Lodging large amounts of cash

GreeBo

Hey,
how much can you lodge to a bank before they have to declare it to revenue etc?
Is it any different for a credit union?

thanks!

Victor

Hmmm, reports post to www.revenue.ie

AFAIK, the banks are obliged to report anything they suspect and probably everything over a specific number.

GreeBo

Victor wrote:

Hmmm, reports post to www.revenue.ie

AFAIK, the banks are obliged to report anything they suspect and probably everything over a specific number.

Damn my Russian Brides trading days are over!
Seriously, do you know what the amount is?
I have a US cheque to lodge from some shares that were cashed in, gonna be a pain in the ass to check on purchase prices etc over 6 years....

pow wow

When I worked in a bank it was over $10k but I'm fairly sure it was a local thing. For big cheques they'd ask where the money came from but they'd take any answer off you more or less.

BuffyBot

I don't think there is one magic figure anyone can give you on this.

djkeogh

I lodged 3.5k cash awhile ago and was just asked by the cashier where it came from. I said I won on the horses and that was that. Nothing more was said. I do remember hearing things like once it's over 10K they are obliged to report it. that's probably from the soprano's or american TV now that I think of it tho.

Idleater

djkeogh wrote:

I lodged 3.5k cash awhile ago and was just asked by the cashier where it came from. I said I won on the horses and that was that. Nothing more was said. I do remember hearing things like once it's over 10K they are obliged to report it. that's probably from the soprano's or american TV now that I think of it tho.

Yeah, the figure that I have in mind is €5000 (ptsb) or €7000 (aib) which happens to coincide with the respective maximum daily transfer limit on online banking.

GreeBo

nereid wrote:

Yeah, the figure that I have in mind is €5000 (ptsb) or €7000 (aib) which happens to coincide with the respective maximum daily transfer limit on online banking.

AIB dont let me move more than 5k per day online

Idleater

GreeBo wrote:

AIB dont let me move more than 5k per day online

maybe it was €4000 and €5000 respectively.

now that I think of it, €5000 does seem right.

dotsman

All transactions over 10K must be flagged for Money Laundering reasons. This is all Financial institutes and not just banks.

After that, all out of course transactions are also flagged. (i.e. Someone who maintains an income/outgoing of 2K a month suddenly deposits 5K in cash will be questioned).

Just because the transaction is flagged does not mean that Revenue automatically investigate. It's merely recorded should they ever become suspicious of you!

You said that the cheque was from the sale of shares, and thus I assume from a reputable financial institue. Therefore, it shouldn't raise too many eyebrows, but the transaction will still be sitting there in a database for the next number of years!

If you are that concerned, you should just pay your taxes. Not being bothered won't be much of an excuse if you ever get caught (be it this year or if you are investigated in a couple of years time and they see this transaction)

Enright

Credit Unions are the same, any large amount of cash/ money into your account, will raise get the attention of the money laundering and reporting officer, who if they have any supsision as to its origin will report it.

stepbar

GreeBo wrote:

Damn my Russian Brides trading days are over!
Seriously, do you know what the amount is?
I have a US cheque to lodge from some shares that were cashed in, gonna be a pain in the ass to check on purchase prices etc over 6 years....

Mmmm, are you planning to declare the capital gains on that?

Victor

GreeBo wrote:

I have a US cheque to lodge from some shares that were cashed in, gonna be a pain in the ass to check on purchase prices etc over 6 years....

A cheque is not cash. It is traceable back to, I presume, your broker.

You should be able to check historical share prices easily enough.

Level 42

whats the figure these days before they contact revenue

Sleeper12

Level 42 wrote:

whats the figure these days before they contact revenue

I think around the 10k mark. I would imagine several 9k lodgement going in the account in a short period may set off alarm bells

Jim2007

Sleeper12 wrote: »

I think around the 10k mark. I would imagine several 9k lodgement going in the account in a short period may set off alarm bells

If you lodge anything remotely close to the level or make several small lodgements out of character you can expect to be required to produce documentation in response to an MLA enquiry.

The J Stands for Jay

Sleeper12 wrote: »

I think around the 10k mark. I would imagine several 9k lodgement going in the account in a short period may set off alarm bells

I was told by a bank employee that the hard limit is €6k in a single transaction, but a series of transactions up to that amount, or just transactions that are not in line with your normal usage would be reported.

To summarise, if it looks sus they'll report it.

My experience with Bank of Ireland is that if you want to withdraw anymore than 5k you need to request it in advance, and mention the reason why. For lodging, the same is true (i lodged over that before, and they said 5k was the limit). She just asked where the money came from and didn't bat an eyelid though.

With my Credit Union it was the same. Once 5k comes in, they want to know where it came from. It's happened before that I lodged 5k+ to my account in the CU, and I'd get a phone call off them the next day. I have only ever lodged above that amount in person, once (15k and it was a cheque, not cash) and the person behind the counter wanted to know where it came from and made me fill in, and sign, a form.

Yyhhuuu

Are you guys talking about lodging these large sums in CASH? Obviously this could be seen as suspicious unless one runs a cash business.

sportsfan90

Yyhhuuu wrote: »

Are you guys talking about lodging these large sums in CASH? Obviously this could be seen as suspicious unless one runs a cash business.

Yeah and a lot of people have significant amounts of mattress money built up over the years for a number of reasons (preference of having cash, distrust of banks, etc).

The money could be legitimate and in no way dodgy but they could find it difficult to convince a bank that when they've no real paper trail to prove it.

athlone573

The bank will file a Suspicious Transaction Report for any large or extra-ordinary transactions. If the funds are legitimate there should be nothing to worry about.

HBC08

Couldn't you just tell them any old sh1te?
I sold my car,musical equipment on Donedeal,an expensive watch?

athlone573

Bear in mind that at some point, an actual person in compliance, garda or revenue has to look at all these forms.

cdeb

HBC08 wrote: »

Couldn't you just tell them any old sh1te?
I sold my car,musical equipment on Donedeal,an expensive watch?

You probably can, but I guess if anyone ever looks into the transaction in more detail, it'll be recorded that you said that and it'd look dodgy if you couldn't prove you sold a car, etc

The bank aren't the Gardaí; they're not investigating the lodgement, but they are creating a record of where it came from if it's ever needed.

sportsfan90

Yeah I definitely wouldn't recommend being dishonest with the bank regarding selling off assets or anything like that.

I've heard of some people saving up to buy a car in cash. If buying a car from a main dealer that way would questions be asked there? Presumably they'd just be happy to receive the money, or would they have to pass on details of the buyer to banks/revenue?

athlone573

sportsfan90 wrote: »

Yeah I definitely wouldn't recommend being dishonest with the bank regarding selling off assets or anything like that.

I've heard of some people saving up to buy a car in cash. If buying a car from a main dealer that way would questions be asked there? Presumably they'd just be happy to receive the money, or would they have to pass on details of the buyer to banks/revenue?

High Value Goods Dealers also have reporeting obligations

cdeb

sportsfan90 wrote: »

Yeah I definitely wouldn't recommend being dishonest with the bank regarding selling off assets or anything like that.

I've heard of some people saving up to buy a car in cash. If buying a car from a main dealer that way would questions be asked there? Presumably they'd just be happy to receive the money, or would they have to pass on details of the buyer to banks/revenue?

Used to work in a main dealer and we had to report cash of 12k (I think it was) on a car.

That could be 6k cash deposit, 30k finance, 10k trade in and 6k cash final payment for example. Once it was 12k in the one transaction, it had to be reported to the Gardaí. And we weren't allowed advise you of this either

joeguevara

It is completely dependent on the customer and what is considered normal and usual for them. For example if you are a cash business such as a bar and lodge 20k cash, then if normal based on your accounts, no Str will be sent.

The 10k quoted us the amount you need to declare if travelling across borders eg by air.

Similarly if you lodge 3k cash which is unusual this can also be reported by the MLRO to the Garda and revenue.

So no specific amount.

Sleeper12

joeguevara wrote:

The 10k quoted us the amount you need to declare if travelling across borders eg by air.

Banks, building societies, post office etc are legally required to report any lodgement over 10k. This is for personal accounts. There is no requirement for business accounts for several reasons. Large turnover, large transactions and the fact that the business bank accounts are filled as part of the business account to revenue each year

Banks are required to report suspicious activities below the 10k requirements too

HBC08

cdeb wrote: »

You probably can, but I guess if anyone ever looks into the transaction in more detail, it'll be recorded that you said that and it'd look dodgy if you couldn't prove you sold a car, etc

The bank aren't the Gardaí; they're not investigating the lodgement, but they are creating a record of where it came from if it's ever needed.

Say if I had to lodge 10k (which I have done twice in the past and no questions asked)
If they did ask maybe I'd say I sold my high end drum kit,I don't think something like that would ever come back on you?
I know virtually nothing about this so I'm open to correction.

cdeb

I'm not sure on the exact ins and outs, but I'd say one transaction probably wouldn't trigger Garda interest.

But if there's a pattern or if you're a person of interest or if they've any reason to be interested in your affairs, then they might come asking. And then they would want to see evidence of a drum kit being sold - an ad, an email, any evidence that you ever actually owned a drum. That sort of stuff. It would probably be bad not to have any

Again, this is me delving into speculation a bit and open to correction from others.