Transfering from One family member account to another

LaurenB87 · 2017-01-25 01:57:17

[font=Arial","sans-serif]Good Morning,[/font] [font=Arial","sans-serif]I have a question on a transfer of funds from one family member to another.[/font] [font=Arial","sans-serif]Is there a limit on the amount that can be transferred to them at once? For large sums of money(20,000), will the sender or the recipient be…

25-01-2017 01:57AM

#1

LaurenB87

Registered Users, Registered Users 2 Posts: 2 ✭

Join Date: January 2017

Posts: 1

[font=Arial","sans-serif]Good Morning,[/font]

[font=Arial","sans-serif]I have a question on a transfer of funds from one family member to another.[/font]

[font=Arial","sans-serif]Is there a limit on the amount that can be transferred to them at once? For large sums of money(20,000), will the sender or the recipient be charge any transfer fees from either the bank or government?[/font]

[font=Arial","sans-serif]Also would the sender or the recipient be charge any transfer fees from either the bank or government if the member was To transfer from an Irish account into an international account?[/font]

[font=Arial","sans-serif]Thank You[/font]

[font=Arial","sans-serif]Lauren[/font]

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Comments

#2 25-01-2017 03:20PM

Bank of Ireland: Elaine

Closed Accounts Posts: 1,367 ✭✭✭

Join Date: October 2013

Posts: 1360

Good Afternoon LaurenB87,

Thank you for getting in touch with us here and welcome to Boards.ie.

The limit for online transfers will depend on how the account details are registered as a payee initially. If the payee is registered and the activation code is sent by post, the limit on the payee will be E20,000 / 20,000 pounds per working day. If registered and activated by SMS then the limit is E10,000 / 10,000 pounds.

There are no payment fees on bank of Ireland international payments to the UK, EU Member states and EEA Countries like Sterling to UK, Zloty to Poland. Countries with an foreign currency conversion like the United States are set at E5. Full details of our International payment transaction charges are available here.

The receiving bank pay impose their own fee so it would be best to check with them directly to confirm this. For more information on how to make an international transfer please see here.

I hope this helps and if you need anything else, please let me know.

Elaine

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#3 27-01-2017 12:06AM

LaurenB87

Registered Users, Registered Users 2 Posts: 2 ✭

Join Date: January 2017

Posts: 1

Good Morning Elaine
Many thanks for your response.

Do the government impose any tax to the person transferring the funds or the person receiving the funds?

Many thanks
Lauren

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#4 27-01-2017 12:12AM

Steve

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Join Date: February 2006

Posts: 21198

Person receiving pays tax @ 33% over the limit.

http://www.revenue.ie/en/tax/cat/thresholds.html

You can get more advice in the taxation forum of boards

http://www.boards.ie/vbulletin/forumdisplay.php?f=1208

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#5 27-01-2017 12:05PM

Bank of Ireland: Elaine

Closed Accounts Posts: 1,367 ✭✭✭

Join Date: October 2013

Posts: 1360

LaurenB87 wrote: »

Good Morning Elaine
Many thanks for your response.

Do the government impose any tax to the person transferring the funds or the person receiving the funds?

Many thanks
Lauren

Hi Lauren,

I'm afraid we wouldn't be able to provide information on Government. You'd need to check this with Revenue directly or the relevant bodies in the specific foreign country.

Thanks,
Elaine

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