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Lodging large amounts cause problems?

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  • 15-01-2012 10:18pm
    #1
    Tomsmatch
    Closed Accounts Posts: 2 ✭


    I'm planning on emigrating to Australia in the next couple of months and was planning on bringing about €19k with me. I currently have €6k and plan to raise the rest by selling all my belongings & car.

    My plan was to move all my money in NIB and then online transfer my money to my new Oz account when I get there. I was gonna start by moving over my 6k savings and then lodging money as I sell stuff. Ill be selling guitars, gym equipment, car etc so it'll all be lodgements of over 2k.

    Now I thought I had the perfect plan of action until one my my friends informed me that by lodging large sums that quickly may raise red flags in the bank.

    I really don't need any hassle, especially having to fly back to sort out any problems! 24 hours on a plane one way is enough! Does anyone think this would be a problem?


Comments

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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Anything out of line with your account will need explaining. That's all. Valid explanation = everything will be ok.


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    #3
    Cedrus
    Registered Users Posts: 1,429 ✭✭✭Cedrus


    Standard money laundering questions will apply, if you can show where it came from you'll have no problems. Bank statements should be OK for the savings and copies of receipts, log book etc for the rest. If you explain at the start, the bank should be able to put a note on the account about what you're doing.


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    #4
    Tomsmatch
    Closed Accounts Posts: 2 ✭Tomsmatch


    Thanks lads.

    So i should keep a copy of the log book before i send it off? Everything else will be sold online so im guessing that'll be proof enough. I dont really see it being a problem, sure it's not enormous amounts but I just dont want to be in Oz and for them to ask me to call into my local Irish branch!


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    #5
    naughtysmurf
    Registered Users Posts: 3,245 ✭✭✭naughtysmurf


    Cedrus wrote: »
    Standard money laundering questions will apply, if you can show where it came from you'll have no problems. Bank statements should be OK for the savings and copies of receipts, log book etc for the rest. If you explain at the start, the bank should be able to put a note on the account about what you're doing.

    Agree with this, contact your bank and let them know your intentions / plans in advance, should be grand then


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    #6
    Cedrus
    Registered Users Posts: 1,429 ✭✭✭Cedrus


    Tomsmatch wrote: »
    Thanks lads.

    So i should keep a copy of the log book before i send it off? Everything else will be sold online so im guessing that'll be proof enough. I dont really see it being a problem, sure it's not enormous amounts but I just dont want to be in Oz and for them to ask me to call into my local Irish branch!

    They'll want/need to see some sort of a paper trail, but it's best to talk to them and find out what THEY consider acceptable.


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