wiring mortgage deposit overseas, whats the law/limit

H

Horatio

Registered User
Messages
807
hello everyone!

I am trying to wire money overseas to cover the deposit on my mortgage on an overseas property, some friends have advised me that wire transfers for large sums have to come with some declaration, something to do with the proceeds of money laundering, does anyone out there actually know the real facts? I'm getting a lot of rumours but no substance.

Thanks everyone.
H
 
Wire services are indeed covered by Money Laundering legislation-[broken link removed] has more on the subject.

If you present the funds by means of a cheque/draft drawn on an Irish/EEA bank, then there will probably be no further questions asked as to the source. You may have to present ID/proof of residence as well.
 
CC,
thanks for the fast reply, I'll take a look.
The transfer will be paid for by funds in mine & my wifes accounts accrued over the last 5 years, so again dýa reckon this is a no questions asked scenario" also?

thx
H
 
CC,
I'll be using cash in my bank account (for last 5 yrs) to fund the wire. The wire will be sent from the same bank.

The sum is E150K+/-

Regards,
H
 
If the money is coming directly from the bank there shouldn't be a problem.

If you arrived into a Western Union office with €150k in cash I would expect that they would be asking questions.
 
As a banker I transfer funds like this for people all the time. As long as your funds are from a legitimate source there's no problem. These funds have been in your a/c & built up from your own resources (after you've paid your tax)
As CCOVICH says, if you arrived in with that amount in cash, then there would be questions asked.
 
Horatio, 3 months ago a client of ours transferred 100k from his account to mine (he put the wrong details in) and apart from my near heart attack (as I'd never even met the guy) there was no problem.
 
Horatio, why use your bank ?. A currency broker will give you a better exchange rate.
 
You must log in or register to reply here.
Back
Top