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Withdrawing cash in BOI

  • 12-03-2024 1:57am
    #1
    angeline
    Registered Users, Registered Users 2 Posts: 907 ✭✭✭


    Hi. Just a question please. I am getting a lump sum shortly for a retirement. I have paid a deposit on a car and will need to go in to the branch to withdraw circa 30k. Is this going to be a problem? I thought I could go in any time but on googling I read that with some banks you have to give notice. To complicate further I wanted to transfer the money online to my father first and have him withdraw the bank draft as the car is for him. Is this likely to raise eyebrows although I have nothing to hide. Just thought it would be more straightforward. I will ring them tomorrow to enquire but any advice appreciated. Tia.



Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    I'd imagine it would raise suspicion. €30k is a lot of cash.

    p.s. Why not transfer the funds to the seller?



  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Can't you just do an online transfer to your father's account and let him go into his branch and get the draft?

    You say that: 'I wanted to transfer the money online to my father first and have him withdraw the bank draft'. So why do you need to withdraw 30K in cash?



  • #4
    jahalpin
    Registered Users, Registered Users 2 Posts: 1,031 ✭✭✭jahalpin


    https://www.boards.ie/discussion/2058340264/withdrawing-cash-in-boi

    Your father would have to declare this for tax as the annual tax-free gift allowance is only 3k



  • #5
    StevenToast
    Registered Users, Registered Users 2 Posts: 3,827 ✭✭✭StevenToast


    30k cash is dodgy.

    "Don't piss down my back and tell me it's raining." - Fletcher



  • #6
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,733 ✭✭✭✭Atlantic Dawn
    M


    A car dealer will report a cash transaction over €10k as part of money laundering legislation and additionally a bank will report a cash lodgement over €10k in to an account. Leave the money in the bank and manage the transaction via bank transfer to dealer or your father.

    See tax implications in @jahalpin previous post.



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  • #7
    carveone
    Registered Users, Registered Users 2 Posts: 1,306 ✭✭✭carveone


    https://www.boards.ie/discussion/comment/121906172#Comment_121906172

    Which, according to the boards charter, is just an opinion and not tax advice.. Eg you're leaving out the CAT group B threshold of 32500. Or a loan over 10 years depreciating each year by the gift allowance amount, interest notwithstanding. Etc etc Which is just my opinion of course.

    Cash transactions are a pain. Atlantic Dawn is right (imo)



  • #8
    angeline
    Registered Users, Registered Users 2 Posts: 907 ✭✭✭angeline


    https://www.boards.ie/discussion/comment/121882599#Comment_121882599

    This is exactly what I did. There were no problems at all. Dad went in to his bank and got a bank draft in the car dealer's name. All sorted now and lovely car was bought!



  • #9
    angeline
    Registered Users, Registered Users 2 Posts: 907 ✭✭✭angeline


    https://www.boards.ie/discussion/comment/121906349#Comment_121906349

    Not at all. I asked the car dealer how he is usually paid and he said by bank draft. So I transferred the money online to my father and he went in to his bank and got a bank draft for the dealer. No questions were asked and it was given to him on the spot.



  • #10
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,733 ✭✭✭✭Atlantic Dawn
    M


    https://www.boards.ie/discussion/comment/121909823#Comment_121909823

    Cool, glad you got it sorted.



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