Needing to transfer a large sum while out of the country

sadie

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Any ideas on how to manage this. Someone is in the process of buying a house. The process stalled and the buyer (with Irish bank account) went on a trip so they are overseas for 3 months. They need to transfer money to their solicitor, probably a sum over 150k. The daily limit for internet banking is 20k.
Can the bank account holder wire instructions to their bank by Fax or telephone to transfer that money in one go? They can't physically go into a branch to do it, as there are no Irish banks where they are.
 
I had a similar sum to transfer to a solicitor last year. I'm with PTSB and went in to my branch two weeks in advance and had notice of this transaction recorded on my current account. On the day of the transfer I couldn't make it to my own branch and went to a different one, I had been assured there would be no problem. Eventhough I had all ID, they could see the transfer set up previously and they phoned my branch they were very reluctant to execute it. After an hour they eventually did it for me.

Based on this experience I think it will be difficult to do it from abroad but contact your own bank to check. It might be easier to transfer 20k over as many consecutive days as necessary if funds are available.
 
The daily limit for internet banking is 20k.

With most banks the limit is 5k. Which bank offers 20k?

If the limit is 20k, then the 150k can be transferred in drip feed mode over 8 business days. If the deal is over a house, surely one can wait 8 days for full settlement?
 
The daily limit for transfers initiated online varies from bank to bank. For example, with PTSB it is 5k, with BOI it is 20k. For large transactions a cheque book comes in handy as there is no upper limit when writing a personal cheque. Could a personal cheque be couriered to the purchaser, completed, and returned to the purchaser's solicitor? Ideally, the purchaser should have made arrangements for this before travelling.
 
Thanks. Actually the good old cheque seems the way to go. That should work fine.
 
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