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Sending big amount of money home

  • 07-05-2013 8:10pm
    #1
    Karlrove
    Registered Users, Registered Users 2 Posts: 262 ✭✭


    Hi, living and working in Asia. I'm looking to send home a few grand every month to an Irish account. I was told by revenue the country I'm in is fine for sending money back from,as in,it's not taxable again-as it's being taxed in Asia. However, if I send 5k home..will the fraud squad or money laundering unit get onto me, by the way I work for a reputable company! If anyone has any knowledge on this I'd love to hear from you. Thanks, karl


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Karlrove wrote: »
    Hi, living and working in Asia. I'm looking to send home a few grand every month to an Irish account. I was told by revenue the country I'm in is fine for sending money back from,as in,it's not taxable again-as it's being taxed in Asia. However, if I send 5k home..will the fraud squad or money laundering unit get onto me, by the way I work for a reputable company! If anyone has any knowledge on this I'd love to hear from you. Thanks, karl

    The bank it goes into may ask the source of funds, you simply show them the source (bank statement/payslips) and remind them of tax treaty with the country you are in and Ireland and there will be no problem.


  • #3
    murphaph
    Registered Users, Registered Users 2 Posts: 19,049 ✭✭✭✭murphaph


    The real question is do you really want to be depositing large sums into an irish bank?!

    Consider a more stable country in the core of the Eurozone if possible is my advice.


  • #4
    whomitconcerns
    Registered Users, Registered Users 2 Posts: 4,396 ✭✭✭whomitconcerns


    open a HSBC account or Citibank Gold account (with EUR and USD accounts). then you can access the money globally and pay nothing extra. Why move the money to irish bank..no real benefit


  • #5
    Karlrove
    Registered Users, Registered Users 2 Posts: 262 ✭✭Karlrove


    I own a property and was going to send the money back to reduce mortgage...what you think?


  • #6
    murphaph
    Registered Users, Registered Users 2 Posts: 19,049 ✭✭✭✭murphaph


    What sort of mortgage do you have? What interest rate?


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  • #7
    Karlrove
    Registered Users, Registered Users 2 Posts: 262 ✭✭Karlrove


    Big enough,bout €320k..at 4.6%. Why do you ask


  • #8
    murphaph
    Registered Users, Registered Users 2 Posts: 19,049 ✭✭✭✭murphaph


    Because you won't beat 4.6% on deposit anywhere in the Eurozone so it does make sense to pay that loan down rather than deposit it anywhere. I wasn't asking for the amount outstanding by the way, just what type of mortgage (tracker, variable etc,) ;)

    These things are always personal decisions but if I were in your shoes I'd be paying that mortgage down. You should keep at least a few bob in cash though for emergencies.


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