Large cash deposit

L

lainypops

Guest
Hi there,

I currently have 30,000 in cash that I would like to deposit into my current account. My question is, will banks accept this large a sum without question. The money is a gift from my sons grandparents which I have no problem divulging but will I need to provide the bank with some form of proof?

Many thanks
 
I would imagine that it is not the Banks business where you got the money. It is the Revenue you should only answer to. I will stand corrected!
 
Hi, even if you haven't reached your gift tax threshold, you will still be asked for proof of where the money came from for money laundering purposes.
 
jpd said:
Is this your parents?

if so, they can gift your € 414,799 cumulatively since 5th December 1991
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Thanks for the advice everyone and to answer the questions, no it's my sons fathers parents.
 
There is a limit to which bank branches must/should report deposits for money laundering purposed...I'm guessing that figure will hit th map.

If you've nothing to worry about and can explain the cash,I wouldn't stress
 
I'm totally confused as the relation between the donor (mys sons fathers parents) and the donee (yourself) - is this not a aunt or uncle?

If their a family connection - the gift threshold is € 41,480
If not, the gift threshold is € 20,740 - so CAT (Capital Acquisition Tax or Gift Tax) is due on the balance over the threshold at 25%
 
afaik any sum over 10k will require an explanation and the bank has an obligation under the money laundering regulations to seek an explanation of its source.
 
You should be asked however you may not be, in any event you have an explanation which will suffice.

The Bank cannot refuse to accept the lodgment, worst case scenario is that they complete a suspicious of money laundering report, this is common enough and you will not be told about it, If the cashier does this then his / her liability under money laundering legislation relating to cash lodged over the counter is fulfilled.

There is no corollary between the Gift tax and the initial question, these are two different issues for the poster.
 
Yes, you should be asked, but there is a good chance you won't be.

Why not lodge the money, and if they do ask for an explanation, then provide your valid explanation and then check with the Revenue for any tax implications.
 
Thanks for the help guys and apologies about the confusion.

My sons father and I are not together and the money was given to me by his parents.
 
lainypops said:
Hi there,

I currently have 30,000 in cash that I would like to deposit into my current account.
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Unless you have a specific reason and intend transferring it on shortly, you certainly should not be putting it into a current ac. No significant interest earned. If you have a look at the you should get some advice or www.itsyourmoney.ie
 
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