How much cash can I deposit into Current Account?
Discussion
peterperkins said:
They will want to know where it has come from above a certain amount.
Money laundering regs etc will mean the questions will get tougher re it's provenance the more you try and pay in.
Take some documentation + , passport, utility bill etc with you to ease the pain.
Morning, thanks for the heads up. Any idea how much the amount is before they start asking questions? It's not that inconvenient as I'm quite happy to visit my local Branch time and time again until I've paid in everything.Money laundering regs etc will mean the questions will get tougher re it's provenance the more you try and pay in.
Take some documentation + , passport, utility bill etc with you to ease the pain.
Simon.
Things like cash receipts from a shop, gambling winnings, or proceeds from selling a car are all reasonable sources for the cash if you have the paperwork to back them up, but if you're above GBP8800 (I think - this number changes from time to time) then the transaction will automatically be reported anyway, though that isn't necessarily going to cause you any difficulties.
It's only a problem if you can't reasonably explain where the money came from.
It's only a problem if you can't reasonably explain where the money came from.
Simon Bags said:
peterperkins said:
They will want to know where it has come from above a certain amount.
Money laundering regs etc will mean the questions will get tougher re it's provenance the more you try and pay in.
Take some documentation + , passport, utility bill etc with you to ease the pain.
Morning, thanks for the heads up. Any idea how much the amount is before they start asking questions? It's not that inconvenient as I'm quite happy to visit my local Branch time and time again until I've paid in everything.Money laundering regs etc will mean the questions will get tougher re it's provenance the more you try and pay in.
Take some documentation + , passport, utility bill etc with you to ease the pain.
Simon.
do, then do it. In one go, it only looks suspicious uif you've got something to hide (which at face value, dropping off largish sums over multiple times looks like)
When I worked for a second hand car dealer he often sent me to do the banking and that was mostly in cash. Some of it went into the company account, some of it went into his own account. Even though paying it into his own account was a bit dodgy there was never any trouble. I was asked initially to explain where it had come from - cars sold for cash - but then the staff got used to seeing me and all was well.
The upper limit for random cash deposits is unlikely to be widely known as that knowledge would be of help to money launderers.
The upper limit for random cash deposits is unlikely to be widely known as that knowledge would be of help to money launderers.
JulianPH said:
I was about to suggest you went into the branch and spoke to someone senior about this and ask them in advance what documents they will require and then return the next day with these and the cash (you could try and get an appointment as you would be carrying a large sum of money).
Why someone senior out of curiosity?You'll have a lot less trouble if you have proof of the source of the funds.
Mrs G29 works for HSBC and they have tightened their security procedures with stuff like this, she gets it in the neck from customers all the time as she has to ask customers all sorts of security questions, money laundering security is no joke, so don't be surprised if they start grilling you if you turn up with >£10K in cash without some background of where it came from.
I think the limits vary depending on your banking history etc, if it's not in keeping with your trends, then they are duty bound to ask questions.
Mrs G29 works for HSBC and they have tightened their security procedures with stuff like this, she gets it in the neck from customers all the time as she has to ask customers all sorts of security questions, money laundering security is no joke, so don't be surprised if they start grilling you if you turn up with >£10K in cash without some background of where it came from.
I think the limits vary depending on your banking history etc, if it's not in keeping with your trends, then they are duty bound to ask questions.
There is no limit on the amount
There is a limit on the amount that doesn't raise concerns - generally £5k is still worked on as a limit by many (though the guidance says €10k)
Paying it in in drips and drabs over a number of days looks more suspicious than doing it all in one go. If it is legitimate, just go to the branch and pay it in (or make an appointment to pay it in away from the front counter)
The bank will need to satisfy itself that the money has come into your possession from a legitimate source. If you can do that and also prove that you are who you say you are, there is no problem at all.
If it is from, say a car sale, the bank may well ask for the details of the buyer. Just because you have received the money legitimately does not mean that the buyer of the car got her hands on it legitimately.
If you accepted >€10k cash from someone then there is bit of a grey area about whether you should have taken steps to check things and there might be some comeback to you, even if only to ask you more about the source of the cash. (If you do it regularly for instance then this would apply https://www.gov.uk/guidance/money-laundering-regul... )
There is a limit on the amount that doesn't raise concerns - generally £5k is still worked on as a limit by many (though the guidance says €10k)
Paying it in in drips and drabs over a number of days looks more suspicious than doing it all in one go. If it is legitimate, just go to the branch and pay it in (or make an appointment to pay it in away from the front counter)
The bank will need to satisfy itself that the money has come into your possession from a legitimate source. If you can do that and also prove that you are who you say you are, there is no problem at all.
If it is from, say a car sale, the bank may well ask for the details of the buyer. Just because you have received the money legitimately does not mean that the buyer of the car got her hands on it legitimately.
If you accepted >€10k cash from someone then there is bit of a grey area about whether you should have taken steps to check things and there might be some comeback to you, even if only to ask you more about the source of the cash. (If you do it regularly for instance then this would apply https://www.gov.uk/guidance/money-laundering-regul... )
R8Steve said:
JulianPH said:
I was about to suggest you went into the branch and spoke to someone senior about this and ask them in advance what documents they will require and then return the next day with these and the cash (you could try and get an appointment as you would be carrying a large sum of money).
Why someone senior out of curiosity?Don’t forget to wear you bowler hat too!
Roman Rhodes said:
R8Steve said:
JulianPH said:
I was about to suggest you went into the branch and spoke to someone senior about this and ask them in advance what documents they will require and then return the next day with these and the cash (you could try and get an appointment as you would be carrying a large sum of money).
Why someone senior out of curiosity?Don’t forget to wear you bowler hat too!
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