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Transferring Big Sum of Money to a UK Account

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  • 10-04-2011 6:55pm
    #1
    LFC5Times
    Closed Accounts Posts: 1,217 ✭✭✭


    Hi,

    My mate is with BOI and wants to transfer over €35,000 to his sisters English Bank account.

    Will there be questions asked if he does this transfer? Seeing as it is such a big amount or would there be a hold or something on it?

    Thanks in advance


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    #2
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    revenue on both sides may question it. if the money is legit, that it not hot and any taxes due on it here are paid, then there is no problem.

    Why is he doing the transfer? Does he owe her the money? If so, then she has no difficulty in explaining it either.


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    #3
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    Usually only where he got it and why he's sending it to her. They take you at your word though. I've moved much larger sums and haven't been asked for proof of where it came from/was going over and above what information I gave them verbally.


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    #4
    LFC5Times
    Closed Accounts Posts: 1,217 ✭✭✭LFC5Times


    He was left money in his will when his Dad died and he invested the money initially in a business but now is leaving the business and moving over to the UK.

    He will eventually set up a bank account when he moves over, but while she is over there he said he would put it in her account for the time being.

    So basically he can say its money from a will and he is moving over to the UK shortly and is getting his sister to hold the money for the moment??

    Do the bank notify the revenue etc of the the transfer or how do the revenue/relevant authorities find out?

    Thanks


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    #5
    dbentham
    Registered Users Posts: 64 ✭✭dbentham


    I transferred over €10k a couple of years ago to buy a car using transfermate.com directly into the garage's bank a/c.
    Before doing so, I had to bring in original ID to their Dublin office including proof of PPS Num, address, etc. I've used the same service since (online) for smaller purchases of a few hundred Euros and without any hassle.

    Once all of your documentation is in order, there should be no problems or questions asked. And BTW I found it cheaper than banks too.


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