Car sold

Hi all
Im a new Monzoer but am selling my car soon

Is it OK to have £14,000 paid in by transfer, will the bank rule it money laundering and hold the money, which I need to buy my new car
Thanks

It’ll be fine.

You could always just let them know.

I’ve never had a problem with large transfers in other banks. The only time I’ve had an issue was an immediate transfer in and then out.

Maybe keep the £14k in for a little while?

2 Likes

If you’re really concerned you could let them know in advance that this is happening. I did this with a very large sum of money coming in and they said they would make a note on my account. I didn’t have any issues.

How would I contact them?

Go to “Contacting support” in the Help tab.

It’s impossible to say for definite. It depends on so many things and nobody knows what triggers these checks in any bank.

As mentioned, just let them know to be on the safe side and the only way to find out is to just do it.

The ‘Inbound → Top up by bank transfer’ in the :monzo: limit is currently set to ‘Unlimited’
Meaning you can receive whatever amount into your account.

Outgoing is a different matter though.

Probably the same for any bank account - for example - $450K of incoming funds from crypto-dot-com, followed by an immediate request to transfer £333K to an external account will surely trigger several alarm bells.

And don’t call me Shirley.

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.