Depositing £4500 in bank to buy a car?

13 comments

1. It entirely depends on the Bank. However, all of this should be easily bypassed when you simply explain that you’re purchasing a car. I’ve deposited more for rent without a hitch.

2. No issues whatsoever.

3. When you say cash do you mean physical cash?

4. I’ve cashed in £2000 physical cash at the post office before and my bank never raised any concern

5. No issue.

6. They will ask where it came from probably,money laundering seems to be their main worry

7. Depends on your bank. I had hell on earth trying to put 6k into HSBC a couple of years ago – it was from a car sale and they wanted copies of every document relating to the sale, even copies of the buyers account statements to show where cash was from, copy of the V5 etc.
   Wanted to tell them to piss off but couldn’t as I needed the cash in the account to pay my CC bill.

8. Occasionally banks do spot checks of where the cash has come from. Your answer would be it’s a gift from your in laws.

9. No issues putting g it in (£4500 is not even petty cash for a bank), but they may block payment and call the merchant when you use it. Tesco bank do this rather annoying a lot for fairly small purchases such (£400) whereas hsbc didn’t bat an eyelid when I bought a new bathroom in one payment.

10. Why don’t they just transfer it to you?

11. They might look at the transaction, but it depends on the bank you use and what their legal and compliance teams consider high risk

    There’s no lower limit on amounts that need to be investigated, the way money laundering regulations are written even a £1 payment that is suspicious is subject to the same investigation and reporting requirements (but the lower the amount the less likely it is to be considered suspicious)

    Do you need to pay in cash, or can you ask for the money to be transferred to your account? That would lower the risk

    Even if your bank asks questions about the cash being paid in, as long as it’s legitimate, you shouldn’t have a problem

12. Yes, I’ve done things like this several times. Nobody will care.

13. If you’ve got any outstanding debt with that bank, be careful and use a different account.

    The bank can just take the money out of your account and use it to pay off your defaults and there’s nothing you can really do about it. Obviously, not an issue otherwise!