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transferring Euro into a relatives Korean bank...good idea?

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  • 25-11-2010 3:02am
    #1
    Shinto
    Registered Users Posts: 267 ✭✭


    My old man wants to transfer 25k from his Irish Bank into my Korean bank account. He's doing this because he wants to spread it around a little bit, maybe he's a little spooked by all the stuff that's happening in Ireland :eek:

    I think the Korean won will strengthen over the next year, inspite of the recent flare up with North Korea :eek: So he might profit from that which would be good.

    My question is in relation to transferring 25k into someone elses non-euro foreign account. Will he have to pay some kind of tax? Does anything like that have to be declared to some organisation? (He won't be giving me the money, i'll just be holding it for him). Sorry if it seems like a stupid question, i don't know much about such matters.


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    #2
    The Rooster
    Registered Users Posts: 4,516 ✭✭✭The Rooster


    He won't have to pay an Irish tax on transferring the money to Korea.
    - assuming that he has already paid any tax that was payable when he got the €25k.

    The banks on both sides will undoubtedly charge transaction fees and/or conversion fees.

    Obviously on the Korean side you'd want to be sure that the sudden lodgement of €25k into your account won't trigger any Korean tax issues.


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    #3
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    TBH, what's happening in Korea over the last few days would be far scarier than what's happening in the Irish banks!

    But yeah, if he wants to spread it around, there won't be anything stopping him. However, he will get hit with conversion charges and transfer charges. He may also be liable for tax on interest earned.

    I would suggest talking to an accountant if he wants to go down this road as it could open a can of worms on the tax side.


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