Nat West - first steps to killing punting

[MajorPayne]

Nat West restricting cash in / and out of it's bank

External Link/Members Only

I, for one, will be transferring my Nat West bank account elsewhere

Don't expect it will make a difference however if enough people do it . . .

[PilotMan]

Nat West restricting cash in / and out of it's bank

External Link/Members Only

I, for one, will be transferring my Nat West bank account elsewhere

Don't expect it will make a difference however if enough people do it . . .

I'm surprised how many supposedly intelligent people fall for this clickbait rubbish.

Aside from the above Youtube clickbait troll (who is essentially repeating what the joke station GB News has said, which is all clickbait anyway) have you actually get proof of this being a blanket restriction?

No, you won't find any, because this alleged £250 limit, or any other arbitrary ££ limit, doesn't exist.

You can still withdraw significant amounts of cash, now and after this supposed 11th September cut off.

From The NatWest website

Our primary aim is to keep customers safe and secure, and our branches follow our processes carefully to achieve this.

This will include asking you questions about the purpose of your cash withdrawal, and in some cases, for supporting documentation such as an invoice. This helps us validate the withdrawal as genuine and protect you against fraud and scams.

For Cash Withdrawals between £5,000 - £19,999, it is advisable to give us 24 hours notice, particularly is you would like specific denominations.

For Cash Withdrawals over £20,000, we require 3 business days notice.




Please just double check things before posting, so that we don't end up with more GB NEWS clickbait rubbish 

[NickyBobby]

How much are you spending on punting if the £250 (£500 in some banks) cash point limit isn’t enough? 

[webpunter]

@PM, wise words
IMO NWB's focus is to:

• reduce fraud - they can end up having to foot the bill
• so they can organise their business accordingly, gone are the days of widespread larger cash deposits / withdrawls
  Fair enuf, handling cash costs - admin, transporting the stuff & security
  And trying to avoid a reprimand / fine if the proceeds of the cash are used for nefarious stuff

I cant see @MP encountering problems to finance his punting 
Click bait punter 
I wonder if he;s twiddling his moustache ?
Now let me see, back in the days of the Boer war ..... 

Its not just NWB tightening things up
Same as car dealers who aint comfortable receiving much in cash when someone wants to buy a motor
HMRC will be well happy cash disappearing from general use

[GoldTop]

All banks will be limiting cash inwards later in the year
Personal accounts only
FSA directive I heard

[PilotMan]

All banks will be limiting cash inwards later in the year
Personal accounts only
FSA directive I heard

Yep, every business is under increasing scrutiny to prevent financial fraud and meet AML compliance.

[webpunter]

Yep, every business is under increasing scrutiny to prevent financial fraud and meet AML compliance.

No cash would put footy transfers of about 25+ years ago up the spout
Meeting in a motorway service station   

I remember back in the day when going to the footy it was cash on the turnstile
At some point during the match someone would announce [for the record] that today's attendance is xxxx
You look around & think like fuck it is 

[Maak]

I wonder how escorts deposit their cash in to banks. Regular deposits of cash would raise suspicion

[shed]

I wonder how escorts deposit their cash in to banks. Regular deposits of cash would raise suspicion

Have you given any cash to an escort lately 🤔

[webpunter]

Have you given any cash to an escort lately 🤔

Of course he has
In his imaginary world
 

[Blackpool Rock]

I wonder how escorts deposit their cash in to banks. Regular deposits of cash would raise suspicion

Not necessarily, if you have more than 1 bank or building society account then you can pay into them randomly rather than £1K or £2K into Natwest every week, also keeping the amounts to more like £500 or under £1K will reduce suspicion.

Once money is paid in then it can be transferred between accounts.

I have known girls who have also had business accounts as they did beauty work such as teeth whitening and fake spray tans, even if you don't do the work you can set up a fake business then pay money into the business (which may attract tax etc), the girl i'm thinking of said she put some of her parlour money through her business just so she could account for it, think she paid cash for a lot of stuff too like the food shop and fuel etc

Not seen it for a few years now as the rules have tightened up (or perhaps i've just not seen it) but years ago I saw a bloke and woman in the casino putting loads of cash on the table and getting cash chips, they would then play a few spins black or red and leave the table taking £1K cash chips with them and move onto the next table to do the same.
I estimated they changed up £20K in an hour or two then take the chips to the cashier and ask to be paid out with a cheque.
As far as the authorities are concerned it's clean money now as they had a lucky win, plus it's tax free 

[Adoniron]

All banks will be limiting cash inwards later in the year
Personal accounts only
FSA directive I heard

The firm I work for won't accept more than £1000 in cash due to anti money laundering.

[webpunter]

For some EE SPs making money is the easy bit
What to do with it is harder

Donkeys ago a supa hungarian massage reg i saw loads of times mentioned in post shoot chit chat that the biggest problem she faced was changing currency
She didn't want to be changing cash when arriving home so as not to attract attention
Some of the hungarian money exchanges she reckoned were used for all sorts of dodgy stuff
& owned / run by people that you wouldnt want to get on the wrong side of

She said she knew of pretty much every foreign exchange shop within 5 miles or so of Barnet
& kept having to widen the circle further
She would keep a record of which she'd been to & rotate them so as not to attract attention
& would only go round them during the day as she didnt want to be out with lots of cash in the evening
She said she'd dress down so as not to look like an EE hooker
No make up, bleached blonde hair up in a baseball cap & a loose top [as a massive enhanced rack]
When i mentioned hard to hide her rack she took it as a compliment & then mentioned she'd wear a sports bra to help contain them

Most of the EE SPs [incl. her - she was well savvy] know that the travel limit is 10k, not sure if £ or €
No way would she get to close to carrying this amount
Max 8k-9k otherwise if checked it looks a bit obvious if they had 9,750 etc
Which is the main reason why they go home every few weeks
The south east burds mostly on Ryan Air outta Stanstead, play spot the roger moore on check in & departures 

Its only gonna get harder to deal with cash
With the crack-down on cash at the banks not hard to figure that the foreign exchange bureauxs will face extra attention if not already then soon

She also mentioned getting done over on the exchange rates, not much she could do about it

[webpunter]

When i was with the OH forever ago generating cash for punting was relatively easy
No joint a/c however bank statements in the post
Ooooh i opened yours by mistake, yeah right

Going out for beers curry etc with mates invariably some of em would pay cash
I'd bank [edit poor choice of words - 'have'] the cash & put on my card
This hardly happens now, most people have apps on their mobiles apple wallet etc & if they dont they carry cards
This avenue to generate cash for our fave sport for UKPers with nosey OHs has all but evaporated
Doesnt affect me now but i'm thinking of fellow UKPers [as is my way  ]

[DastardlyDick]

No joint a/c however bank statements in the post
Ooooh i opened yours by mistake, yeah right

Less danger of that now that most Banks do electronic statements - maybe we're moving towards having a "punting account" like many on here have "punting phones"?
It's just part of the move towards a "cashless society" and SPs will have to have contactless terminals, which are becoming ubiquitous - even some buskers in London have them now - but would you want to risk Sergei getting hold of that information?

[webpunter]

Less danger of that now that most Banks do electronic statements - maybe we're moving towards having a "punting account" like many on here have "punting phones"?
It's just part of the move towards a "cashless society" and SPs will have to have contactless terminals, which are becoming ubiquitous - even some buskers in London have them now - but would you want to risk Sergei getting hold of that information?

Indeed paperless banks & credit cards
I foresee development in anonymous payment methods which you reference
For the next decade or so i can't see cash disappearing to the extent that it causes too much of a problem for our fave sport
In due course i foresee more of an issue for those receiving cash rather than those paying
There will always be a work around its just how much effort this requires

I joined well before the change to payment for new UKP members
The OH is ex & the GF is intermittent
So if i had to pay i'd get round it pretty easily
Not the case for other UKPers with nosey inquistive OHs
It would take some research on my part to be able to do bitcoin, @ the mo i wouldnt have a scooby

[Steve6901]

I visit SPs regularly, usually 3-4 times a month. I always pay in cash to maintain my anonymity.
A few days ago I read a newspaper article on The Telegraph.  In which they describe that Natwest will significantly tighten the use of cash from September 11.  Cash deposits and withdrawals will be limited.

External Link/Members Only

I think this will be a huge problem for the SP who receive their income almost exclusively in cash. BUT it will cause problems for us too. Instead of cash, bank card payments or bank transfers are recorded on the bank account statement. It would be very embarrassing when my wife looks at the bank account statement and asks questions about payments of 80 or 120 pounds that she does not know about. Personally, I would not be happy about this. 
Is the happy punting coming to an end?  Are we going to go to girls less or not at all? What do you think about this?

[catweazle]

Already under discussion in off topic.

[Southernbloke]

I wrote on another thread about having a virtual credit card on my phone (Revolut) which I use for travelling expenses. I can easily use that for paying for WGs. I am also lucky that I have a secondary income that pays in cash ( roof repairs) so I can pay either way for my fun .

[Good-timer]

New world order. Yes we will be cashless eventually. 

[Adoniron]

Even if you don't punt you shouldn't have a joint bank account with the other half. Apart from her knowing what you are spending your money on it makes things messy in the event of a split. Keep your own accounts and if you want, both pay money into a joint account used just for paying bills.

[RandomGuy99]

Just open a new account in your name and choose paperless statements and your wife won't see the statement

[daviemac]

Already under discussion in off topic.

I've merged it.

Why don't people look to see if there's already a thread on a subject before starting another.   

[WASA38]

I visit SPs regularly, usually 3-4 times a month. I always pay in cash to maintain my anonymity.

I think this will be a huge problem for the SP who receive their income almost exclusively in cash. BUT it will cause problems for us too. Instead of cash, bank card payments or bank transfers are recorded on the bank account statement. It would be very embarrassing when my wife looks at the bank account statement and asks questions about payments of 80 or 120 pounds that she does not know about. Personally, I would not be happy about this. 

I would have thought your wife might have smelt a rat at what I presume would involve your regular withdrawal of about £400 pcm more than what she would deem reasonable. Think mine would have.

[Blackpool Rock]

I've merged it.

Why don't people look to see if there's already a thread on a subject before starting another.   

Hopefully there won't be as many new threads about this as the alert to public health warning, must have been almost 20 of those so I doubt you have much hair left to tear out   

[sparkus]

I have several credit check apps linked to bank accounts on the go, they're very handy.

One recently said my score was down as I was withdrawing cash regularly and doing so doesn't allow potential lenders etc see what I am spending on.

[chrishornx]

Have you given any cash to an escort lately 🤔

wouldn't think he has

[DastardlyDick]

 
 I am also lucky that I have a secondary income that pays in cash ( roof repairs) so I can pay either way for my fun .

But if - as widely predicted - everyone pays by card (virtual or physical), bank transfer (easy enough with a smart phone and the relevant app) then you'll no longer have that.
I remember seeing during Lockdown 2 that Covid had, albeit indirectly, advanced cashless by 10 - 15 years as even those who had always vowed to not using the system were forced to do so.

[Southernbloke]

But if - as widely predicted - everyone pays by card (virtual or physical), bank transfer (easy enough with a smart phone and the relevant app) then you'll no longer have that.
I remember seeing during Lockdown 2 that Covid had, albeit indirectly, advanced cashless by 10 - 15 years as even those who had always vowed to not using the system were forced to do so.

Literally only take on cash jobs otherwise I might end up paying double taxes and I pay enough of that already ; income tax, vat and corporation tax!

[PilotMan]

Literally only take on cash jobs otherwise I might end up paying double taxes and I pay enough of that already ; income tax, vat and corporation tax!

Sounds more like tax evasion to me.

If you're under the threshold of £85k turnover you don't have to register for or charge VAT anyway. If you do register for VAT, you're not actually paying any more tax, you're merely collecting the VAT on behalf of the HMRC.

Depending on your situation and whether you're a shareholder, you're either going to pay Income tax through PAYE or Income tax through your dividend earnings, usually a mixture of both. Depending on how you do that will determine how much personal and / or corporation tax you pay - you'll pay tax on one or the other, but not tax twice on both.

I'm unaware of a situation that would mean you "might end up paying double taxes" - can you enlighten me?