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Transferring large amount of money

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  • 27-09-2018 7:32am
    #1
    shelly24
    Registered Users Posts: 77 ✭✭


    My Mam is giving us a gift for the purchase of our hosue, what’s the best way for her to transfer it to me? It exceeds the daily limit for online bank transfer.
    The mortgage company we are with won’t proceed with our application until we have proof that the money has been transferred to our account so we won’t want to have to wait until next week for that to happen.
    Can my Mam go into her branch (ptsb) and do it there?


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Yes, she can. If you guys are with another bank she'll need your IBAN and BIC. Obviously she'll need to bring photo ID to do the transfer also.


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    #3
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Go into the bank (hers) and do an interbank transfer of full amount in person. Still takes 3-5 working days to clear.

    Alternative is to take the money out in cash, and lodge it in cash to the other bank. That's the fastest.

    Depends on how much it is, might need to give the bank notice if it is more than their daily cash limit.


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    #4
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    Make sure it goes into a joint account to minimise usage of your lifetime CAT exemption.

    Other options are to transfer the money over two days (24h between transactions) or get a bank draft which costs a few euro but you will also be charged for doing a transfer in the bank.


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    #5
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    pwurple wrote: »
    Go into the bank (hers) and do an interbank transfer of full amount in person. Still takes 3-5 working days to clear.

    Most banks will do do a same day transfer for an extra few euro.


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    #6
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    Can your mum give cheque from her account or bank draft from the bank. Lodge cheque/bank draft. Will still take 3-5 working days but if done before 4 pm should show up on your account today.

    Not sure about Nox001 comment above. We dont even know the amount. Can gift up to 3000k per year to son and daughter in law or anyone tax free. €300000 is life timethreshold to son/daugher 16250 to son/daugher in law...joint bank accounts have nothing to do with it.


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    #7
    jonnybravo
    Registered Users Posts: 569 ✭✭✭jonnybravo


    Baby01032012 wrote: »
    Can your mum give cheque from her account or bank draft from the bank. Lodge cheque/bank draft. Will still take 3-5 working days but if done before 4 pm should show up on your account today.

    Not sure about Nox001 comment above. We dont even know the amount. Can gift up to 3000k per year to son and daughter in law or anyone tax free. €300000 is life timethreshold to son/daugher 16250 to son/daugher in law...joint bank accounts have nothing to do with it.

    Might be very dangerous to put into a joint account as Revenue could deem half of it is for the daughter in law. Better to put into a sole account and utilise your tax free threshold of 300k or risk paying 33% on anything over €3k to your wife / gf.


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    #8
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    jonnybravo wrote: »
    Might be very dangerous to put into a joint account as Revenue could deem half of it is for the daughter in law. Better to put into a sole account and utilise your tax free threshold of 300k or risk paying 33% on anything over €3k to your wife / gf.

    You are correct, I was forgetting that aspect. 6k in the joint account and the rest in a sole account in that case. Maximises the tax reliefs.


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    #9
    Sarn
    Registered Users Posts: 3,076 ✭✭✭Sarn


    If she gets in to PTSB and gets a Swift transfer done before 1 pm it could arrive in your account by close of business that day. That worked for us when transferring to our solicitor’s bank AIB).

    It costs 50c to do.


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    #10
    shelly24
    Registered Users Posts: 77 ✭✭shelly24


    Sarn wrote: »
    If she gets in to PTSB and gets a Swift transfer done before 1 pm it could arrive in your account by close of business that day. That worked for us when transferring to our solicitor’s bank AIB).

    It costs 50c to do.

    That’s sounds great, she’s in work until 3.30 though :-(
    I’ll have to wait until Monday for the money to be in my account so.
    Thanks for the info


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    #11
    shelly24
    Registered Users Posts: 77 ✭✭shelly24


    Agustin Chilly Self-portrait wrote: »
    You are correct, I was forgetting that aspect. 6k in the joint account and the rest in a sole account in that case. Maximises the tax reliefs.

    The money is going into my account not a joint one. I never even thought of tax implications, I assume I’m ok with her giving me a one off gift?


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    #12
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    shelly24 wrote: »
    The money is going into my account not a joint one. I never even thought of tax implications, I assume I’m ok with her giving me a one off gift?

    Anyone can give you and your partner 3k each a year tax free. Anything above that would come off the lifetime threshold which I stated the amounts in my earlier post.


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    #13
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Just to point out, its probable that a large sum will be flagged to the FIU of the Gardai but that depends on the bank teller.


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    #14
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,335 Mod ✭✭✭✭Gumbo


    Askthe EA wrote: »
    Just to point out, its probable that a large sum will be flagged to the FIU of the Gardai but that depends on the bank teller.

    All lodgements over a certain value are flagged anyway. I wouldn’t worry about it in this situation as the source of the funds can be verified.


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    #15
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭uberwolf


    shelly24 wrote: »
    The mortgage company we are with won’t proceed with our application until we have proof that the money has been transferred to our account

    A little bit aside to your question, but do you mean that they won't progress to giving you an approval in principal without all of the funds being to hand?


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