Depositing large cash sum into bank

Mafoo on 26/04/2016 - 23:45

What is the max limit for cash deposits into banks? I am looking at getting a home loan and my grandparents are wanting to help with the deposit. Any info would be great.

Financial

Comments

  • spackbace on 27/04/2016 - 00:07

    Unless they have cash under the mattress, why can't they simply transfer it?

  • [Deactivated] on 27/04/2016 - 00:10
    +4

    When you say 'cash deposit' do you mean they have a mountain of cash stuffed under their mattress or will it be transferred electronically?

    Either way there's generally no limit on the funds you can receive into your account. But keep in mind

    1. If it's cash and over $10k there will be some additional paperwork to fill out at the bank for anti money laundering requirements

    2. If it's EFT the problem will be verifying the transfer limit on their account, they may need to get this increased

    3. You need to hold the funds for at least a few months to satisfy a genuine savings requirement from your lender, so do it sooner rather than later

    4. Try to get something in writing detailing how much your grandparents are giving / loaning you and the terms of repayment if any.

  • tomleonhart on 27/04/2016 - 08:37

    I deposited 100k cash into bank in 2012. Didn't have to fill out any paper work o.O

    Don't see any problem at all. Unless thing has changed :D

    • spackbace on 27/04/2016 - 10:36

      That was just the income from 1 call with a client wasn't it? :P

      Damn lawyers ;)

      • tomleonhart on 27/04/2016 - 10:54
        +2

        pfff. That's 20 minutes work. LOL

    • Diji1 on 27/04/2016 - 12:46
      +1

      Are you a Mexican drug runner?

      • tomleonhart on 27/04/2016 - 12:47

        No just a very tight arse saver :P

  • altomic on 27/04/2016 - 08:52
    +9

    The Bank of Altomic accepts large cash deposits.

    No intrusive questions or difficult and fiddly paper work.

    Official receipt provided.

    • geek001 on 27/04/2016 - 09:01
      +1

      Pfft… Mine has a pickup service. :)

      • rompastompa on 27/04/2016 - 09:20
        +1

        I can't offer cash deposits, but can offer consultation at home where the cash is stored..

        Then I just need to work on my alibi… Did I say that out loud?

      • holdenmg on 27/04/2016 - 09:30
        +1

        UberCollect™

  • Mafoo on 27/04/2016 - 17:46

    It will be electronic transfer

    • retiredfeline on 28/04/2016 - 10:20

      So it's not cash then as people understand this to mean the folding stuff. +1 for the asset test warning posted below.

  • Euphemistic on 27/04/2016 - 21:13
    +2

    Just be sure your grandparents finances are sorted. If they gift over a certain amount to you it will still count as their asset for a few more years and may affect pension, Centrelink, tax etc. I can't remember the rules, but make sure it is investigated before you go ahead.

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