Limits to International Transfers

[corkman]

Hi Everyone,

 

Some time back, I heard it was advisable to limit money transfers to less than EUR10,000 to avoid unwanted attention from authorities. Specifically, I am planning to send EUR10,000 from Thailand to Ireland. There is nothing shady or illegal. I live and work in Thailand, all above board with work permits and visas etc., and it is the legitimate repatriation of salary after fully paid income tax etc.

 

I just don't want any hassle, if it is going to set off some alarm bell. I could just send it in two batches, but I want to minimise transaction fees.

 

Bangkok Bank will let me send double that, no questions asked. My question if it will be challenged on the EU / Irish side.

 

Thanks in advance.

[Keyser Soze666]

I don't understand your question, if it is all above board then you are essentially asking if it's illegal to transfer money lol???

 

I doubt it would be challenged in Ireland, and even if it is you can show proof of funds, right?? But if you want to avoid the possible hassle of that why not send Eur9800 or something?

[corkman]

Hi Keyser > when i re-read what I posted, yes it seems a bit silly. haha.

 

Yes, I could just send 9,800 but I am just assuming that 10k (euro) is the threshold. It could well be 10k USD, or maybe it is not 10,000 "anything". Maybe it is some other arbitrary number like 9,500 or 11,250 or 7,350 or whatever. 

 

It's not a question of legality, and I can provide supporting documents if challenged, it is just I don't want the bureaucratic hassle of it..... they will ask for silly things like a letter from my employer, and then they will want it stamped by the embassy and that type of thing which will ultimately cost me more in time and money than transaction fees would for smaller bundles. On the receiving side, there could be questions what the money is used for. Is someone receiving it as an income and should they be paying tax on it and so on. Again, this would be a PITA asking people in Ireland to get all these documents.

 

As a one off, it's less than 1,000 baht. But over the course of a year it saves more than 10,000 baht.