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Sending money from down under.

mcneil · 2016-04-24 17:44:21

A family member will be returning home from down under and wants to send over 40k into my account through Internet banking. Anyone know how long it takes to show in my account and should I notify my bank and explain where this amount will be coming from seeing it's a huge sum of money that wouldn't normally into my account.

24-04-2016 6:44pm

#1

mcneil

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A family member will be returning home from down under and wants to send over 40k into my account through Internet banking. Anyone know how long it takes to show in my account and should I notify my bank and explain where this amount will be coming from seeing it's a huge sum of money that wouldn't normally into my account.

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#2 24-04-2016 9:25pm

JTMan

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Is the money going from an AUD account to a EUR account? If so, the person is best using an online FX currency broker such as Currency Fair to significantly reduce FX fees.

The transfer will take anything up to 4 business days.

No harm letting your bank know.

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#3 26-04-2016 1:47pm

Atlantic Dawn

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M

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There could be taxation/money laundering issues raised if it was seen as a gift if the bank reported it as suspicious to Revenue. Is there a reason for using your bank account rather than their own?

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