Transferring Large Amount

ankaragucu

Hi, hope to be selling a property in Turkey soon and wondering if my bank are likely to give me a call when an unusually large amount of money lands in my account here?
Will have all documentation in place and everything done properly.Just wondering if there are likely to be any problems or issues that may arise?
Any advice appreciated.
Cheers.

Nervous Wreck

They're likely to call you yes. They've the right to question anything over 10k afaik. But no big deal once all is in order!

Toots

They're likely to give you a call, but most likely it'll be to ask you to come in for a "review" of your account (ie they'll try and sell you stuff) There's a daily report of all the foreign exchange large transfers that come in to a branch. It's for anti money laundering purposes but most branches use it as a sales tool also.

ankaragucu

Thanks guys, should be okay.I've nothing to hide, unfortunately!

Delta2113

Toots wrote: »

They're likely to give you a call, but most likely it'll be to ask you to come in for a "review" of your account (ie they'll try and sell you stuff) There's a daily report of all the foreign exchange large transfers that come in to a branch. It's for anti money laundering purposes but most branches use it as a sales tool also.

- You can turn down a 'review'.

ankaragucu

Delta2113 wrote: »

- You can turn down a 'review'.

Was in my bank this morning and sure enough, when I mentioned this to a member of staff she suggested I make an appointment with one of their financial advisors when the money comes through.☺

CiniO

ankaragucu wrote: »

Was in my bank this morning and sure enough, when I mentioned this to a member of staff she suggested I make an appointment with one of their financial advisors when the money comes through.☺

What would be that appointment for, except obviously of financial advisor to advise you what to do with your money?

Make sure you do currency conversion through one of the online systems, instead of just transferring Turkish Lira into Irish Euro account.

ankaragucu

CiniO wrote: »

What would be that appointment for, except obviously of financial advisor to advise you what to do with your money?

Make sure you do currency conversion through one of the online systems, instead of just transferring Turkish Lira into Irish Euro account.

Yeah I've been looking into it.Fair Currency seems to be well recommended.Can anyone comment on them?

newacc2015

ankaragucu wrote: »

Yeah I've been looking into it.Fair Currency seems to be well recommended.Can anyone comment on them?

I doubt they would do Turkish Lira

If you have a decent amount of money. Phone the various banks and ask what they can do. Rates differ for large sums of money if you ask them for a better

Spanish Eyes

ankaragucu wrote: »

Was in my bank this morning and sure enough, when I mentioned this to a member of staff she suggested I make an appointment with one of their financial advisors when the money comes through.☺

If I had a good few bob to invest I would only do State Savings/Bonds/Prize Bonds.

Sorry, and I know that there are lots of people out there who will not agree, but I would rather support this country through Solidarity Bonds than give one more penny to any fekkin bank in this country ever again.

And if that means I lose out on some euros per annum interest, so be it.

Just my ten cents.

Toots

Definitely shop around with your rates, but when you've gotten a few figures from some of the non-bank options, get in touch with your bank and see will they beat/match the rate. They're losing a good bit of business to these companies so might be willing to be a bit more competitive.