Presumably if she just turned up at a bank with it she'd be asked lots of awkward questions, so what can she do?
It sound like the mum is trying to hide the money so it doesn't get spent on care.
Presumably if she just turned up at a bank with it she'd be asked lots of awkward questions, so what can she do?
It sound like the mum is trying to hide the money so it doesn't get spent on care.
Had the same issue last year (albeit without the expiry issue) of a grandparent hoarding £25k in cash in a wardrobe.
We banked it in small quantities, couple of hundred each time, into multiple accounts, over several weeks. Paid for a few bits in cash instead of cards and got trusted close relatives to do the same. No issues at all.
Bank never asked any questions with £2/300 being deposited each time.
I imagine trying to pay in 20k in one go will raise a few problems!
We banked it in small quantities, couple of hundred each time, into multiple accounts, over several weeks. Paid for a few bits in cash instead of cards and got trusted close relatives to do the same. No issues at all.
Bank never asked any questions with £2/300 being deposited each time.
I imagine trying to pay in 20k in one go will raise a few problems!
Sounds like its time to search the Classifieds! Could get a beauty for £20k.
In all seriousness, Large private sales would be a good way of exchanging the money?
I wouldn't worry about depositing that amount in the bank, they might ask you where you got it from but you could then just say you sold your car or family members car?
In all seriousness, Large private sales would be a good way of exchanging the money?
I wouldn't worry about depositing that amount in the bank, they might ask you where you got it from but you could then just say you sold your car or family members car?
Bill said:
Just curious as a friend of a colleague has been handed £20k in £20 notes that her (bonkers...) mum has been hoarding. Now the new notes are out she has 6 months before they're not in circulation.
Presumably if she just turned up at a bank with it she'd be asked lots of awkward questions, so what can she do?
It sound like the mum is trying to hide the money so it doesn't get spent on care.
6 months, what makes you think that?Presumably if she just turned up at a bank with it she'd be asked lots of awkward questions, so what can she do?
It sound like the mum is trying to hide the money so it doesn't get spent on care.
Stay in Bed Instead said:
6 months, what makes you think that?
Just what I've been told. Looks like it's 6 months from the announcement they're being withdrawn. https://www.bankofengland.co.uk/banknotes/20-pound...DuraAce said:
Had the same issue last year (albeit without the expiry issue) of a grandparent hoarding £25k in cash in a wardrobe.
We banked it in small quantities, couple of hundred each time, into multiple accounts, over several weeks. Paid for a few bits in cash instead of cards and got trusted close relatives to do the same. No issues at all.
Bank never asked any questions with £2/300 being deposited each time.
I imagine trying to pay in 20k in one go will raise a few problems!
Sounds easier than I expected. We banked it in small quantities, couple of hundred each time, into multiple accounts, over several weeks. Paid for a few bits in cash instead of cards and got trusted close relatives to do the same. No issues at all.
Bank never asked any questions with £2/300 being deposited each time.
I imagine trying to pay in 20k in one go will raise a few problems!
I'd have thought there were systems to spot a pattern of deposits to prevent money laundering. Maybe they're not very good, or maybe you're now in a list! 
Bill said:
Just what I've been told. Looks like it's 6 months from the announcement they're being withdrawn. https://www.bankofengland.co.uk/banknotes/20-pound...
This what it says on the linkWe’ll give you 6 months’ notice of the date you’ll no longer be able to use the paper £20
so subtly different ?
DuraAce said:
Had the same issue last year (albeit without the expiry issue) of a grandparent hoarding £25k in cash in a wardrobe.
We banked it in small quantities, couple of hundred each time, into multiple accounts, over several weeks. Paid for a few bits in cash instead of cards and got trusted close relatives to do the same. No issues at all.
Bank never asked any questions with £2/300 being deposited each time.
I imagine trying to pay in 20k in one go will raise a few problems!
That would look significantly more suspicious than just putting the lot in unfortunately.We banked it in small quantities, couple of hundred each time, into multiple accounts, over several weeks. Paid for a few bits in cash instead of cards and got trusted close relatives to do the same. No issues at all.
Bank never asked any questions with £2/300 being deposited each time.
I imagine trying to pay in 20k in one go will raise a few problems!
Just put the lot in at once, if you get asked where it came from just tell them.
Theres nothing to legitimise, just pay the cash in. The cashier will either pass no comment at all or ask where it came from, the reason you've explained is perfectly acceptable. If they started paying in similar large amounts on a regular basis, that's when more questions would be asked.
Bill said:
Just curious as a friend of a colleague has been handed £20k in £20 notes that her (bonkers...) mum has been hoarding. Now the new notes are out she has 6 months before they're not in circulation.
Presumably if she just turned up at a bank with it she'd be asked lots of awkward questions, so what can she do?
It sound like the mum is trying to hide the money so it doesn't get spent on care.
Dear Friend Of Colleague Of BillPresumably if she just turned up at a bank with it she'd be asked lots of awkward questions, so what can she do?
It sound like the mum is trying to hide the money so it doesn't get spent on care.
I am the Crown Prince of Nigeria, and I can help you...
Pothole said:
They will ask, you will tell the truth, they will bank the funds and credit your account. There will be no inquisition, no black helicopters in the sky and nobody will be waterboarded. Why is everyone so afraid of honesty?
Not sure this whole scenario is too honest though, sounds more like trying to hide savings to benefit from the care systemmartinbiz said:
Not sure this whole scenario is too honest though, sounds more like trying to hide savings to benefit from the care system
Quite the leap 
When we lost one of my grandparents we had the removals people in and they lifted up a sideboard and it was literally like it was raining tenners.
People do weird stuff because it seems normal to them.
Sten. said:
Theres nothing to legitimise, just pay the cash in. The cashier will either pass no comment at all or ask where it came from, the reason you've explained is perfectly acceptable. If they started paying in similar large amounts on a regular basis, that's when more questions would be asked.
This.If you were trying to bank £20k in twenties every week then you'd get looked at but, in your case, just be honest.
SWAT won't break the door down for a one-off deposit.
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