News6 mins ago
personal cheque
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I've just sold a property and would like to share the profit received with a relative. The money is in my bank. Can I write a personal cheque for a large amount of money (a good few thousand)? or do I have to go to the bank in person to get it arranged?
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For more on marking an answer as the "Best Answer", please visit our FAQ.Unless you're going to hand it to your relative in person, i would go for a transfer rather than a cheque. Our wonderful Post Office have an unerring ability to lose the most important stuff, whilst still delivering all the dross. Don't forget the Inheritance tax laws as well - stay out of the way of buses and axemen for seven years, or Gordon Brown will want his share too!
I would set them up as a contact in internet banking, then you can transfer money directly from your account to theirs.
It would be a good idea to message the bank (which you can also do via internet banking) a few days in advance to tell them that you are soon to be transferring a very large amount of money to that payee.
It would be a good idea to message the bank (which you can also do via internet banking) a few days in advance to tell them that you are soon to be transferring a very large amount of money to that payee.