£20,000 cash deposit limit from ‌1 July 2024?

Tech_Boss

Tech_Boss

Tech_Boss

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Just had this email from Barclays:

As you use your account to pay in cash, we wanted to let you know fr‌om ‌1 July 2024, we’re introducing a maximum £20,000 cash limit you can pay into your personal accounts each year. This will restart each January.

If you have more than one personal account with us, this means the total amount of cash you can pay in across all of them is £20,000, including any children’s savings accounts.

This doesn’t include cash you’ll pay into any business current account you might have.

If you run a business but don’t have a separate account for it and need a higher cash deposit limit, search ‘Barclays business banking’ to find out more about our business accounts. It’s important to keep your business and personal accounts separate.

Why we’re doing this

The National Crime Agency estimates that over £35 billion has been laundered in the UK. Introducing our cash deposit limit will help us fight financial crime.

I’m a IT Support sole trader and take card payments / cash. Most of my customers are of the older generation and tend to prefer cash. I don’t know what to do.

I called my Barclays premier banking team this morning to have a go at them. It didn’t achieve much, but I had to let my feelings be known.

Anyone else received something similar from their bank?
 
Tech_Boss said:
... This doesn’t include cash you’ll pay into any business current account you might have.

...I’m a IT Support sole trader
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There is your issue - if you are running a business through a personal bank account then you can expect to have any restrictions which are applied to personal accounts. Just open a business account and pay into that...?

Money laundering is a massive issue, so I personally would support the changes.
 
jeez really?

I sold a house a couple of years ago, so guess I'd be stuffed?? I've been moving that cash about to various high interest accounts to make the tax man even more money off of my own...!

£20k seems laughably low, I mean you couldn't even buy a decent car these days with that!
 
Tech_Boss said:
If you run a business but don’t have a separate account for it and need a higher cash deposit limit, search ‘Barclays business banking’ to find out more about our business accounts. It’s important to keep your business and personal accounts separate.
Click to expand...

^ This is the answer.
If you are a sole trader, you are running a business and the account for it should be separate from your own.
 
SeatIbiza said:
jeez really?

I sold a house a couple of years ago, so guess I'd be stuffed?? I've been moving that cash about to various high interest accounts to make the tax man even more money off of my own...!

£20k seems laughably low, I mean you couldn't even buy a decent car these days with that!
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They paid you in physical notes and coins?

In this instance, the bank refers to physical cash, not transactions inside a computer.
 
SeatIbiza said:
jeez really?

I sold a house a couple of years ago, so guess I'd be stuffed?? I've been moving that cash about to various high interest accounts to make the tax man even more money off of my own...!

£20k seems laughably low, I mean you couldn't even buy a decent car these days with that!
Click to expand...
I think it literally means cash paid in over the counter. Not money moved around accounts. I assume it's to stop Turkish barbers and car washes money laundering.
 
SeatIbiza said:
jeez really?

I sold a house a couple of years ago, so guess I'd be stuffed?? I've been moving that cash about to various high interest accounts to make the tax man even more money off of my own...!

£20k seems laughably low, I mean you couldn't even buy a decent car these days with that!
Click to expand...
They're talking about cash, actual notes and coins. Did you pay for your house or receive payment for your house in cash?
 
So you are using a personal bank account for business purposes and Barclays have called you out on it, what is the problem? They dont know if you are a drug dealer piling cash into your account and they are duty bound to prevent people laundering cash
 
413x said:
What happens if you sell a high value car? I guess you have to do it by BT?

I guess you would anyway?

No idea. My car cost 3k
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Cash payments for high level cars are exceptionally rare, to the point many prestige dealers won't allow it for fear of having that much cash on the premises making them a target.
 
SeatIbiza said:
jeez really?

I sold a house a couple of years ago, so guess I'd be stuffed?? I've been moving that cash about to various high interest accounts to make the tax man even more money off of my own...!

£20k seems laughably low, I mean you couldn't even buy a decent car these days with that!
Click to expand...

Could definitely buy a Seat Ibiza tho
 
413x said:
What happens if you sell a high value car? I guess you have to do it by BT?

I guess you would anyway?

No idea. My car cost 3k
Click to expand...

You can still pay in cash over £20k, just not into a personal account within a 12 month period.

Car dealerships SHOULD have a business account, so they just put it in through that.

There is no problem/issue here at all.

But a person selling a legit high value item over £20,000...get it in BT or split it putting into your account or something...?
 
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Selekt0r said:
There is your issue - if you are running a business through a personal bank account then you can expect to have any restrictions which are applied to personal accounts. Just open a business account and pay into that...?

Money laundering is a massive issue, so I personally would support the changes.
Click to expand...
Well I did run a limited company with a business account for 7 years (until June last year). But my business partner was diagnosed with cancer of the oesophagus, so had to go sole trader. It was Barclays who told me just to use my personal account at the time
 
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