Transfer of funds from inheritance


Sigh! Ah well I have been looking at the Transferwise conditions (as I will be moving the money to that account for best exchange rate to Euro first) and THEY will want proof of proceeds of sale under Anti Money Laundering legislation, so if BOI/Revenue/Man on the moon comes looking for it, it'll be there!

I think my initial worry was - I inherited this in 2015, now I get the money in 2020, do I need to let Revenue know, does it actually matter when the money is transferred , but I guess I will find out!
 
zsuzsa said:
Transferwise conditions (as I will be moving the money to that account for best exchange rate to Euro first) and THEY will want proof of proceeds of sale under Anti Money Laundering legislation
Click to expand...
Of course, they're a regulated entity. (One if the reasons your bank won't want a file...).

Look, you've nothing to worry about. You declared the inheritance. There was no tax due. Now you're transferring money.
There might be a few questions, but you already have the answers. Someone might have a question - they'll tell you exactly what they need then. It could be a verbal confirmation, or a letter from a foreign solicitor translated and apostilled. Nobody knows what'll be needed, but since everything you're doing is completely legitimate, then just go ahead and do it.
 
Hi all I just thought I would update this - I transferred a substantial amount of money from Eastern Europe to my transfer wise account. It arrived the next day from the sender. Then, I converted it to Euro for really a small fee (0.55%) and sent it to my Euro account here for 69 cent. It arrived the same day, I was very surprised at how easy it was. I have not had any enquiries from Transferwise or my bank here about the sum but I have deeds of sale, translated grant of probate and copy of the bank transfer all ready if they do ask. Compared to my previous experience with Revolut, money being blocked for much smaller amounts and dealing with help bots to much frustrationI really would recommend Transferwise.
 
Revenue are not as bad as they are painted. Once you have your paperwork write there wont be a problem. I dont see why an audit would necessarily arise.
The Banks may ask for proof of source for thefunds which should not cause difficulty
 
I have a couple of clients in the Eurozone area for whom I occasionally do some work. For various reasons they pay me via SEPA transfer to a separate KBC account that I use for those customers only. I then transfer the money directly to my main business account as soon as I'm aware it's arrived in the KBC account. A few months ago a few payments happened to arrive within a couple of days of each other and I transferred the money out the same day. Got a call from KBC asking me what the payments were for and why I had transferred the money. He was extremely polite and almost apologetic for asking but was more than happy with the explanation. It just struck me as a very odd thing to ask. The sums were all in the region of 1k to 3k - hardly enough to trigger an inquiry, I'd have thought. Unless I'm on a watchlist!!
 
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