Withdrawing large amount of cash

wdmfapq4zs83hv · 09-03-2021 5:18pm #1

I need to withdraw a large amount of cash , around €17k from my AIB account. I will also need to withdraw another €17k a week later. Will this be an issue? I know I will need to give them notice but will I be asked for a reason for the withdrawal?

kravmaga · 09-03-2021 5:21pm

No it wont be an issue, its your money, you dont have to give any notice.

I took out 14k in a bank draft form to buy a car and no questions asked.

Just had to have ID and bank card with me, job done, in and out in 10 mins.

wdmfapq4zs83hv · 09-03-2021 5:22pm

kravmaga wrote: »

No it wont be an issue, its your money, you dont have to give any notice.

I took out 14k in a bank draft form to buy a car and no questions asked.

Just had to have ID and bank card with me, job done, in and out in 10 mins.

Bank draft wouldn't be an issue I know. But cash.... might be different?

km991148 · 09-03-2021 5:23pm

They will probably ask the reason for kyc/fraud/laundering reasons.

It's a lot tho and there are usually safer ways of transferring that amount of money these days.

clintondaly · 09-03-2021 5:23pm

It depends on the account you have as some accounts have notice periods if cash is being withdrawn.

Witcher · 09-03-2021 5:24pm

Let them know a few days in advance for that amount, they'll have to ask you what the purpose of the cash is, you can tell them whatever, they just note it down and they don't care anyway tbh.

wdmfapq4zs83hv · 09-03-2021 5:27pm

We are doing a building job for cash. If we tell them this would we get in some kind of trouble? I cant think of any other reason I could give .

Sorry to clarify, we are paying the builder in cash ( friend of ours)

listermint · 09-03-2021 5:27pm

You will have to phone up and tell them so they have the money to hand out of timed safe. I think this is the case for amounts larger than ten grand for example. It's not a problem thing it's an ease of transaction thing. Don't mind the it's your money guff above . That's someone who just wants to create needless Hassel at the counter.

Witcher · 09-03-2021 5:29pm

Ronnie Calm Sociology wrote: »

We are doing a building job for cash. If we tell them this would we get in some kind of trouble? I cant think of any other reason I could give .

Sorry to clarify, we are paying the builder in cash ( friend of ours)

Just tell them that, as I said it just gets noted for AML purposes, the bank staff don't actually care and won't question it.

coylemj · 09-03-2021 5:43pm

Ronnie Calm Sociology wrote: »

We are doing a building job for cash. If we tell them this would we get in some kind of trouble? I cant think of any other reason I could give .

Cars are bought and sold for that type of money every day of the week. You already know that the branch will need notice so you have nothing to worry about.

Renault 5 · 09-03-2021 5:45pm

Let them know and make an appointment.

09-03-2021 5:49pm

Witcher wrote: »

Just tell them that, as I said it just gets noted for AML purposes, the bank staff don't actually care and won't question it.

They are required to ask, for amounts greater than 10k, by Revenue who may care and may question it. The bank staff won’t care as you said.

Smee_Again · 09-03-2021 5:53pm

I worked in banking and we would always ask the reason for large cash withdrawals, didn't really care what the answer was we just asked and noted it on the record.

We wouldn't always have €17K ready to withdraw though so it might be an idea to let them know in advance, saves you waiting for the timelock on the safe (especially if they miss it and have to set it again).

wdmfapq4zs83hv · 09-03-2021 6:08pm

Thanks for the replies. I guess I'm wondering what the criteria is for the bank flagging this to revenue? We dont usually withdraw large amounts of cash.

The Continental Op · 09-03-2021 6:11pm

Draw out several smaller amounts below 10k for a start.

km991148 · 09-03-2021 6:14pm

I don't think the current reporting standards stipulate that all transactions are reported to revenue (I would love to know for sure tho!).

I think it's a case of they record the reason you give in the event of any future investigation (either yourself or your builder friend).

Depending on your bank, the second same amount transaction might need some more notice as their own fraud team might care, but mainly in the interest of stopping a customer from being scammed into sending a money order or something.

km991148 · 09-03-2021 6:15pm

The Continental Op wrote: »

Draw out several smaller amounts below 10k for a start.

Doesn't matter, they know how to add - i.e. if there is a threshold it's hit when X payment are made to the same person or in cash over a certain period of time.

OP- I assume you aren't doing anything illegal.. so I'm not sure why you are worried. If your builder isn't paying taxes them that's not really your problem..

wdmfapq4zs83hv · 09-03-2021 6:24pm

km991148 wrote: »

Doesn't matter, they know how to add - i.e. if there is a threshold it's hit when X payment are made to the same person or in cash over a certain period of time.

OP- I assume you aren't doing anything illegal.. so I'm not sure why you are worried. If your builder isn't paying taxes them that's not really your problem..

I'm just paying for a building job in cash. I hope that's not illegal! Suppose I'm a bit worried it may be seen as tax evasion as I'm avoiding paying VAT

Bubbaclaus · 09-03-2021 6:24pm

Don't think we should be giving advice for engaging in tax evasion on here.

Ramasun · 09-03-2021 6:25pm

I've done this before and tried asking my local branch to arrange in advance for large denomination notes for a withdrawal less than 10k. I suppose it depends on the staff you're dealing with but I was left feeling like I was under suspicion.

In the end I went to three different branches to withdraw the cash in the denominations I wanted.

hurikane · 09-03-2021 6:42pm

Happy days for the builder, paid cash and on the pandemic payment.

km991148 · 09-03-2021 6:42pm

Bubbaclaus wrote: »

Don't think we should be giving advice for engaging in tax evasion on here.

Yeah potentially.. but it's always like that.. suspect a bit of dole fraud, scum of the earth.. get a good 'cash' price on 30k of building work.. legend!

masterboy123 · 09-03-2021 6:44pm

No issue.

I withdrew 30K from AIB on the same day.

Make sure you carry your ID eg Driving licence or passport. You will have to complete a form also which takes about 5 min.

km991148 · 09-03-2021 6:46pm

Ronnie Calm Sociology wrote: »

I'm just paying for a building job in cash. I hope that's not illegal! Suppose I'm a bit worried it may be seen as tax evasion as I'm avoiding paying VAT

You aren't avoiding paying vat. Potentially your builder friend is. This is what might lead to an investigation (but I am making a lot if assumptions here.. I hope neither causing offence or breaking rules..)

But it's your money in your bank account so you can lift it and give a reason and you will most likely never hear anything else of it.
If you are caught up in someone else trying to defraud the gov, then presumably they will review the transactions but just simply by paying cash you aren't doing anything illegal.

Just be careful walking about with 17k in your back pocket. Specify some large notes etc.

Thomasirl123 · 09-03-2021 6:46pm

Ronnie Calm Sociology wrote: »

I'm just paying for a building job in cash. I hope that's not illegal! Suppose I'm a bit worried it may be seen as tax evasion as I'm avoiding paying VAT

It's up to the builder to pay the tax, not you.

wdmfapq4zs83hv · 09-03-2021 6:48pm

We have been offered the option of cash. We are weighing it up and I dont want to do anything illegal, therefore I'm asking the questions. The builder is a VAT registered business but is a friend so offered to do the job for cash. Would be saving us 5k. It's a hell of a lot of money to us. I just cant seem to find a definitive answer on whether this is legal or not.

km991148 · 09-03-2021 6:52pm

Ronnie Calm Sociology wrote: »

We have been offered the option of cash. We are weighing it up and I dont want to do anything illegal, therefore I'm asking the questions. The builder is a VAT registered business but is a friend so offered to do the job for cash. Would be saving us 5k. It's a hell of a lot of money to us. I just cant seem to find a definitive answer on whether this is legal or not.

I'm pretty sure if you conspire to avoid tax it's ilegal, but it would have to be proven that's what you were doing.

There are legitimate reasons for offering a cash price too.

Lifting large sums of cash from the bank isn't illegal or going to get you flagged right away, but *IF* revenue were to open an investigation against a builder then I think they have the right to check customers transactions.

This is based on my impression, doesn't constitute advice (legal advice or advice on committing fraud).

L1011 · 09-03-2021 6:55pm

The Continental Op wrote: »

Draw out several smaller amounts below 10k for a start.

Still gets detected and is more likely to cause alarms. Smurfing.

Jim2007 · 09-03-2021 6:56pm

The Continental Op wrote: »

Draw out several smaller amounts below 10k for a start.

Sorry to disappoint you, but checks are run to highlight such activity.

Technique · 09-03-2021 6:57pm

Surely it’s perfectly legal to pay for something with cash? Now if the builder decides to not declare that to revenue then that’s a different matter. But I can’t see how that would be your problem?

mickdw · 09-03-2021 6:58pm

Ronnie Calm Sociology wrote: »

We have been offered the option of cash. We are weighing it up and I dont want to do anything illegal, therefore I'm asking the questions. The builder is a VAT registered business but is a friend so offered to do the job for cash. Would be saving us 5k. It's a hell of a lot of money to us. I just cant seem to find a definitive answer on whether this is legal or not.

It is not legal for him to be not declaring the works for vat and tax. What he will be doing is putting a large hole in his tax bill by putting all your job costs down against other jobs on the books reducing profits and grabbing the cash bundle from yourselves under the table so to speak.
It happens every day though and his taxes are not your concern.

Withdrawing large amount of cash

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