Question about transferring money out of my account.

Q

qwerty5

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Not a major issue but I was wondering about this.
Occasionally I transfer money from my PTSB current account to a brokerage account in the US. I have to visit the bank to do this as it requires filling forms for their antiquated system. Typically it's about $5000

The last few times I did the transfer they asked me the reason for the transfer? I understand the need to know why money is coming in, but not why money is going out.
Is the reason for asking, a regulation?
I was thinking maybe it's to protect me (e.g. If I was transferring to a Nigerian prince). I suppose the next time I do it I'll just ask but thought somebody here might know.
 
Don't know the answer but would you not get a better rate transferring it via Wise?

Using Wise instead of Currency Fair

I was a big fan of Currency Fair until their procedures changed recently. There have been big complaints about delays in transferring money and terrible customer service when people ring to find out where their money is. So I have just used Wise and it was fairly straightforward. Much better...
www.askaboutmoney.com

Brendan
 
Eh. I think I hit the report button instead of Reply. Whoops.

Wise would save me money but the broker will only take payments from bank accounts (same kind of requirements as Degiro, you nominate your bank account and can only transfer from there. I presume it was some kind of anti money laundering requirement).
They state they won't allow transfers from stuff like Wise.

Revolut would save me money too but that's actually listed as a bank they won't take transfers from (from before when they weren't a bank). I tried getting them to update that policy now that Revolut is a bank but got somebody who was probably reading from a script and wasn't interested. So I transfer from PTSB. I know it costs more in the transfer but in the grand scheme of things I'm doing much better than those transfers cost so I live with it.
 
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If the broker's requirement is not more complicated than that they require the money to come from a bank account in your name, then I imagine that Wise should be acceptable. I use it to regularly transfer money to a US broker. You can get bank details for a US bank account in your name though them, and then use that account to send and receive money.

I presume you need to go into the PTSB branch because the transfer is in a foreign currency. If you used the Wise approach then it should also save you from having to do that as you can just do a regular euro transfer to them online.
 
Also, I suspect the reason for asking about the purpose of the transfer is probably because when people make payments to the likes of Nigerian princes, the public often seems to think that the bank should cover the loss. Asking questions might avoid some of those transfers, and reduce the public pressure on the bank for the ones that still happen.
 
Dr Strangelove said:
It’s likely one or both of an anti-money laundering or fraud prevention measure.

Banks have regulatory obligations as well as own risk management.
Click to expand...
They know where the money comes from (my salary).
What money laundering is possible from that?
 
Dr Strangelove said:
It could be a fraud prevention measure. Of related to prevention of tax evasion either here or in US.
Click to expand...
If I transfer electronically to the US for other accounts it's not a question. I would transfer from revolut if the recipient would allow it (I know they don't allow transfer companies for anti money laundering and tax)

And I can't transfer electronically from ptsb to the US as their system is crap.

Was hoping somebody who works in a bank could answer. They must receive training on why to ask. I used to work in a investment bank (obviously not the same but similarish) . Plenty of requirements for money laundering. Nothing that I can remember for transferring out. We'd have requirements for certain customers (like politicians). But I'm not in any of those PEP categories that I know of :)
 
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