Lodging 5k into bank account

chakotha

If I lodge 5-6k into my bank current account with a cheque would it raise any flags with the bank with regard to Revenue?

It is for a family member who wishes to make purchases using my credit card.

Thanks.

chris85

I think €10k is the lower limit on the amount that if lodged to your account that you would be required to provide more info on the source of the money fo money laundering purposes.

Someone may be able to give more certainty on this!

Oral Surgeon

Why don't they get a prepaid CC for themselves and load it up with the money?
Failing that, lodge it on two different days...

OS

Toots

You should be fine with a cheque. If it was cash they'd probably ask where you got it but because a cheque is traceable there shouldn't be any questions asked.

unclebill98

Anything out of line with the account profile can raise questions to be asked. That amount would raise an issue, and again if it's use to put a cc into a credit balance.

Your explanation is valid so I'd not worry.

Jim2007

chakotha wrote: »

If I lodge 5-6k into my bank current account with a cheque would it raise any flags with the bank with regard to Revenue?

It is for a family member who wishes to make purchases using my credit card.

Thanks.

Actually it is to do with money laundering not the Revenue. If you lodge an amount greater than 10K or a series of small amounts over a short period, the bank may ask you to provide evidence of the source.

Jim.

unclebill98

That and most bank limits are lower at 5k.

chakotha

Thanks folks. I wasn't sure what the lower amount was.

A asked a bank cashier if there would be any issue and she said there wouldn't.