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Deposits

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  • 15-03-2013 8:46am
    #1
    Lux23
    Registered Users Posts: 7,134 ✭✭✭


    I know someone who needs to set up an account today and deposit $17.000 American dollars. Can they deposit this amount? What will they need to prove its not illegal or whatever?


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    #2
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    The bigger banks (AIB & Bank of Ireland) can open US$ accounts but the interest rates will be negligible. The customer will be expected to bring the usual proof of identification and address, and will probably be asked to disclose the source of the funds.


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    #3
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    It's not a dollar account, he needs to exchange it to euros at the same time. The money is a loan from his business partner's parents in Brazil, it's not dodgy or anything - it's just exchanging it might be awkward.


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Lux23 wrote: »
    It's not a dollar account, he needs to exchange it to euros at the same time. The money is a loan from his business partner's parents in Brazil, it's not dodgy or anything - it's just exchanging it might be awkward.

    Will definitely be asked source of funds and Revenue will come asking more questions if the response isnt satisfactory. Since its legit, best the customer brings proof of source of funds when lodging the money.


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    #5
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    chris85 wrote: »
    Will definitely be asked source of funds and Revenue will come asking more questions if the response isnt satisfactory. Since its legit, best the customer brings proof of source of funds when lodging the money.

    It's basically a loan from their Dad, so I guess they can just bring him. They don't have anything to hide so I guess its no big deal.


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    #6
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Lux23 wrote: »
    It's basically a loan from their Dad, so I guess they can just bring him. They don't have anything to hide so I guess its no big deal.

    Nothing to hide so no problem. Its just some people get annoyed when banks ask these questions but its just to make sure its not dirty money being laundered.


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    #7
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    chris85 wrote: »
    Nothing to hide so no problem. Its just some people get annoyed when banks ask these questions but its just to make sure its not dirty money being laundered.

    Apparently he declared it customs so he has a letter from his bank, it's in Portugese but has a bank stamp so should be ok. Phew!

    Thanks for your help.


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    #8
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Lux23 wrote: »
    Apparently he declared it customs so he has a letter from his bank, it's in Portugese but has a bank stamp so should be ok. Phew!

    Thanks for your help.

    Assuming your friend is a new bank customer he will be treated with very "high fraud" in mind. They will not call the bank that issue the chq/bank draft nor will they ring the person whom gave it.

    Your friend will not have access to the money for many weeks as there would be no doubt that the chq/bank draft will be "sent on collection" (look up this on boards, plenty of treads on it). Also, the exchange rate used to calculate the conversion to euro will be on the day the chq/bank draft is returned for the "sent on collection" process and not at todays rates.


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    #9
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    It's cash, not a cheque! Oh and they both have bank accounts.

    It hardly matters if they do treat him believing there is something dodgy going on, there isn't.


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