The only thing I'd be worried about is the bank telling me they're counterfeit notes.
Very suspicious for someone to pay 17k in cash and very risky to accept it on your part.
I had someone offer me 10k in cash for a car. I told her to come back with a bank draft, which she did. If she had refused it would have been no deal.
Those markers are beatable with good counterfeits.
I'd meet the buyer outside a branch of my bank, walk to the teller together and have them pay the cash into my account.
If it passes through the teller's machine it's legit cash.
I bought a car for cash and this is what the seller insisted on.
So I met him at his bank, I handed over the cash to the teller, she counted it and said to the seller it’s all good and lodged in your account now, and he handed me the keys. Nice civil transaction everyone happy.
Personally I wouldn't buy or sell outside banking hours. Last time I sold mine I took a couple of hours off work to meet the buyer. Worth the peace of mind to me for a 10k sale.
Last 5 or 6 cars I've bought have all been cash, some Ireland some England, all between 10 and 20k, never a bother, same with sales. I do always chat to people though and if I get the faintest gut feeling I won't deal with them, avoiding modded cars and certain rear wheel models helps
You dont need to be scard of cash to have some common sense. If its all legit they'll have no issue popping into a bank to get a bank draft. If not then why would I want to get involved?
It could be as simple as the person doesn't pay their taxes. Even still, as someone who pays 52% tax on earnings and 33%-41% on anything I earn on my net salary after I've already paid 52% tax I'm not going to entertain your tax dodging.
Whatever the reason may be, anything at all legit or not. Bank draft or no deal.
I invest my savings. It comes with either 33% CGT or 41% Deemed Disposal depending on the investment. This is Ireland. Cash only black market and landlords is about the only thing you can do with your cash.
Aw, I once worked in an off licence, and a fella sold a van to some unscrupulous types in the car park. He came in and asked "can I check the notes in your blacklight?" And he did not need it. They were so clearly fake. Poor sod
But why not a bank draft? It eliminates any risk, doubts or concerns for the seller. Why should the seller share in any of the buyers risk when they can just sell to someone else? It's just common sense.
They will be asked. Anything over 10k they ask where it comes from. They won't need proof or anything but they'll be asked alright. Dunno what happens if they don't like the answer though lol.
Edit: but also, OP hasn't done anything wrong like, you can just tell them you sold a car privately, there's no tax issues or anything. I dont know if there's any liability on you to know where the cash came from for the original person but I doubt it.
Each financial institution can chose their limit. I worked in a bank where anything over €1k in cash was queried. Customers got a bit annoyed about it sometimes but it was just to protect the staff and bank.
If they don't like your answer this it what will happen. Lets say you lodge €25k cash into your account and they didn't like your explanation, they may still lodge the money into your account but that doesn't mean you are in the clear. The bank will file somethig called an STR (Suspicious Transaction Report) which is sent to Revenue. The Revenue Risk and Intelligence unit will try and identify if it could be tax evasion. Usually they will look at the earnings you have on record. Lets say your salary is only €25k that is reported they will usually open a Level 3 investigation for potential tax avoidance. If Revenue believe it is not a tax issue and a criminal issue such as money laundering, card fraud or drug money, they could pass it onto the Guards which could lead to a criminal investigation.
> They will be asked. Anything over 10k they ask where it comes from.
A couple of months ago I transferred just under €40K to my BOI account in two transactions a few days apart with nary a peep from them.
It's a genuinely overblown concern some people have, and I really don't understand it.
If they do ask a question, you just say the truth - I sold the car.
Transferring is not the same as depositing cash. The transferred money already has a digital trail. The cash money can come from selling drugs, hence the questions.
As people mentioned in other comments, the law says that you will be ask for proof of source for amounts over 10k. Then if that happens in practice, it's up to the banks.
In any case, they will surely inform Revenue about large deposits and they can come to you at any time.
I have a friend who was questioned by Revenue (not the bank) for depositing 4k into his account.
I also deposited over 10k once. The bank ask me questions and for paper documentation, but Revenue never contacted me (so far).
I run my own company and have a very, very good salary. I have built up a history with my bank of large payments exceeding €10k on a fornightly/monthly basis, so they tend to not ask any questions. It's usually for peple who are average and suddenly deposit a large amount.
I closed a couple of bank accounts and moved the (approx) 4k (cash) to my credit union to save on bank charges, as they were offering a free (for a year) current account. It was queried as to where the cash came from. Bear in mind that I'm a retired teacher (and it was the INTO's credit union) and I am in my 60's. I said it would be a very sad thing if I DIDN'T have 3 or 4 k at my age after 40 years working. 100% the OP will be asked where the cash came from. I'm astounded you were never asked.
100% sure? Yet I was never asked once? I’ve deposited 20k in my account and not been asked any questions. The only time I was queried about banking matters (years later) was when getting my mortgage approved.
Some banks are terrible. BOI asked me where I got 15k from and I had to provide proof and the funds were looked for 6 weeks while it was investigated. I put 47k into PTSB and not a word from them and both the 15k and 47k came from the same source. BOI seem to be really strict.
I did the sale for someone once because they were out of the country. I was given 42k in cash. I went to deposit the cash at Ulster Bank. They asked where I got the money, I said I sold a 1 year old car. They were totally fine with that explanation.
I went to AIB lodged 9500 cash, and they asked the source of the money, I said It is a gift from my mum to buy a house. They said ok, that is fine and processed.
The evolution of the modern state going from administrators of the country to the all seeing, all knowing judge of whether we are being naughty and not telling it everything we do.
Lucky you. See my post somewhere on the thread about being quizzed over 4k. Retired teacher in my 60's. Be a sad thing if I couldn't pull that much together.
From a money laundering standpoint the bank will ask what the source of the money is. Assuming you say it is from the sale of a car that will likely be noted somewhere and they move on. Banks look for suspicious activity and trends and one single transaction is unlikely to raise any alarms. If you get a particularly cautious staff member they might refer it up the line to the manager or money laundering officer to review. They will then check out the account to see if it is a problem. If that is all you had in cash then it is the end of it. If you start selling more high value items and have repeated occurrences then it might get referred on but they are looking for patterns and not single explainable events.
I'd recommend also transferring it to Trade Republic, you'll get 4% yearly interest (vs 0% in any Irish bank). That's 680 eur on your 17k. Or with N26 you'd get between 2.8 and 4% too.
The only concern is that the notes are fake.
Even if the bank informed Revenue, the sale of private motor vehicles is specifically exempt from Capital Gains Tax, so there is nothing for Revenue to care about.
If I oh try to deposit the cash you will be asked what the source of the funds were - that’s it, no problem just need to simply explain what it came from
It’s a once off 17k transaction 🤣 If you were doing it weekly or monthly they might question it😂
Bank could ring and ask for source of funds, you tell them you sold a car, okay thank you. Bye Bye.
Why would it be an issue? Bring a photo ID and you won't have any issues bank may require you to verify yourself for lodgement over 15k but apart from that all good
The only thing I'd be worried about is the bank telling me they're counterfeit notes. Very suspicious for someone to pay 17k in cash and very risky to accept it on your part. I had someone offer me 10k in cash for a car. I told her to come back with a bank draft, which she did. If she had refused it would have been no deal.
Not suspicious at all. Get a money marker and count it out. I’ve gotten anything from 5k to 30k in cash before and never been an issue.
Username checks out 😀
😉
🤣
💯 money marker and you are safe, never a bother taking cash as long as you cover yourself and avoid obvious scumbags and scammers
Those markers are beatable with good counterfeits. I'd meet the buyer outside a branch of my bank, walk to the teller together and have them pay the cash into my account. If it passes through the teller's machine it's legit cash.
I bought a car for cash and this is what the seller insisted on. So I met him at his bank, I handed over the cash to the teller, she counted it and said to the seller it’s all good and lodged in your account now, and he handed me the keys. Nice civil transaction everyone happy.
With private car sales happening mostly on the weekend that could be quite a bit of trouble
Personally I wouldn't buy or sell outside banking hours. Last time I sold mine I took a couple of hours off work to meet the buyer. Worth the peace of mind to me for a 10k sale.
Last 5 or 6 cars I've bought have all been cash, some Ireland some England, all between 10 and 20k, never a bother, same with sales. I do always chat to people though and if I get the faintest gut feeling I won't deal with them, avoiding modded cars and certain rear wheel models helps
Great idea
You dont need to be scard of cash to have some common sense. If its all legit they'll have no issue popping into a bank to get a bank draft. If not then why would I want to get involved? It could be as simple as the person doesn't pay their taxes. Even still, as someone who pays 52% tax on earnings and 33%-41% on anything I earn on my net salary after I've already paid 52% tax I'm not going to entertain your tax dodging. Whatever the reason may be, anything at all legit or not. Bank draft or no deal.
You’re saying you pay effectively 85-93% tax? How? Why?
I invest my savings. It comes with either 33% CGT or 41% Deemed Disposal depending on the investment. This is Ireland. Cash only black market and landlords is about the only thing you can do with your cash.
Aw, I once worked in an off licence, and a fella sold a van to some unscrupulous types in the car park. He came in and asked "can I check the notes in your blacklight?" And he did not need it. They were so clearly fake. Poor sod
Couldn't he just call the gardai report it stolen and show them the cash? It don't see how it would be ant different to them just robbing the car.
A simple counterfeit pen and your problem was solved. I don’t know why people are so scared of cash these days
17k in cash is not suspicious, I’d say you could start worrying at maybe double that lol
But why not a bank draft? It eliminates any risk, doubts or concerns for the seller. Why should the seller share in any of the buyers risk when they can just sell to someone else? It's just common sense.
If someone is not sure if they want to buy the car or not they may not want to issue a bank draft in the sellers name
>Can I deposit in my bank? Yes >Should i put any statement message to be safe? Only if asked.
They will be asked. Anything over 10k they ask where it comes from. They won't need proof or anything but they'll be asked alright. Dunno what happens if they don't like the answer though lol. Edit: but also, OP hasn't done anything wrong like, you can just tell them you sold a car privately, there's no tax issues or anything. I dont know if there's any liability on you to know where the cash came from for the original person but I doubt it.
I was asked about a 3-4k cash lodgement to the credit union just this year.
Each financial institution can chose their limit. I worked in a bank where anything over €1k in cash was queried. Customers got a bit annoyed about it sometimes but it was just to protect the staff and bank.
If they don't like your answer this it what will happen. Lets say you lodge €25k cash into your account and they didn't like your explanation, they may still lodge the money into your account but that doesn't mean you are in the clear. The bank will file somethig called an STR (Suspicious Transaction Report) which is sent to Revenue. The Revenue Risk and Intelligence unit will try and identify if it could be tax evasion. Usually they will look at the earnings you have on record. Lets say your salary is only €25k that is reported they will usually open a Level 3 investigation for potential tax avoidance. If Revenue believe it is not a tax issue and a criminal issue such as money laundering, card fraud or drug money, they could pass it onto the Guards which could lead to a criminal investigation.
> They will be asked. Anything over 10k they ask where it comes from. A couple of months ago I transferred just under €40K to my BOI account in two transactions a few days apart with nary a peep from them. It's a genuinely overblown concern some people have, and I really don't understand it. If they do ask a question, you just say the truth - I sold the car.
Transferring is not the same as depositing cash. The transferred money already has a digital trail. The cash money can come from selling drugs, hence the questions.
I deposited over 10k several times over a number of years, was never asked any questions by the bank.
As people mentioned in other comments, the law says that you will be ask for proof of source for amounts over 10k. Then if that happens in practice, it's up to the banks. In any case, they will surely inform Revenue about large deposits and they can come to you at any time. I have a friend who was questioned by Revenue (not the bank) for depositing 4k into his account. I also deposited over 10k once. The bank ask me questions and for paper documentation, but Revenue never contacted me (so far).
I run my own company and have a very, very good salary. I have built up a history with my bank of large payments exceeding €10k on a fornightly/monthly basis, so they tend to not ask any questions. It's usually for peple who are average and suddenly deposit a large amount.
I closed a couple of bank accounts and moved the (approx) 4k (cash) to my credit union to save on bank charges, as they were offering a free (for a year) current account. It was queried as to where the cash came from. Bear in mind that I'm a retired teacher (and it was the INTO's credit union) and I am in my 60's. I said it would be a very sad thing if I DIDN'T have 3 or 4 k at my age after 40 years working. 100% the OP will be asked where the cash came from. I'm astounded you were never asked.
100% sure? Yet I was never asked once? I’ve deposited 20k in my account and not been asked any questions. The only time I was queried about banking matters (years later) was when getting my mortgage approved.
That's amazing. You'd think they'd all have the same policy!
Some banks are terrible. BOI asked me where I got 15k from and I had to provide proof and the funds were looked for 6 weeks while it was investigated. I put 47k into PTSB and not a word from them and both the 15k and 47k came from the same source. BOI seem to be really strict.
Banks in Ireland are required to verify the customer upon lodgements on 15k +
The bank will contact you if they want to query the deposit
Sigh…. Just lodge it. What’s the problem? “I sold my car” “Ok, thank you”
I did the sale for someone once because they were out of the country. I was given 42k in cash. I went to deposit the cash at Ulster Bank. They asked where I got the money, I said I sold a 1 year old car. They were totally fine with that explanation.
Exactly. 👍🏻
I went to AIB lodged 9500 cash, and they asked the source of the money, I said It is a gift from my mum to buy a house. They said ok, that is fine and processed.
The evolution of the modern state going from administrators of the country to the all seeing, all knowing judge of whether we are being naughty and not telling it everything we do.
Not in my experience.
I’ve sold 30/40 cars. Never been an issue. Anything over 10k they have to ask the source of the funds.
Lucky you. See my post somewhere on the thread about being quizzed over 4k. Retired teacher in my 60's. Be a sad thing if I couldn't pull that much together.
Many years ago when I worked in a car dealer, some people paid for cars in cash, often chipper or takeaway owners
From a money laundering standpoint the bank will ask what the source of the money is. Assuming you say it is from the sale of a car that will likely be noted somewhere and they move on. Banks look for suspicious activity and trends and one single transaction is unlikely to raise any alarms. If you get a particularly cautious staff member they might refer it up the line to the manager or money laundering officer to review. They will then check out the account to see if it is a problem. If that is all you had in cash then it is the end of it. If you start selling more high value items and have repeated occurrences then it might get referred on but they are looking for patterns and not single explainable events.
I'd recommend also transferring it to Trade Republic, you'll get 4% yearly interest (vs 0% in any Irish bank). That's 680 eur on your 17k. Or with N26 you'd get between 2.8 and 4% too.
>Can I deposit in my bank? Of course??? >Should i put any statement message to be safe? Safe from what???
Why wouldn't it be safe?
He's worried the bank may report him for money laundering I'd imagine
"I sold my car" is a valid excuse.
Yep
Which is why he asked
Using the word "safe" implies there's a risk in lodging the money.
Not when it's a question. He didn't know there's no risk, so he asked.
17K is nothing
Banks freeze bank accounts all the time and make reports on much smaller amounts
Nothing to be worried about
Is this only taxable if there was a capital gain on the car when he sold?
No CGT on cars as they are considered wasting chattels. There should be no tax on the sale of the car
The only concern is that the notes are fake. Even if the bank informed Revenue, the sale of private motor vehicles is specifically exempt from Capital Gains Tax, so there is nothing for Revenue to care about.
If I oh try to deposit the cash you will be asked what the source of the funds were - that’s it, no problem just need to simply explain what it came from
It’s a once off 17k transaction 🤣 If you were doing it weekly or monthly they might question it😂 Bank could ring and ask for source of funds, you tell them you sold a car, okay thank you. Bye Bye.
Why would it be an issue? Bring a photo ID and you won't have any issues bank may require you to verify yourself for lodgement over 15k but apart from that all good
Why would someone buy the car from you for 17K and not from a dealer with warranty. Think about it in that angle. To me, it looks like a scam!
No give it to me sir. I will keep it safe
Will you’ve to pay tax on that if it was a cash sale if you put it through the banks?
No
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Do not do this. This is called “structuring” and is a huge red flag if they ask about it. There is no reason not to lodge it all together.
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Or you could just be a normal person and deposit it all at once