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Is that money legit?

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scottnsilky
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Is that money legit?

#420620

Postby scottnsilky » June 18th, 2021, 9:35 pm

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.

AleisterCrowley
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Re: Is that money legit?

#420622

Postby AleisterCrowley » June 18th, 2021, 9:38 pm

You could ask your bank? They may appreciate the advance warning

stevensfo
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Re: Is that money legit?

#420625

Postby stevensfo » June 18th, 2021, 9:48 pm

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

pje16
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Re: Is that money legit?

#420626

Postby pje16 » June 18th, 2021, 9:53 pm

you can send quite a chuck far more than 40,000
https://www.fasterpayments.org.uk/how-much-can-i-send-0

scottnsilky
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Re: Is that money legit?

#420758

Postby scottnsilky » June 19th, 2021, 3:54 pm

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.


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