500 euro notes in Ireland?

JackHeuston

Hi all,
I need to deposit a 500 euro note in my personal bank account. How common is this note in Ireland? Will there be questions asked or is the teller going to think I'm a drug dealer?

I got it as a gift from my family in my home country during summer holidays, in the continent they are quite common, of course not to pay in a corner shop but it's alright to deposit or withdraw and pay for expensive tech stuff.

How's it in Ireland? Is there also a limit when you deposit some money, where the bank will notify Revenue? How to prove a small amount of gifted cash like this one, other than having the other person's word?

Thank you!

spurious

It will be fine. For the bank, 500 euro is not a big amount.

jimmii

Guy in front of me this morning dropped in two they didn't bat an eyelid.

Deagol

My mother gave a 21st gift of 2 of them to my daughter, I deposited them myself and not a eyelid budged

jimmii

Deagol wrote: »

My mother gave a 21st gift of 2 of them to my daughter, I deposited them myself and not a eyelid budged

Sounds like they might be getting training in reducing eyelid movement. There was another person ahead of me getting 10k of coin the person serving him didn't seem to have gone through that training.

coylemj

JackHeuston wrote: »

How's it in Ireland? Is there also a limit when you deposit some money, where the bank will notify Revenue? How to prove a small amount of gifted cash like this one, other than having the other person's word?

Seriously? €500 is peanuts, you could have sold a car literally for cash and walked in off the street to deposit several thousand euros, happens all the time.

As others have said, people gift large notes all the time so the banks are well used to taking them in as a lodgement.

The only issue banks have with cash is that smaller branches may require a day's notice before you can withdraw a large amount, they will let you lodge any amount.

JackHeuston

coylemj wrote: »

Seriously? €500 is peanuts, you could have sold a car literally for cash and walked in off the street to deposit several thousand euros, happens all the time.

As others have said, people gift large notes all the time so the banks are well used to taking them in as a lodgement.

The only issue banks have with cash is that smaller branches may require a day's notice before you can withdraw a large amount, they will let you lodge any amount.

I was more worried about the type of note than the amount, which is quite small at the end.

That question was because where I'm originally from at 1000 € the bank will notify Revenue of your operation (and it's also illegal to buy/sell stuff over 1000 € in cash). I believe in Ireland the limit is not so low, it shouldn't matter in this case.

Thank you!

aaakev

[quote="JackHeuston;96800828"
(and it's also illegal to buy/sell stuff over 1000 € in cash)[/quote]

Surely that's not correct?? What country?

biko

A shop/pub will probably refuse 500 notes but a bank never will.

JackHeuston

aaakev wrote: »

Surely that's not correct?? What country?

Italy, I guess for the very high risk of money laundering, you can't give anyone more than 1000 € in cash, at least legally. But then even if you manage to do it you would have issues depositing them etc... because any operation where cash is involved and it's over 1000 € is notified to the equivalent of the Irish Revenue and can result in a fine up to 3000 €.

Dealing with 500 € notes is perfectly okay as said (yeah, no corner shops or very small purchases like a pack of gums), just don't deal more than 1000 € in cash. You can't buy/sell cars for example in cash, or pay a builder for a house renovation job.

Just an FYI, if you need to pay 1500 €, you can't pay 800 € in cash and the rest with a check.

They went pretty hard on that, the law is from 2012, especially professionals didn't like having to accept credit cards and such. Only electronic operations, checks and that sort of things are allowed for purchases over 1000 €.

Quadrature

You can lodge it no problem but retailers are very wary of large notes. That's the only issue you'll have.

Quadrature

I'm not sure what the trigger point here for notifying Revenue is but, normally they've an ability to request access to account details anyway.

I'd guess it's more about a pattern of things more so. Like lots of cash going to someone's account who isn't registered as self employed and makes no tax returns etc etc

JackHeuston

Quadrature wrote: »

I'm not sure what the trigger point here for notifying Revenue is but, normally they've an ability to request access to account details anyway.

I'd guess it's more about a pattern of things more so. Like lots of cash going to someone's account who isn't registered as self employed and makes no tax returns etc etc

Cool Yeah I just threw that question out, out of curiosity. At home everything's pretty strict regarding cash and you have to be paranoid over every operation and be able to reason it in case of questions.

Thanks all, I got what I needed!

jimmii

Quadrature wrote: »

I'm not sure what the trigger point here for notifying Revenue is but, normally they've an ability to request access to account details anyway.

I'd guess it's more about a pattern of things more so. Like lots of cash going to someone's account who isn't registered as self employed and makes no tax returns etc etc

Its pretty high here it used to be €10k not sure if that is still the case.

Quadrature

To be fair to both Irish Revenue and HMRC in the UK they're both petty effective without being "police state" bureaucratic type collections agencies.

If you're playing by the rules and declaring what you're supposed to be declaring, generally Revenue are a nice organisation to deal with.

I know they've even spotted where I've accidentally overpaid by failing to claim something correctly and voluntarily refunded things without me even chasing them or initiating a claim back!

I've always found them fairly reasonable where as the Spainsh version seems to start with the assumption that you're a tax fraud and works backwards from there.

JackHeuston

jimmii wrote: »

Its pretty high here it used to be €10k not sure if that is still the case.

One day I'll worry about that limit... A far far day from today haha

jimmii

JackHeuston wrote: »

One day I'll worry about that limit... A far far day from today haha

When you do you'll be doing a lot of transactions at €9999!

Quadrature

I think they'd spot that lol

9999.99

jimmii

Quadrature wrote: »

I think they'd spot that lol

9999.99

The limit is the limit. €1 under doesn't get reported. But anyway a couple of €500 notes isn't going to be a bother!

aaakev

The limit here is now €15k In one or more transactions for the same item ie a deposit of 4k for a car and the balance of 12k all paid in cash must be reported. Thats for businesses though

unclebill98

There is no limit for reporting.

Its simply if its not inline with whats known about the account/customer then a Money Laundering Report can be raised. This is to absolve the teller of any future action against them if anything illegal is committed on the account. 99% of the time its sent off to the MLD dept of the bank for investigation and no action taken.

Banks generally run reports on deposits for a official to go over the following day and the limit on this ranges from 5k upwards. But amounts lower can and do be inspected there just less likely to be.

The teller may just ask a simple question etc to ascertain whats happening.

newacc2015

jimmii wrote: »

When you do you'll be doing a lot of transactions at €9999!

I love the episode of the Sopranos, when Carmello goes to 5 different bank depositing $9,900 in each. In the final bank the teller say "its convenient you only lodged $9,900, because if it was $10,000, I would have to report it to IRS".

Apparently here there is real set amount for reports to Revenue. But if a teller thinks its suspect, they will flag it to Revenue. Revenue monitor all card transactions in Ireland. I imagine if you spent €25,000 on your visa debit and declared €10,000 in income to Revenue, you might an audit.

aaakev

unclebill98 wrote: »

There is no limit for reporting.

The instructions we have from revenue tell us there is and it is 15k as I said....