How Much Money Can I Pay Into My Credit Cards And Bank Account Before I Get Asked The Source Of The Money?
Im clearing UK debts and the money is coming from a remortgage of my wifes house in Rep of Ireland. I will be transferring approx £30,000 into the UK to clear debts. However lots of the debts are less than £4000 and I could pay them of with a couple of installments without raising any eyebrows.
My wife does not want the UK banks etc to start quizing or annoying her about her personal circumstances in Ireland etc.
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When I worked in finance a transaction of over £2000 would trigger a money laundering question on the computer.
bank to bank transfers electronically or by paper cheque will not be questioned, regardless of amount because there is a paper (or electronic) trail. Only CASH transactions above a certain level (2000 GBP or 10,000 USD) will be questioned, and need certain forms)
If it is all legal money you should not have anything to worry about. You go there having that kind of money , it must be nice. I struggle from day to day worrying how to pay the necessary bills. I made a big wrong call in my life. I envy you.
you can Transfer the money to my bank account and if they start asking questions i promise not to to tell, no need to thank me, glad to help.
It depends.
If you transfer 30k into a UK bank account. You will get a phone call, probably not asking about where the money comes from, but more like do you have plans with it.
In which case you just say you do. And then that’s pretty much the end of the phone call.
Questions will be asked if it is cash.
If it is a bank transfer then there shouldn’t be a problem.
it will raise questions, but banks and credit agencies have ways to double check if the money is legit. it will take about a fortnight for the money to be available for transferring or withdrawal. but if your patient and can wait there should be no questions raised unless it has flagged up as not being legit.
If it is cash then you would raise eyebrows but if it isn’t then you have no problem.
Nobody ask you for source for clearing your debts: go head