Helping Friend with a Financial Transaction

kowloonkev · 22-12-2023 7:15am #1

Let's say a couple have a small argument about helping out a friend of one of them.

The couple live in different places for work reasons. They regularly go back and forth to see each other. One of them has a friend who asks them to take an amount of cash (approx €1,500) and exchange it in the other location to get a better rate, and because it's easier to do it due to language issues.

The other partner is not happy to do this because, mainly they don't want to be responsible for the money, as well as having to exchange it and think about it. They would be happy to escort the person around if that person visited, but not to actually take charge of the money.

Would you do this as a favour? Is it strange not to? Is it weird to be annoyed at someone who doesn't want to do it.

irelandrover · 22-12-2023 7:47am

There is no way I'd do this for someone.

Take the hassle and risk of that amount of money for someone else just so they save a little.

What happens if the exchange rate changes and they lose money. Will that friends be pissed off. What happens if it's lost.

Peregrinus · 22-12-2023 8:12am

I don't see why both members of the couple would need to be agreed about this. If one of them is happy to take the money, change it, and bring the foreign currency back, how is the other affected? They are not required to do anything.

Having said that, I think it's an imposition to ask your friends to conduct your banking business for you. I don't think it's at all weird for one member of the couple not to want to do this. It's a bit weird for them not to want the other member of the couple to do it.

CramCycle · 22-12-2023 8:20am

I wouldn't be annoyed, I had to ask friends for a favour once, some said yes, others said no, explained they weren't comfortable, that's it. I wouldn't be annoyed for being asked but I also wouldn't be annoyed if I asked and my friend said no. If they are, they aren't really a friend. Carrying around 1500 as well, who is responsible if you are mugged after getting the cash?

Panthro · 22-12-2023 8:36am

Tell your friend to use revolut.

eeloe · 22-12-2023 8:43am

https://www.boards.ie/discussion/comment/121525046#Comment_121525046

You can't lodge cash in to revolut! ;)

Panthro · 22-12-2023 8:45am

Well put the cash back in the bank then use revolut! 🤣

Big Bag of Chips · 22-12-2023 9:12am

If you want to do it then do it. If you want your partner to do it and your partner is uncomfortable to do it then drop it. It seems like you are asking your partner to take charge of €1500 belonging to your friend and be responsible for carrying it, exchanging it and bringing it back to them. All to save your friend a few bob.

No.

Jim2007 · 22-12-2023 9:50am

https://www.boards.ie/discussion/2058327980/helping-friend-with-a-financial-transaction

It is very foolish to agree to do that for anyone because you could find yourself the subject of an MLA investigation and you can take it from me that that is a position you do not want to find yourself in. These days criminals are using the internet to find people to launder small amounts of money in the way you have described - send them 2K, they covert it and send 1.5k back to another account. And the reality is you have no idea where the money you are being asked to exchange came from.

Very foolish to even entertain such an idea, never mind let it be the cause of an argument between you and your partner.

ted1 · 22-12-2023 11:02am

https://www.boards.ie/discussion/2058327980/helping-friend-with-a-financial-transaction

How well do you know the person ?

https://www.garda.ie/en/about-us/organised-serious-crime/garda-national-economic-crime-bureau/money-muling.html

kowloonkev · 22-12-2023 11:14am

Thanks for the replies so far. I tried to be neutral in the OP just to get a sense of the sentiment here, especially the principle of the thing.

I'm not looking for advice on how to do the transaction itself, but let's just say revolut is not an option with the jurisdictions involved.

I'm of the opinion not to do it. I just wanted to see if I'm strange for thinking that. I guess it's more of a cultural thing.

https://www.boards.ie/discussion/comment/121525191#Comment_121525191

Thank you for the heads up. I don't know if it would be an issue here dealing only in cash exchange and not connected to any bank account.

Jim2007 · 22-12-2023 1:07pm

Thank you for the heads up. I don't know if it would be an issue here dealing only in cash exchange and not connected to any bank account.

You think the person who asked you to handle the money would not snitch on you, if put under pressure..... I can tell you from experience most people will throw you under the bus in the first five minutes of being interviewed. It is not like in the movies.

NewbridgeIR · 22-12-2023 1:16pm

Don't make somebody else's problem your problem.

Would not do this for anybody. Jim2007's has articulated why.

You need to be very firm in refusing. Better off being blunt and aggressive if necessary. They'll get the message.

dashoonage · 22-12-2023 6:43pm

This is how Bertie got in trouble....

Furze99 · 22-12-2023 9:18pm

Sound advice from Jim2007 above - this is typical of cash laundering schemes. Let your friend politely decline.

holliehobbie · 23-12-2023 12:18am

And what if you were robbed of this cash before you could lodge it in?

3DataModem · 23-12-2023 1:28am

https://www.boards.ie/discussion/2058327980/helping-friend-with-a-financial-transaction

When handling cash or valuables like this (especially cash), the problem occurs if there is an unexpected problem.

For example;

you give someone 1500 to do something. They are robbed en route. "Your" 1500 is stolen. What happens then?
you give someone 1500 to do something. They lodge it to their bank account. They withdraw 2000 later with intent to do the thing in a day or two. They are robbed leaving the bank. They tell you "sorry mate, that was your 1500". What happens then?
you give someone 1500 to do something (lets say, buy 10000 drachma). They go to the place, and only get 7500 drachma. Maybe the rate changed, maybe they were ripped off. They tell you "sorry mate, that's what they gave me". What happens then?
what if it wasn't 1500, but a piece of jewelry they were to sell for 1500. The jewelry gets nicked en route to the shop. Seems pretty clear cut that YOU are out of luck. "Claim on your travel insurance" you say. "Don't have it" they say. What happens then?
looking at example 4, they sell it, get the money into their account. A few days later they withdraw 4000 in cash in order to travel a bit, then pay you back later. They get robbed for all their cash. What happens then?

It is the nuance in these grey areas that make it a bad idea when fungible assets like money are "held" by someone other than the person who owns the money. It'll be fine most of the time, but sometimes won't, and people fall out.