Not a major issue but I was wondering about this.
Occasionally I transfer money from my PTSB current account to a brokerage account in the US. I have to visit the bank to do this as it requires filling forms for their antiquated system. Typically it's about $5000
The last few times I did the transfer they asked me the reason for the transfer? I understand the need to know why money is coming in, but not why money is going out.
Is the reason for asking, a regulation?
I was thinking maybe it's to protect me (e.g. If I was transferring to a Nigerian prince). I suppose the next time I do it I'll just ask but thought somebody here might know.
Occasionally I transfer money from my PTSB current account to a brokerage account in the US. I have to visit the bank to do this as it requires filling forms for their antiquated system. Typically it's about $5000
The last few times I did the transfer they asked me the reason for the transfer? I understand the need to know why money is coming in, but not why money is going out.
Is the reason for asking, a regulation?
I was thinking maybe it's to protect me (e.g. If I was transferring to a Nigerian prince). I suppose the next time I do it I'll just ask but thought somebody here might know.