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Cyprus Eastern Forum Index » Banking & Insurance » Paying cash into A.N. Other's account
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Paying cash into A.N. Other's account 
Post: #1   PostPosted: Fri May 18, 2018 5:04 pm Reply with quote
journo
Joined: 22 Mar 2009
Posts: 5443
Pictures: 17

 
I'm sure most Forum members are aware of some new extended Anti-Money-Laundering legislation.

However, as a reminder:

In some instances you can no longer pay cash into a bank account other than your own (certainly already enforced in certain banks in the UK)........(eg, from grandparents/parents as birthday gifts to kids, to settlement of property rentals/purchases).

The banks say you can pay the money into your own account and then make a bank transfer.......

I might understand the limitations on large cash payments ....but if you wanted to reimburse a mate with euros or GBP20 you'd borrowed and you aren't in the same place at the same time to hand over the repayment ?????

Shocked

Nationwide, Santander, Barclays and Tesco banks in the UK already enforce this
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Post: #2   PostPosted: Fri May 18, 2018 5:53 pm Reply with quote
adyandkaren
Joined: 30 Aug 2005
Posts: 1400
Pictures: 23
Location: Derby / Deryneia

 
Just give them a paying in slip. You/they don't even have to lie as the bank never asks who you are.

Please don't ask me how I know this works or I would have to lie to you Wink
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Post: #3   PostPosted: Fri May 18, 2018 6:28 pm Reply with quote
journo
Joined: 22 Mar 2009
Posts: 5443
Pictures: 17

 
adyandkaren wrote:
Just give them a paying in slip. You/they don't even have to lie as the bank never asks who you are.

Please don't ask me how I know this works or I would have to lie to you Wink


We all know how, in certain circumstances, to get/use a paying in slip....this catches those who quite reasonably don't have access to and can't get one Smile
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Re: Paying cash into A.N. Other's account 
Post: #4   PostPosted: Sat May 19, 2018 9:49 am Reply with quote
CyprusForMe
Joined: 09 May 2007
Posts: 1714
Pictures: 0
Location: Having escaped the near-death experience of Sofia Bulgaria, happily living in Frenaros

 
journo wrote:
I'm sure most Forum members are aware of some new extended Anti-Money-Laundering legislation.

However, as a reminder:

In some instances you can no longer pay cash into a bank account other than your own (certainly already enforced in certain banks in the UK)........(eg, from grandparents/parents as birthday gifts to kids, to settlement of property rentals/purchases).

The banks say you can pay the money into your own account and then make a bank transfer.......

I might understand the limitations on large cash payments ....but if you wanted to reimburse a mate with euros or GBP20 you'd borrowed and you aren't in the same place at the same time to hand over the repayment ?????

Shocked

Nationwide, Santander, Barclays and Tesco banks in the UK already enforce this


When was this supposed to go into effect? I've paid into someone else's account this past November and someone has paid into mine in January this year. There were no issues doing so. These were small amounts - less than 100 euros.

_________________
.....The future, according to some scientists, will be exactly like the past, only far more expensive......
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Post: #5   PostPosted: Sat May 19, 2018 1:02 pm Reply with quote
bromerzz
Joined: 30 Aug 2005
Posts: 3985
Pictures: 0
Location: Deryneia

 
I do it all the time as recently as this week with HSBC and no problems.
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Post: #6   PostPosted: Sat May 19, 2018 2:47 pm Reply with quote
lamby
Joined: 01 Jul 2011
Posts: 615
Pictures: 0
Location: Sotira

 
Did it yesterday with Santander...no problem whatsoever?
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Paying cash into A.N. Other's account 
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