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The lounge Relax, take a break from photo and camera talk - have a chat about something else for a change. Just keep it clean and polite!

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Old 2nd March 2019
Internaut Internaut is offline
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So how do you put money in the bank.

Erm, without attracting the wrong kind of attention. A thread, in the lounge, with no trace of photography or politics. Iíve been living with the parents, and over time Iíve paid them monthly housekeeping. Over time, a pile of cash has built up, and a lot of £20 notes. At some point, those £20s will need to be replaced with the upcoming new fangled £20s. What happens if Dad starts putting some of this money into his bank account.

I ask because the money laundering checks are so tight, these days. Dad had to give up trying to get a bank account for mum. She doesnít drive, want a passport or be in possession of a shotgun licence (seriously, they asked if she owned a shotgun licence). I got a clue as to just how much we are monitored, last year.... Within days of me putting a few grand of PPI money into my bank account, I got a fishing letter from Revenue and Customs (ďHas there been a change in your circumstances youíd like to inform us of?Ē).

Obviously, I do encourage deaf git and the mad one to prioritise spending the cash over spending in any other way. Iíve also encouraged them to buy some dollars, next time the rate is good (which is as close to a political thing Iíll say here).

There is another forum far more appropriate to this thread, but some of the denizens know where I live....
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Old 2nd March 2019
blu-by-u blu-by-u is offline
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Re: So how do you put money in the bank.

Think you got to put in little by little and use CASH in your purchased plus get your mom a credit card.
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Old 2nd March 2019
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Re: So how do you put money in the bank.

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Originally Posted by Internaut View Post
Erm, without attracting the wrong kind of attention. A thread, in the lounge, with no trace of photography or politics. Iíve been living with the parents, and over time Iíve paid them monthly housekeeping. Over time, a pile of cash has built up, and a lot of £20 notes. At some point, those £20s will need to be replaced with the upcoming new fangled £20s. What happens if Dad starts putting some of this money into his bank account.

I ask because the money laundering checks are so tight, these days. Dad had to give up trying to get a bank account for mum. She doesnít drive, want a passport or be in possession of a shotgun licence (seriously, they asked if she owned a shotgun licence). I got a clue as to just how much we are monitored, last year.... Within days of me putting a few grand of PPI money into my bank account, I got a fishing letter from Revenue and Customs (ďHas there been a change in your circumstances youíd like to inform us of?Ē).

Obviously, I do encourage deaf git and the mad one to prioritise spending the cash over spending in any other way. Iíve also encouraged them to buy some dollars, next time the rate is good (which is as close to a political thing Iíll say here).

There is another forum far more appropriate to this thread, but some of the denizens know where I live....
With the use of such endearing terms, I would recommend the "Deaf Git" and "The Mad One" to spend every single penny and make a will leaving the house, car and everything else to a Pets Charity !

Jax
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Old 2nd March 2019
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Re: So how do you put money in the bank.

You don't have anything to hide, just deposit the cash and tell the truth...……..

Simples!

Edit::::::::;; Would the money be treated as income, thus liable to tax???
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Old 2nd March 2019
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Re: So how do you put money in the bank.

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You don't have anything to hide, just deposit the cash and tell the truth...ÖÖ..

Simples!

Edit::::::::;; Would the money be treated as income, thus liable to tax???
That was my thinking, at first, but one canít be too paranoid. There is certainly the record of the withdrawal of an amount every month, by me.
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Old 2nd March 2019
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Re: So how do you put money in the bank.

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Edit::::::::;; Would the money be treated as income, thus liable to tax???
Over at AccountingWeb there was a thread on whether a contribution from a family member towards household costs is income (and would fall within the Rent a Room scheme rules) and the answer was it's not treated as income. https://www.accountingweb.co.uk/any-...from-adult-son
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Old 2nd March 2019
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Re: So how do you put money in the bank.

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Originally Posted by Jax View Post
With the use of such endearing terms, I would recommend the "Deaf Git" and "The Mad One" to spend every single penny and make a will leaving the house, car and everything else to a Pets Charity !

Jax
They donít need any encouragement in that respect.
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Old 2nd March 2019
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Re: So how do you put money in the bank.

I was told of a money 'laundering' technique some years ago, and post it for interest. I've no idea if it works:

You visit a casino with the money and buy a load of chips. You then have a drink and 'swan' around for a bit and then go to the cashier and cash in the chips - getting a receipt. You then pay the money into the bank, and if there are any enquiries you can say that you won it gambling and produce the receipt!

Jim
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Old 2nd March 2019
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Graham_of_Rainham Graham_of_Rainham is offline
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Re: So how do you put money in the bank.

I had a similar thing when my Dad died. A biscuit tin stuffed with £20s.

Just took them to the bank...
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Old 9th April 2019
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Re: So how do you put money in the bank.

Quote:
Originally Posted by Jim Ford View Post
I was told of a money 'laundering' technique some years ago, and post it for interest. I've no idea if it works:

You visit a casino with the money and buy a load of chips. You then have a drink and 'swan' around for a bit and then go to the cashier and cash in the chips - getting a receipt. You then pay the money into the bank, and if there are any enquiries you can say that you won it gambling and produce the receipt!

Jim
On the BBC news this evening, it showed an item where an internet blackmailer who had made lots of money (millions?), making a transaction at a casino with lots off cash being counted out to him.

I wonder if he was 'laundering' the money he'd made as described above?

Jim
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Old 2nd March 2019
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Re: So how do you put money in the bank.

If you want to hide money away from the Tax Man, open a currency account with Barclays Bank. You can then keep your money as Euros, US Dollars or whatever you like.

The local branch has no knowledge of this, (I have asked and was told they have no access to currency accounts), and I struggle to get statements from them myself so I wish HMRC the very best of luck!

I should be clear that I opened the account for perfectly honourable reasons (i.e. receiving payments from customers in the Ä Euro zone) and I have no intention of hiding it from the Tax Man; but that is just the way it seems to work out.
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  #12  
Old 4th March 2019
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Beagletorque Beagletorque is offline
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Re: So how do you put money in the bank.

There is the £3000 annual tax free gift allowance too, usually for going the other way one assumes!
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Old 4th March 2019
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Re: So how do you put money in the bank.

Crazy situation really. I'm guessing none of us have the sort of cash that would make any tangible difference to Her Majesty's Government's income. The sort of people who have that sort of cash have all the professional advice and tricks up their sleeve to avoid paying the vast majority of what they should. Crazy world!
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Old 4th March 2019
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Re: So how do you put money in the bank.

It is Paul, all motivated by greed.

Those who have the most are some of the worst offenders.

I particularly resent the cynical greed of big corporates (mainly American) who not only avoid paying their taxes, but set up systems with the sole intention of fleecing ordinary punters who have no other choice.

PayPal's foreign currency conversion is a good example. PayPal offers a derisory exchange rate for foreign currency, but when I tried to spend some Euros today from my PayPal account they locked it "for security reasons".

Apparently I was supposed to change it to Sterling first and then let them change it back to Euros again. As you can imagine, a few hundred Euros would quickly become worthless using that trick.

Meanwhile they have my money in their bank which I cannot touch until they unlock it.
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Old 4th March 2019
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Re: So how do you put money in the bank.

Even if you have cash and willing to pay it into the bank, the real trick now is finding a branch that hasn't been closed down. I've been an RBS customer since I was 19 but they've closed the majority of branches round here, so it means a 20 minute drive to pay in.

We are seriously considering closing all our savings and current accounts and using the Post Office, that is until they also close their branches. Maybe the "Cashless Society" isn't as far off as some think.


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