Cash payments abroad - possible?

[Adam]

I have an old friend who I'd like to perform a business transaction
with who lives abroad. I would like to send him money in the region of
several thousand pounds. If possible I would not like to leave a paper
trail.

Can I walk into a bank with a wad of cash and tell them to transfer
the money to a specified account, or must all international money
transfers be from account to account?

 

[Chris Blunt]

I have an old friend who I'd like to perform a business transaction
with who lives abroad. I would like to send him money in the region of
several thousand pounds. If possible I would not like to leave a paper
trail.

Can I walk into a bank with a wad of cash and tell them to transfer
the money to a specified account, or must all international money
transfers be from account to account?

For that amount of money, whatever method you use there's going to be
a paper trail. Nobody will accept a large amount of cash from an
anonymous person and remit it out of the country without verifying
your identity.

Chris

 

[Adam]

For that amount of money, whatever method you use there's going to be
a paper trail. Nobody will accept a large amount of cash from an
anonymous person and remit it out of the country without verifying
your identity.

Chris

Surely the purpose of identity checks is to ensure the money is good,
but that is a moot point if I bring it in cash?

Or is this related to money laundering laws and if so which law and
what are the thresholds?

 

[Simon Finnigan]

I have an old friend who I'd like to perform a business transaction
with who lives abroad. I would like to send him money in the region of
several thousand pounds. If possible I would not like to leave a paper
trail.

Can I walk into a bank with a wad of cash and tell them to transfer
the money to a specified account, or must all international money
transfers be from account to account?

Depending on the fees involved and where the person is, you may find it
easier to take the money to him yourself, by flying out there. Or post the
cash to him insured.

 

[Adam]

Depending on the fees involved and where the person is, you may find it
easier to take the money to him yourself, by flying out there.  Or postthe
cash to him insured.

I can't be resident in his country when I pay him as I am trying to
avoid VAT. I don't trust anyone other than family enough to post them
cash! He's a patent attorney and is listed with that country's Justice
Ministry as a registered patent attorney. I initiated contact for
services required and it wasn't unsolicited.

 

[Simon Finnigan]

I can't be resident in his country when I pay him as I am trying to
avoid VAT. I don't trust anyone other than family enough to post them
cash! He's a patent attorney and is listed with that country's Justice
Ministry as a registered patent attorney. I initiated contact for
services required and it wasn't unsolicited.

I`d question the integrity of someone in that position who is willing to try
and avoid taxation like this. If they`ll bend some rules, how do you know
they won`t bend other rules, to your detriment this time?

 

[Adam]

I`d question the integrity of someone in that position who is willing to try
and avoid taxation like this.  If they`ll bend some rules, how do you know
they won`t bend other rules, to your detriment this time?

I am resident in the UK at present and not resident in the country I
am drafting the patent in. So AIUI I am not legally required to pay
VAT - everything is above board. The country is a signatory of the
Paris Convention so a patent there is as good as a patent here.

 

[tim.....]

For that amount of money, whatever method you use there's going to be
a paper trail. Nobody will accept a large amount of cash from an
anonymous person and remit it out of the country without verifying
your identity.

Chris

Surely the purpose of identity checks is to ensure the money is good,
but that is a moot point if I bring it in cash?

Or is this related to money laundering laws and if so which law and
what are the thresholds?

 

[Chris Blunt]

I am resident in the UK at present and not resident in the country I
am drafting the patent in. So AIUI I am not legally required to pay
VAT - everything is above board. The country is a signatory of the
Paris Convention so a patent there is as good as a patent here.

In that case why do you want to use cash instead of sending the money
from a UK bank account? If you ever need to prove that you were not
resident in the recipient's country then being able to show the money
as having been sent from a UK bank account in your name would only
make your case stronger.

Chris

 

[Simon Finnigan]

In that case why do you want to use cash instead of sending the money
from a UK bank account? If you ever need to prove that you were not
resident in the recipient's country then being able to show the money
as having been sent from a UK bank account in your name would only
make your case stronger.

And having thought about it,I missed an important point. The OP states that
he doesn`t trust the person he is sending money to enough to send him cash,
but wants to send him the money without leaving a paper trail. No paper
trail means that, just like cash, it`s fairly easy for the other person to
deny ever having been sent the money. Could cause fun in the future!

 

[Chris Blunt]

No problem. Buy something like a valuable painting or a block of gold.
Pack it in your checked baggage and fly out to your friend. Give it to him
to sell there ))


Yes you can. Western Union will do this for the right fee. So may
others.
Of course it won't be paperless or untraceable ... and the recipient will
need proof of id to collect and it'll have some hefty transaction charges.

Western Union will accept cash, but they also require the sender to
provide two forms of identification. One of these (passport or birth
certificate) is to verify the sender's name, the other (utility bill
etc.) is to confirm his address.

Chris