boat buying....cash ok?

[nimbusgb]

Paid cash for a £40k + aircraft once. Seller ( actually his wife ) wanted me to transfer money before I took ownership, I wanted to time it the other way. In the end I gave him cash on exchange of the goods.

Possesion is nine tenths of the law. You have a 'signed bill of sale' document, I told my bank manager what I was doing with the cash and there were witnesses around.

Drove half way across Europe with the folding stuff tucked behind a panel in the back of the car


In later transaction following a sale to a French chap I was presented with an 'irrevocable tellers cheque' by the manager of the purchasers branch. It took 4 ( very stressfull weeks ) weeks to get the actual funds. Seems French banks ideas of irrevocable and UK ideas are completely different!

 

[coliholic]

Bought a car privately in July and chatting to the vendor I asked him how he wanted me to pay. I suggested a bank transfer and we discussed how that would work and timing and stuff and then he jokingly said "of course cash would be nice". So I agreed to that. Phoned my bank to make sure they had £12K in cash, drove to the branch and then the fun started. I've banked with this branch 30 years and have been to a couple of village functions with the girlie behind the counter so she knows me, in fact as I walked in she asked me how my Grandkids are.

Told her I was there to pick up the £12K and it was all there waiting for me. We counted it together and then she said she had to fill a form in.

"Did I have any proof of ID?" We laughed about that and I gave her my passport. Then she asked why I wanted the money. And I sort of laughingly but seriously said, "it's not really up to the bank what I spend my money on is it? So I don't really see that I need to tell you".

"Ah, but it's on the form" she says "and I have to put something in the box".

"Well in that case", I said jokingly, "put down drug buying".

"Can't put that down", she said, "I'll put down that you're buying a car."

"Oh that's a good one" I said and we all parted as friends.

Vendor was happy with the cash and didnt actually check it, but the whole deal worked OK but worryiong that the bank are as nosey as they seem.

 

[Refueler]

Bought a car privately in July and chatting to the vendor I asked him how he wanted me to pay. I suggested a bank transfer and we discussed how that would work and timing and stuff and then he jokingly said "of course cash would be nice". So I agreed to that. Phoned my bank to make sure they had £12K in cash, drove to the branch and then the fun started. I've banked with this branch 30 years and have been to a couple of village functions with the girlie behind the counter so she knows me, in fact as I walked in she asked me how my Grandkids are.

Told her I was there to pick up the £12K and it was all there waiting for me. We counted it together and then she said she had to fill a form in.

"Did I have any proof of ID?" We laughed about that and I gave her my passport. Then she asked why I wanted the money. And I sort of laughingly but seriously said, "it's not really up to the bank what I spend my money on is it? So I don't really see that I need to tell you".

"Ah, but it's on the form" she says "and I have to put something in the box".

"Well in that case", I said jokingly, "put down drug buying".

"Can't put that down", she said, "I'll put down that you're buying a car."

"Oh that's a good one" I said and we all parted as friends.

Vendor was happy with the cash and didnt actually check it, but the whole deal worked OK but worryiong that the bank are as nosey as they seem.

You'd exceeded the Bank of England / C&E limit for fund transfer. We have it at 10K and have to declare what money is for. Not banks fault.

You have to remember that vast sums of Drug money over years was laundered through UK banks ... anyone remember BCCI ? I had an account with them, best bank ever to deal with, but came as a shock when BofE closed them down for Columbian Drug money deals ... as I recall, system was that bank would pay out sums as low interest credit in cash to 'persons' ... actual money would come in to pay that credit - money used to pay being the drug money, but of course the money in barons hands was legal money from bank ... well something like that !!
UK has become paranoid about it ...