Paying in more than £10k in cash

[Targarama]

Just sold a car for just over £11.5k. Buyer has cash. I'm nervous about any of it being dodgy (without the buyer's knowledge). Therefore I will pay the money into my bank before handing over the car. With the £10k money laundering limit, in order to save hassle should I just pay in 2 separate amounts 9k and 2.5k? Or does it really matter? I don't really want the taxman to come knocking (for hassle reasons, I've nothing to hide).

[Office_Monkey]

Can you not ask them to pay a deposit, and then pay the sum? Either that or pay into different accounts.

[Targarama]

If I take 9k at random from the stash I'll OK keeping the rest of the cash for a day if needed, then paying it in.

[HRG.]

No problem paying in over 10K whatsoever. And once hit's done you can complete the paperwork in the branch

[Duke Thrust]

When I've bought/sold cars I've always gone into the bank and watched the cash/bankers draft being drawn and directly over to my bank to pay it in before handing over the keys.

I've often wondered though, once I've paid it in, could the buyer cancel the draft?

[Tiggsy]

what a faff....if i bought a car and had to wait around for ages i'd be pretty miffed - why dont people just do a TT transfer? Sold/bought all my recent cars like that.

[Targarama]

All done. Paid in all the cash, no problems with bank. Took him a while to count it though (electonic counting machine used too).

[davemac250]

Duke Thrust said:

When I've bought/sold cars I've always gone into the bank and watched the cash/bankers draft being drawn and directly over to my bank to pay it in before handing over the keys.

I've often wondered though, once I've paid it in, could the buyer cancel the draft?

Yes.

Or there may not be sufficient funds to cover the draft.

Not an advisable way of doing things anymore.

[eightseventhree]

CHAPS transfer . . costs 30 quid, same day if done before 10am (or somthing to that effect) non reversable.

Once the cash is in hand over keys.

30 quid for peace of mind

Edited by eightseventhree on Thursday 6th August 14:12

[uuf361]

eightseventhree said:

CHAPS transfer . . costs 30 quid, same day if done before 10am (or somthing to that effect) non reversable.

Once the cash is in hand over keys.

30 quid for peace of mind

Edited by eightseventhree on Thursday 6th August 14:12

My bank quoted same day b4 2pm for CHAPS

I know that to be pretty accurate as I bought my last car this was and didn't get to the bank until after 1:30pm and seller had money by around 3pm