How much coinage will banks accept?

-annex-

I doubt they'll cash it for you. Most likely your only option will be to lodge it all into your account. Money laundering regulations and the like...

EdgarAllenPoo

I think the money laundering limit is either €2600 or €3000.

RandolphEsq

Would it be possible to see a picture of all this money?

gogo

GDM wrote: »

I think the money laundering limit is either €2600 or €3000.

Have been working in a bank for years and have never heard of a money laundering limit.

coin limit - yes
money laundering - yes

money laundering limit - no

Wouldn't really blink a eye of someone with two grand in coin - its a regular occurance, also only business customers are charged for the privilage of changing coin.

The minster - most banks have a secure cash area for business customers-the ordinary customers with lodgements.withdrawals over 2.5K or coin over 300euros can use them - you may be able to use these instead of standing in the q with your bags. largers branches all have them.

Agent Smith

Bagpacking?

Toots

gogo wrote: »

Frosty...i have perfected the icy maiden stare, so cool you'd swear you asked me to trasfer a kilo of cocaine out of the country for you not 20 euros to another account.

there is a severe problem of people coming into banks at five to four with hugh lodgements. Really lously on cashiers

Lol, I had one of those today - 500 cheques at 3:57. I sh!t you not!:(:eek: I think my heart nearly stopped when he handed me in the bag, I thought it was a bag of money and when I saw the cheques I just thought - u fecker!! And the worst part was when all the cheques were in the lodgement didn't balance!!!:mad::mad::mad::mad::mad::mad::mad:

gogo

Standard bank practice there would have been to look at your watch a few time and sigh heavily. make them feel bad without getting them angry, as for non-balancing lodgements...there should be an instruction manual for calculators for some people.

Toots

Yeah, and don't look at him for the whole transaction, and sigh in an exasperated manner at intervals throughout. The worst thing of all was that he blagged his way in just as we were closing the door, I wouldn't have minded if he'd been there since half 3 and the queue was really long, but no.....:mad:

ixoy

I had to deposit a number of coins a while back in BOI in College Green and I had to be buzzed through into the safe area to have them handled. No problem with it otherwise - just make sure you have them sorted correctly.

Lazare

Bit OT, but why are people too lazy to do a quick visual spell check before posting a thread, it's happened a few times here. Really bugs me.

Banks don't accept coinabge iirc.

L1011

gogo wrote: »

Have been working in a bank for years and have never heard of a money laundering limit.

There's a limit at which Revenue have to be notified of a transaction happening, but its done automatically by your computer systems. And its more than 3 grand, more like 50 I think!

JIZZLORD

jaysus, i should hold on to my hoarded money. i usually lodge it when i have enough for the bags. but i spend it then.

gogo

MYOB wrote: »

There's a limit at which Revenue have to be notified of a transaction happening, but its done automatically by your computer systems. And its more than 3 grand, more like 50 I think!

Honestly that's not how it works, there is procedures, which for obvious reasons i'm not going to go into it. Has nothing got to do with the revenue, and the computer systems are far far from that special.


Cashiers know there customers and what to expect from them.

Trine

Lazare wrote: »

Bit OT, but why are people too lazy to do a quick visual spell check before posting a thread, it's happened a few times here. Really bugs me.

Banks don't accept coinabge iirc.

:rolleyes:

nlgbbbblth

MYOB wrote: »

There's a limit at which Revenue have to be notified of a transaction happening, but its done automatically by your computer systems. And its more than 3 grand, more like 50 I think!

No there isn't.

If that were the case, then any bank with second hand car dealers on their books would be reporting them to the Revenue Commissioners a few times a week in respect of the amount of their lodgments.

Regarding the original post.
Full bags, no mixed coin.
Avoid lunchtime [12 - 2pm].
Quietest time is usually 10.30am - 11.30am.

On one occasion a guy who had been collecting for a charity outside the local supermarket called into the branch where I was working. He was carrying two large plastic buckets and said 'I'd like to exchange some coin'. We were separated by a glass panel that went up to the ceiling with a sunken drop in the counter for placing lodgments into.

He then proceeded to empty the entire contents of one of the buckets into the drop. All loose coin, none bagged. I said 'hold on, what do you think you're doing?'

He said 'I thought you have machines that can weigh it'.

When I told him that it all had to be bagged, he became aggressive. He claimed that he had 'never heard of or seen' plastic coin bags.

Mint Sauce

often go into my branch once or twice a year, after chucking small change in to jar throughout the year, to pay in coins, have never had a problem with not having the exact amount in each bag, ie, might of had 90c worth in a e1 in 1c coins bag, etc, but would have a record of what was in each bag, and as long as it was the correct or same denomination of coin in each bag, they always took it, and yes i to get buzzed into the safe area as well

L1011

nlgbbbblth wrote: »

No there isn't.

If that were the case, then any bank with second hand car dealers on their books would be reporting them to the Revenue Commissioners a few times a week in respect of the amount of their lodgments.

Yes, there is. Its a "suspicious transaction report", has existed since 2003, and covers banks and other practitioners such as auctioneers and "dealers in high value goods" - Des Cullen Autos and serious level jewellers presumably... Cash transactions over a certain value, which I cannot remember, have to be notified - in the case of banks its done automatically, as is opening and closing of accounts.

nlgbbbblth

MYOB wrote: »

Yes, there is. Its a "suspicious transaction report", has existed since 2003, and covers banks and other practitioners such as auctioneers and "dealers in high value goods" - Des Cullen Autos and serious level jewellers presumably... Cash transactions over a certain value, which I cannot remember, have to be notified - in the case of banks its done automatically, as is opening and closing of accounts.

all banks have their own internal money laundering procedures

Mr X, working as supermarket cashier, lodging €2,500 cash a week into his account = suspicious

XYZ Limited, holding company for a busy pub and restaurant, lodging €25,000 cash a week into their account = normal transaction

a system that would automatically notify the Revenue Commissioners of amounts above a certain level would be disastrous and a serious breach of confidentiality.

L1011

nlgbbbblth wrote: »

all banks have their own internal money laundering procedures

Mr X, working as supermarket cashier, lodging €2,500 cash a week into his account = suspicious

XYZ Limited, holding company for a busy pub and restaurant, lodging €25,000 cash a week into their account = normal transaction

a system that would automatically notify the Revenue Commissioners of amounts above a certain level would be disastrous and a serious breach of confidentiality.

...except for the fact that it exists. How much more of a breach of confidentiality is it than automatically notifying them of an account being opened or closed, as has been required for decades at this stage?

ScouseMouse

Did you consider chatting to your local shop/supermarket manager? Most businesses are charged for getting coin from the bank. Your local shop may be quite happy to take it in lumps! I am a new business so dont pay bank charges but if I did, I would take it.

gogo

MYOB wrote: »

...except for the fact that it exists. How much more of a breach of confidentiality is it than automatically notifying them of an account being opened or closed, as has been required for decades at this stage?

The revenue are not notified of anything - suspicious tranaction report's are sent to each banks fraud department who then keep an eye on the account in question.
If a branch feels that a new account is in any way suspicious then the account will not be opened in the first place, it is entirely a branch decision. If you feel thatsomething is'nt right when opening an account, I have a obligation to trust my judgement and not open it, not an obligation to open it and notify the revenue.

And on a closing note the revenue deal with tax, which is a very small part of money laundering issues, so if an account had suspicious tranactions we would notify the fraud dept who in turn might or might not call the guards, who in turn would notify the revenue.

gogo

nlgbbbblth wrote: »

all banks have their own internal money laundering procedures

Mr X, working as supermarket cashier, lodging €2,500 cash a week into his account = suspicious

XYZ Limited, holding company for a busy pub and restaurant, lodging €25,000 cash a week into their account = normal transaction

a system that would automatically notify the Revenue Commissioners of amounts above a certain level would be disastrous and a serious breach of confidentiality.

To summarise^^^what he said.;)

L1011

gogo wrote: »

The revenue are not notified of anything - suspicious tranaction report's are sent to each banks fraud department who then keep an eye on the account in question.
If a branch feels that a new account is in any way suspicious then the account will not be opened in the first place, it is entirely a branch decision. If you feel thatsomething is'nt right when opening an account, I have a obligation to trust my judgement and not open it, not an obligation to open it and notify the revenue.

And on a closing note the revenue deal with tax, which is a very small part of money laundering issues, so if an account had suspicious tranactions we would notify the fraud dept who in turn might or might not call the guards, who in turn would notify the revenue.

Read the documents on suspicious transaction reports on the Revenue website - your fraud department would be handing them on. Revenue *are* notified of all large cash transactions and have been for 5 years now, simple as.

I never mentioned anything about whether accounts get opened or not - I said they are notified of all account openings and closures, also detailed on their website (http://www.revenue.ie/pdf/rev_powers.pdf)

Toots

The girl sitting in your local branch is not going to tell the Revenue. It is only in certain circumstances that the Revenue will be notified of these transactions, after the bank has sufficient reason to suspect that the customer may be dodging tax (ie every week Jimmy comes in to the bank and lodges 1000e into his account, this could indicate that he is being paid in cash and may not be paying tax/his employer may not have him on the books/he may be doing nixers and not declaring it) and it is the bank's Money Laundering Reporting Officer who decides whether or not to contact the Gardai/Revenue, not the branches. You may be questioned on the source of the funds (unusually large amounts being lodged into personal current accounts will prompt this) but the cashier isn't supposed to make you aware if he or she is suspicious:rolleyes:

OP, nobody will bat an eyelid if you come in with 2k in coin. I'd be seriously surprised if you are even questioned about it.:cool:

Lazare

Trine wrote: »

:rolleyes:

Intentional spelling mistake dumbo.

:rolleyes:

Giblet

Stop posting in this thread Lazare.