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50k in UK Bank account....need advice from experts please !!

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smartmind101
Junior Member
Posts: 67
Joined: Sun Jun 02, 2013 12:36 pm

50k in UK Bank account....need advice from experts please !!

Post by smartmind101 » Fri Jun 28, 2013 2:44 pm

Hello Friends.

I have an inquiry and will be highly thankful if you can advise me on it. I have taken money from my family back in home country. We had some known out here in UK, so they took that money in Indian Rupees and deposited cash into my UK account in installments e.g sometimes they deposited 5k, sometimes 7k, sometimes 2k etc.

Now, I have complete 50k in my account. So, here is the question - Can it be a problem if such a huge amount is kept in my UK bank? (I have read articles in google which state that some people's accounts were blocked since they had lot of cash deposited into their account). As such, I am quite worried since it my parents hard earned money.

Please advice. Especially if anybody is from a UK banking background or those who have/had 50k In UK bank account.

Thanks !!

rehan01
Diamond Member
Posts: 1635
Joined: Fri Aug 10, 2012 6:05 am
Location: London

Re: 50k in UK Bank account....need advice from experts pleas

Post by rehan01 » Fri Jun 28, 2013 2:48 pm

its quite possible they bank might raise concern about the funds coming into ur account ...... but as money deposited in small amount over a period of time so should be ok ..... but Ideally you should have transferred funds from your parents account to directly into yours so it would be much easier for you to answer the questions.

good luck

regards
smartmind101 wrote:Hello Friends.

I have an inquiry and will be highly thankful if you can advise me on it. I have taken money from my family back in home country. We had some known out here in UK, so they took that money in Indian Rupees and deposited cash into my UK account in installments e.g sometimes they deposited 5k, sometimes 7k, sometimes 2k etc.

Now, I have complete 50k in my account. So, here is the question - Can it be a problem if such a huge amount is kept in my UK bank? (I have read articles in google which state that some people's accounts were blocked since they had lot of cash deposited into their account). As such, I am quite worried since it my parents hard earned money.

Please advice. Especially if anybody is from a UK banking background or those who have/had 50k In UK bank account.

Thanks !!

Darvesh
Member of Standing
Posts: 441
Joined: Wed Feb 27, 2013 11:44 pm
Location: London

Post by Darvesh » Fri Jun 28, 2013 5:21 pm

i dont think ukba will be critical about the source of money. as long as u have money in your account regardless the source of money.

not always banking system raise the alarm upon having big sums deposited in account.
alternatively u may get a money gift form filled up by those who have given it to you.

Piyaji4200
Junior Member
Posts: 86
Joined: Mon Jun 17, 2013 1:12 pm
Mood:

Post by Piyaji4200 » Fri Jun 28, 2013 11:00 pm

Hiya
You don't worry about money held at Uk bank they can ask but if you have company accept I mean business account so dont worry when you want to invest money at Uk first transfer into your company accout then play with money they don't mind it
Thanks

smartmind101
Junior Member
Posts: 67
Joined: Sun Jun 02, 2013 12:36 pm

thanks a ton....

Post by smartmind101 » Sat Jun 29, 2013 6:11 am

thanks a lot for the suggestions friends. I reason why I got worried is - I already had my savings bank account with ABC Bank and I thought of opening a new current account with them also.

As address proof, I submitted my XYZ bank statement which was showing last months incoming amount into my account of 36k, in small installments (I took it to be just a part of formality...)

2 days later the lady from ABC Bank called me up and asked me that she needs to fill up the reason for so much money coming into my XYZ latest bank statement. I told her that due to complex banking system and high transaction rate in India, I am getting the pound conversion from my relatives in UK. She filled the same in my application and after 2 days she said that my current account application has been refused due to internal bank policies.

I asked her if this would affect my ongoing savings account with the bank. She said...NO, thats going fine with the bank.

I read experiences of few people over google who said that their accounts were blocked by their banks due to untold reasons.

Is their anyone who has/had 50k in his/her account with cash deposits over a period of time and was questioned by the bank ??

KickAss
Member of Standing
Posts: 294
Joined: Mon Jan 02, 2012 8:36 pm
Location: Surrey

Re: thanks a ton....

Post by KickAss » Sat Jun 29, 2013 6:39 pm

Not sure about your bank.
But I always has good experience with Barclay's.
Dont PM me.. Post it on the Forum ! It will help everyone :)
You can PM me the link or something specific to you.

samir01
Newbie
Posts: 48
Joined: Sat Jun 29, 2013 1:57 pm
Location: London

Re: 50k in UK Bank account....need advice from experts pleas

Post by samir01 » Wed Aug 21, 2013 11:02 pm

smartmind101 wrote:Hello Friends.

I have an inquiry and will be highly thankful if you can advise me on it. I have taken money from my family back in home country. We had some known out here in UK, so they took that money in Indian Rupees and deposited cash into my UK account in installments e.g sometimes they deposited 5k, sometimes 7k, sometimes 2k etc.

Now, I have complete 50k in my account. So, here is the question - Can it be a problem if such a huge amount is kept in my UK bank? (I have read articles in google which state that some people's accounts were blocked since they had lot of cash deposited into their account). As such, I am quite worried since it my parents hard earned money.

Please advice. Especially if anybody is from a UK banking background or those who have/had 50k In UK bank account.

Thanks !!
Lloyds Will Block you.
Barclays Everyday Savers Account would not Hurt you.
Halifax Everyday Savers Account Would not Hurt you.
Business Account Does not Hurt anyone.
Metro Bank can Hurt You.

searoze
Member
Posts: 139
Joined: Wed May 05, 2010 1:17 am

Post by searoze » Thu Aug 22, 2013 1:27 am

Piyaji4200 wrote:Hiya
You don't worry about money held at Uk bank they can ask but if you have company accept I mean business account so dont worry when you want to invest money at Uk first transfer into your company accout then play with money they don't mind it
Thanks
If you are a limited company and you have a company account then do not make this mistake. Once you have transferred funds into company's account then funds become company assorts (kind of income) and you have to pay tax for that money. :D
Mistakes are the portals of discovery.
Please correct me if am wrong

samir01
Newbie
Posts: 48
Joined: Sat Jun 29, 2013 1:57 pm
Location: London

Post by samir01 » Thu Aug 22, 2013 2:00 am

searoze wrote:
Piyaji4200 wrote:Hiya
You don't worry about money held at Uk bank they can ask but if you have company accept I mean business account so dont worry when you want to invest money at Uk first transfer into your company accout then play with money they don't mind it
Thanks
If you are a limited company and you have a company account then do not make this mistake. Once you have transferred funds into company's account then funds become company assorts (kind of income) and you have to pay tax for that money. :D
Sorry Buddy.
Personal Transactions are allowed. No tax or VAT is placed on Transaction in Personal Transactions. Unless you do not declare it as business transaction.
But I prefer people to keep money in their saving accounts, Business accounts no doubt sometimes might give u a bit of problem.

samir01
Newbie
Posts: 48
Joined: Sat Jun 29, 2013 1:57 pm
Location: London

Post by samir01 » Thu Aug 22, 2013 2:03 am

samir01 wrote:
searoze wrote:
Piyaji4200 wrote:Hiya
You don't worry about money held at Uk bank they can ask but if you have company accept I mean business account so dont worry when you want to invest money at Uk first transfer into your company accout then play with money they don't mind it
Thanks
If you are a limited company and you have a company account then do not make this mistake. Once you have transferred funds into company's account then funds become company assorts (kind of income) and you have to pay tax for that money. :D
Sorry Buddy.
Personal Transactions are allowed. No tax or VAT is placed on Transaction in Personal Transactions. Unless you do not declare it as business transaction.
But I prefer people to keep money in their saving accounts, Business accounts no doubt sometimes might give u a bit of problem.
Follwo Thread for Details

samir01
Newbie
Posts: 48
Joined: Sat Jun 29, 2013 1:57 pm
Location: London

Post by samir01 » Thu Aug 22, 2013 2:04 am

samir01 wrote:
searoze wrote:
Piyaji4200 wrote:Hiya
You don't worry about money held at Uk bank they can ask but if you have company accept I mean business account so dont worry when you want to invest money at Uk first transfer into your company accout then play with money they don't mind it
Thanks
If you are a limited company and you have a company account then do not make this mistake. Once you have transferred funds into company's account then funds become company assorts (kind of income) and you have to pay tax for that money. :D
Sorry Buddy.
Personal Transactions are allowed. No tax or VAT is placed on Transaction in Personal Transactions. Unless you do not declare it as business transaction.
But I prefer people to keep money in their saving accounts, Business accounts no doubt sometimes might give u a bit of problem.
Follwo Thread for Details http://www.immigrationboards.com/viewto ... 028#900028

smartmind101
Junior Member
Posts: 67
Joined: Sun Jun 02, 2013 12:36 pm

banks u cant bank upon !!

Post by smartmind101 » Thu Aug 22, 2013 9:36 am

thanks for sharing the info bro...

do u have any idea about how natwest is treating its customers with its savings accounts.

I got the money into my lloyds current account, but soon transfered it to natwest savings account. I am almost new to natwest, so would like to know about any experieneces you have heard about natwest if 50k is present in it.

Although, I must say I have had a very bad experience with natwest in terms of getting bank statements. they would only give 1 bank statement a month. i told them that as i am applying with my team member ( we have joint account in natwest), so I need another copy of statement by post, but they say that its not possible. Also, they say that they do not stamp the statements anymore....pheeewwww !!

As far as getting bank statements is concerned, lloyds has always been good. In case u need more copies, get it by paying £1.

Anyways, plz answer, about natwest experience. Thanks !!

samir01
Newbie
Posts: 48
Joined: Sat Jun 29, 2013 1:57 pm
Location: London

Re: banks u cant bank upon !!

Post by samir01 » Thu Aug 22, 2013 10:29 am

smartmind101 wrote:thanks for sharing the info bro...

do u have any idea about how natwest is treating its customers with its savings accounts.

I got the money into my lloyds current account, but soon transfered it to natwest savings account. I am almost new to natwest, so would like to know about any experieneces you have heard about natwest if 50k is present in it.

Although, I must say I have had a very bad experience with natwest in terms of getting bank statements. they would only give 1 bank statement a month. i told them that as i am applying with my team member ( we have joint account in natwest), so I need another copy of statement by post, but they say that its not possible. Also, they say that they do not stamp the statements anymore....pheeewwww !!

As far as getting bank statements is concerned, lloyds has always been good. In case u need more copies, get it by paying £1.

Anyways, plz answer, about natwest experience. Thanks !!
I have had bad information about NATWEST so i do not give you green light on that.

If you can Open these account like

Barclays Everyday Saver Account
Halifax Everyday Saver Account

you would be happy at all time as money will not be freezed and statements can be given anytime with sign and stamp from Barclays (Shphrd bush branch does it etc) however Halifax have branch to branch rule but (Eltam Highstreet branch )does it.

smartmind101
Junior Member
Posts: 67
Joined: Sun Jun 02, 2013 12:36 pm

thanks !!

Post by smartmind101 » Thu Aug 22, 2013 2:08 pm

thanks for the advice bro. Although I will not touch the money now, but yes, I will surely open up the barclays daily saver account. I have head good response for barclays in terms of both service as well as bank statements. Thanks !!

samir01
Newbie
Posts: 48
Joined: Sat Jun 29, 2013 1:57 pm
Location: London

Re: thanks !!

Post by samir01 » Thu Aug 22, 2013 2:29 pm

smartmind101 wrote:thanks for the advice bro. Although I will not touch the money now, but yes, I will surely open up the barclays daily saver account. I have head good response for barclays in terms of both service as well as bank statements. Thanks !!
Barcklays Daily Saver has a Limit of maximum £5700 per Year.
Your SUitable Option in Barclays is Everyday Saver Account Which gives Unlimited Movement of Money with no restrictions.
They May Add 10-20 Pounds of Profit per month as well you can give that in Charity.

askmeplz82
Diamond Member
Posts: 1736
Joined: Wed Jun 13, 2012 12:47 pm

Re: thanks !!

Post by askmeplz82 » Mon Oct 07, 2013 7:38 am

Best Bank is HSBC

i'm with Barclays, HSBC, Halifax & Lloyds

It's easy to open account with HSBC ( business , personal and saving or even joint )
UK Student Visa : 04/2004 - 09/2009
EEA Residence Card : 07/2010 - 7/2015
EU Settled Status: Confirmed on 16th July 2019
Naturalisation : Confirmed on 02nd Oct 2020

ChetanOjha
Moderator
Posts: 2771
Joined: Thu Dec 28, 2006 12:49 am
Location: London

Post by ChetanOjha » Mon Nov 18, 2013 9:25 pm

HSBC doesn't block/freeze account as long as you can explain the money. Also if money is transferred to your account from another bank account (instead of cash deposit) then there is not a problem as bank can always trace the account from where it is transferred.

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