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Are Irish Banks Friendly to Crypto / Payments to Exchanges??

  • 16-08-2019 04:09PM
    #1
    Cwarim
    Registered Users, Registered Users 2 Posts: 34 ✭


    Like a lot of Irish I've lived abroad for more than the past 5 years. I've made a decent amount of money, enough that I'd have a good chunk of change to invest without affecting my mortgage / lifestyle.

    But I can't do it from where I live due to exchanges not accepting payments from this jurisdiction. So I was wondering if Irish banks would be friendly to accepting money from a bank in say, the Caribbean, to an Irish account and then making a large payment to a coin exchange. I'd be talking about a 5 figure payment.

    Seems to me that this would set off a whole load of AML protocols and source of funds requests, but I could deal with those if I had to. The more important question is simply whether they'd be willing to do it, or whether if, like some banks, they're not interested in making payments to crypto exchanges at all.

    I still have my old AIB account, so if anyone can tell me their current attitidue towards crypto in particular that would be helpful. Or, in the alternative, who I might set up an account with in order to facilitate such payments.


Comments

  • #2
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    No problem sending money to exchanges but with a 5 figure sum they'll definitely be flagging you and asking questions.


  • #3
    Kickstart1.3
    Banned (with Prison Access) Posts: 186 ✭✭Kickstart1.3


    They will report all activity involving crypto exchanges to revenue. Not a problem as long as you keep your trading/holdings in order


  • #4
    Cwarim
    Registered Users, Registered Users 2 Posts: 34 ✭Cwarim


    grindle wrote: »
    No problem sending money to exchanges but with a 5 figure sum they'll definitely be flagging you and asking questions.


    Thanks. I heard Santander were banning payments to exchanges and wondered about Irish banks.


    Kickstart1.3 wrote: »
    They will report all activity involving crypto exchanges to revenue. Not a problem as long as you keep your trading/holdings in order


    That raises interesting questions in and of itself as I am no longer tax resident in Ireland (having lived and worked abroad for more than three years).



    I wonder if trading through an Irish bank could give rise to tax liability for a non-tax resident Irish citizen? I'll have to look that up.


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