In the next week or so, I will be making quite a large purchase, what I will need to do is sell about £40,000 worth of investments held by HL, and transfer the money into my bank account. Will this cause any raised eyebrows, vis a vis money laundering or other nefarious activities?
I think I remember a threshold of £9000 below which no investigations are thought necessary, or maybe I dreamed that?
Am I being over-cautious?
Thanks for any insight.
Got a credit card? use our Credit Card & Finance Calculators
Thanks to Wasron,jfgw,Rhyd6,eyeball08,Wondergirly, for Donating to support the site
Is that money legit?
-
- Lemon Slice
- Posts: 256
- Joined: November 9th, 2016, 8:07 pm
- Has thanked: 95 times
- Been thanked: 54 times
-
- Lemon Half
- Posts: 6385
- Joined: November 4th, 2016, 11:35 am
- Has thanked: 1882 times
- Been thanked: 2026 times
-
- Lemon Quarter
- Posts: 3494
- Joined: November 5th, 2016, 8:43 am
- Has thanked: 3875 times
- Been thanked: 1422 times
Re: Is that money legit?
scottnsilky wrote:In the next week or so, I will be making quite a large purchase, what I will need to do is sell about £40,000 worth of investments held by HL, and transfer the money into my bank account. Will this cause any raised eyebrows, vis a vis money laundering or other nefarious activities?
I think I remember a threshold of £9000 below which no investigations are thought necessary, or maybe I dreamed that?
Am I being over-cautious?
Thanks for any insight.
Isn't the £9000 threshold the amount of cash you can withdraw or pay in without giving a reason?
Large amounts of money are being transferred all the time for car and house purchases. If it's being transferred from another financial institution - i.e. HL - then surely there shouldn't be a problem.
Steve
-
- Lemon Half
- Posts: 6050
- Joined: May 30th, 2021, 6:01 pm
- Has thanked: 1843 times
- Been thanked: 2067 times
Re: Is that money legit?
you can send quite a chuck far more than 40,000
https://www.fasterpayments.org.uk/how-much-can-i-send-0
https://www.fasterpayments.org.uk/how-much-can-i-send-0
-
- Lemon Slice
- Posts: 256
- Joined: November 9th, 2016, 8:07 pm
- Has thanked: 95 times
- Been thanked: 54 times
Re: Is that money legit?
Thanks for you replies, I log on to the internet bank every Saturday, just to check all is well, so I sent them a message to ask if its going to cause a problem. I've also found a Freephone number to call, I'll do that on Monday.
As has already been said, that amount of money must be transferred lots of times every day.
Thanks again.
As has already been said, that amount of money must be transferred lots of times every day.
Thanks again.
Return to “Bank Accounts Savings & ISAs”
Who is online
Users browsing this forum: No registered users and 32 guests