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Old 02 November 2010, 13:52   #21
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or of course it could just be a builder (or other tradesman) who has done a few cash-in-hand-for-no-vat jobs that he needs to do something with the cash without it going through the bank and having hmrc asking difficult questions about vat and corporation tax etc.
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Old 02 November 2010, 19:16   #22
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Money laundering regulations regarding accepting cash payment relate to businesses but I am not aware they apply to private individuals but I may be wrong.

From what I remember if a business wishes to accept cash payment for high value items they must register with HMC&E. They define a high value sale as in excess of 15,000 or the equivalent in any other currency.

If you have no good reason to suspect he is money laundering then as a private individual I am not sure it is technically your problem.

If it were me my greatest concern would be that some of the notes may turn out to be forged. From my experience some bank branches are very laid back about accepting largish cash deposits whilst others take forever checking every note whilst queues back down the street and customers stress levels turn platinum.

Take another method of payment then as others point out you may end up with an iffy bankers draft.
I think it depends on which industry you are in, in Bingo level is set at 2k, Betting shops & Casinos are more. Banks will flag up any large cash payments but will normally ask a simple question from the private depositer- my normal answer is 'I have just sold my car' - usually shuts them up.
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Old 02 November 2010, 19:33   #23
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I'd be wary of large sums of cash these days. It's most likely either stolen or forged,
No its most likely genuine hard earned cash. There is of course a slim chance its counerfeit.

Lots of people use cash, I bought a boat a few weeks ago from someone in S wales. We did the deal over the phone. I had no intention of driving all the way there to view it and then wait three days for a cheque or bank transfer and then drive back there to collect. Instead I drove there, checked it was as described, handed a fist full of red ones over and took the boat away.

I sold a RIB a year or so ago and the situation was the same, te guy did the deal over the phone, came down from the East Coast and wanted to take the boat away the same day. He gave me a fistful of 20s, i checked it and gave him the boat.

money laundering laws mentioned earlier do not apply to private sales.

If you are really suspicious of the guy buy a 10 UV money checker, count it, compare the notes with each other, check the serial numbers are different and just be a bit street wise.

Having taken a pile of cash of him you might find it helps negotiations in your next purchase, despite what al the worriers on here have said there are still many people who will do you a better deal for cash and don't want funds going through banks.

A lot of buyers have cash to spend because they earn cash, your only worry is wether your conscience can cope with knowing that they might not have paid tax on it.
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Old 03 November 2010, 04:40   #24
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CASH SPEAKS VOLUMES!
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Old 03 November 2010, 05:03   #25
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I personnally buy quite a few boats without having seen them. I tend to go through people that I know I can trust (thank you Malthouse and JM Yachting). On twenty odd boats i've been bitten once by trusting a rib.net member

I transfer the full amount up front before pickup because of the different money. Such a pain Britain being so backwards but thats your problem
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Old 03 November 2010, 05:10   #26
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CASH SPEAKS VOLUMES!


We just sold a Discovery a few weeks ago and after openly mentioning my unease at accepting a bankers draught (couldnt let xell over 10K's worth of vehicle go in exchange for what is just a bit of paper) we agreed with the buyer that he would Paypal me a deposit of 500 then the rest, he would transfer electronically at the time of collection by using his laptop and online banking. In this case it worked very well as both myself and the buyer had mobile internet dongles for our laptops and i was able to verify the money had gone into my account imediately.....

Other wise, as previously mentioned, cash is the way to go as even bankers draughts are not secure these days.

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Old 03 November 2010, 05:39   #27
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I personnally buy quite a few boats without having seen them. I tend to go through people that I know I can trust (thank you Malthouse and JM Yachting). On twenty odd boats i've been bitten once by trusting a rib.net member

I transfer the full amount up front before pickup because of the different money. Such a pain Britain being so backwards but thats your problem
Salut Pablo

We too go back and forward with all sorts of vehicles at least 6 or 7 times a year.....are you able to transfer your payments into a UK account as we do then pay the seller from this account?
As you know from the CB forum, , we live full time in France but we have a couple of UK accounts registered to our French address. This makes life so much easier for all of our dealings.
You may already be doing this though?

A+

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Old 03 November 2010, 06:17   #28
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A lot of buyers have cash to spend because they earn cash, your only worry is wether your conscience can cope with knowing that they might not have paid tax on it.
That wouldn't bother me at all, what would bother me is ending up with no cash and no boat and possibly in prison.

Just because I'm paranoid doesn't mean to say they aren't out to get me

As said internet banking and it's almost instant transfers is a good solution too
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Old 03 November 2010, 06:19   #29
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That wouldn't bother me at all, what would bother me is ending up with no cash and no boat and possibly in prison.

Just because I'm paranoid doesn't mean to say they aren't out to get me

As said internet banking and it's almost instant transfers is a good solution too
Crikey, I thought you lived in a low risk everyone leaves their keys in the ignition part of the world.
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Old 03 November 2010, 09:20   #30
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... everyone leaves their keys in the ignition part of the world.
Na, thats here
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