Moving money to foreign bank account

Hi,

I have some money that i received and would like to move it out of my current Irish bank to a foreign bank.

Is it possible for my own Irish bank to see funds I have in a foreign bank?

Thanks

No

Not yet, but they do try to change eu law as much as possible.



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jennymc said:

Hi,

I have some money that i received and would like to move it out of my current Irish bank to a foreign bank.

Is it possible for my own Irish bank to see funds I have in a foreign bank?

Thanks

Click to expand...

No, but there will be a trail, so it will not exactly be unknown to them. Also be aware that there may be money laundering issues that you need to address on the other side.

They cannot see it in the foreign bank account. But when you do the transfer from your Irish account they will see that you made a transfer. To avoid this you could withdraw in cash and lodge into a different Irish bank and then transfer it.

If you were trying to hide it from your current bank then you probably shouldn't have lodged it there in the first place.

No doubt when the new insolvency regime gets going the banks will be looking at people's accounts and where they are 'hiding money.' I'm not saying this is the case for you Jenny, but banks aren't stupid. They know if you withdraw an unusually large sum (say 5K) and put it into the post office, into prize bonds, into the credit union, into your UK bank account. I don't know what power in the future they will have to find these monies.

Have you considered opening an account in Jersey or the Isle of Man - I presume the Irish banks will have a harder time accessing those details than an ordinary EU bank.

Thanks, thats great info. I have a bank account in the North so may lodge it there.