Withdrawing cash in BOI

angeline

Hi. Just a question please. I am getting a lump sum shortly for a retirement. I have paid a deposit on a car and will need to go in to the branch to withdraw circa 30k. Is this going to be a problem? I thought I could go in any time but on googling I read that with some banks you have to give notice. To complicate further I wanted to transfer the money online to my father first and have him withdraw the bank draft as the car is for him. Is this likely to raise eyebrows although I have nothing to hide. Just thought it would be more straightforward. I will ring them tomorrow to enquire but any advice appreciated. Tia.

Henry Ford III

I'd imagine it would raise suspicion. €30k is a lot of cash.

p.s. Why not transfer the funds to the seller?

coylemj

Can't you just do an online transfer to your father's account and let him go into his branch and get the draft?

You say that: 'I wanted to transfer the money online to my father first and have him withdraw the bank draft'. So why do you need to withdraw 30K in cash?

jahalpin

https://www.boards.ie/discussion/2058340264/withdrawing-cash-in-boi

Your father would have to declare this for tax as the annual tax-free gift allowance is only 3k

StevenToast

30k cash is dodgy.

Atlantic Dawn

A car dealer will report a cash transaction over €10k as part of money laundering legislation and additionally a bank will report a cash lodgement over €10k in to an account. Leave the money in the bank and manage the transaction via bank transfer to dealer or your father.

See tax implications in @jahalpin previous post.

carveone

https://www.boards.ie/discussion/comment/121906172#Comment_121906172

Which, according to the boards charter, is just an opinion and not tax advice.. Eg you're leaving out the CAT group B threshold of 32500. Or a loan over 10 years depreciating each year by the gift allowance amount, interest notwithstanding. Etc etc Which is just my opinion of course.

Cash transactions are a pain. Atlantic Dawn is right (imo)

angeline

https://www.boards.ie/discussion/comment/121882599#Comment_121882599

This is exactly what I did. There were no problems at all. Dad went in to his bank and got a bank draft in the car dealer's name. All sorted now and lovely car was bought!

angeline

https://www.boards.ie/discussion/comment/121906349#Comment_121906349

Not at all. I asked the car dealer how he is usually paid and he said by bank draft. So I transferred the money online to my father and he went in to his bank and got a bank draft for the dealer. No questions were asked and it was given to him on the spot.

Atlantic Dawn

https://www.boards.ie/discussion/comment/121909823#Comment_121909823

Cool, glad you got it sorted.