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How much cash can I pay into my bank

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rodz | 20:19 Wed 31st Oct 2007 | Business & Finance
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All of a sudden no one seems to want cash.
Does anyone know what I can pay into my bank before they refuse it?
Rodz

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lol
banks certainly wont refuse it but shops sometimes make you feel like a criminal if you hand over cash, takes 3 members of staff to hold it up to the light and check its for real etc
crazy stuff eh
Some banks will refuse large amounts of loose change or charge for accepting it because of the time it takes to weigh the bags. Different banks will have different limits and charges. They may refuse to accept large amounts of paper money or may ask questions about the source of the cash because of regulations regarding money laundering.
Question Author
Thought as much thanks for that.
Rodz
There are issues with bank accepting large amounts of coin into a current or savings account also because they may suspect that you are operating a business through your regular account when of course they want you to operate it through a business bank account which makes them more money (higher charges, monthly fees, etc.)
I do know that if you try to deposit a certain amount the bank has to report it. Something to do with preventing money laundering.My fiance works in a bank,when he phones me at lunchtime i'll ask him what the amount is if you haven't found out before then.
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Thanks everybody, that would be very usefull.
I shall be leaving for Tenerife by lunch time but I can pick the info up over there.
Lucky me
Rodz
Thanks again
If it's in notes a 'proper' bank they should accept any amount.

Over a certain figure they WILL report it to the money laundering authorities - without telling you. The 'certain figure' will vary from bank to bank and is supposed to be confidential.
The certain figure is Euro 15,000 (approx �10,000). They will refuse to accept any cash over that amount without a satisfactory explanation of where it came from (eg a one off car sale). This is under money laundering regulations.
My fiance said they have to report amounts over �5000.00 if the person depositing the cash hasn't got a legitimate explanation for the large amount of cash.If for instance you have sold a car and the buyer gave you cash that would be ok as long as you can prove it.
Question Author
Thanks everybody,
To hot here.
Rodz

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