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Foreign exchange controls

  • 05-12-2012 11:56am
    #1
    Curly Judge
    Registered Users, Registered Users 2 Posts: 2,708 ✭✭✭


    How much money can one legally take out of this country?
    Say, for instance, I had won that recent Euro millions jackpot of 160 million, how much could I deposit in my bank account in Geneva or Zürich.
    Could I nip in to Lower Abbey Street, collect the cheque and fly straight to Switzerland.
    Or would I have to fly to Lyon, [inside the EU] drive across the border and then lodge it in my numbered account .

    A prize of 10,000 euro is offered for the best answer, which I'll pay you when I win the next 160 million prize.


Comments

  • #2
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,627 ✭✭✭✭Marcusm


    No restriction on transfers of money per se but carrying cash and/or negotiable instruments is disclosable/reportable under anti money laundering rules by the bank (suspicious transaction reports) and/or directly at the airport by you!

    Best to transfer electronically.

    I have always thought one of the humorous parts of winning the euromillions would be the shock that the branch staff would get when the money was deposited - although it would quickly move it out if I won it. Best not to keep it in one bank or indeed in one currency. Switzerland is like a massive great big hedge fund with a few chocolate factories built on top. NOt sure I'd want all of my wealth there!


  • #3
    Curly Judge
    Registered Users, Registered Users 2 Posts: 2,708 ✭✭✭Curly Judge


    Marcusm wrote: »
    No restriction on transfers of money per se but carrying cash and/or negotiable instruments is disclosable/reportable under anti money laundering rules by the bank (suspicious transaction reports) and/or directly at the airport by you!

    Best to transfer electronically.

    I have always thought one of the humorous parts of winning the euromillions would be the shock that the branch staff would get when the money was deposited - although it would quickly move it out if I won it. Best not to keep it in one bank or indeed in one currency. Switzerland is like a massive great big hedge fund with a few chocolate factories built on top. NOt sure I'd want all of my wealth there!

    I once heard that the four most important things to remember when investing were:
    Diversify, diversify, diversify and diversify.
    Diversity in your stocks location.
    Diversity in your product investment.
    Diversity in your currency exposure.
    Diversity in your range of risk

    Pity I'll never have the money to try the truth of it!:(


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