Bringing €100k from Singapore to Ireland

jammin_2

My in-laws are originally from Singapore and now live in Ireland. They are looking to buy their own house in Ireland. They have the equivalent of €100000 in a bank account in Singapore.

Transferring the S$ to € via bank to bank telegraphic transfer from Singapore to Ireland would be costly, due to exchange rates and commission.

I was thinking of bringing the cash over for them, as I'm going to Singapore next month for a holiday anyway. This is what we'd do:

1. Transfer the S$ from in-law's account in Singapore to my account in Singapore. This can be done online and is instant.

2. When in Singapore next month, I will withdraw the funds from my account in cash (S$).

3. I will change the S$ to € at a money changer, which has a more favourable rate and does not charge commission.

4. I will bring the €100k cash to Ireland and my in-laws can go and buy their house.

My question is, is anything in the above illegal? I believe any cash amount over €10k that is entering / leaving the EU must be declared. So I'll declare it. But will it be a problem?

adindas

I can not comments on the legal point of view. But I know that it might prompt as suspicious to take out and in country such a lot amount of money.

But from the exchnage rate point of view, exchange them in Singapore is a bad way of exchange money.

Study carefully this trick from Martin. It will gice you a rough idea.
I have done some of them for small amount but never try Foreign exchnage brookers.
http://www.moneysavingexpert.com/banking/foreign-currency-exchange

hope this help
ADINDAS

jammin wrote: »

My in-laws are originally from Singapore and now live in Ireland. They are looking to buy their own house in Ireland. They have the equivalent of €100000 in a bank account in Singapore.

Transferring the S$ to € via bank to bank telegraphic transfer from Singapore to Ireland would be costly, due to exchange rates and commission.

I was thinking of bringing the cash over for them, as I'm going to Singapore next month for a holiday anyway. This is what we'd do:

1. Transfer the S$ from in-law's account in Singapore to my account in Singapore. This can be done online and is instant.

2. When in Singapore next month, I will withdraw the funds from my account in cash (S$).

3. I will change the S$ to € at a money changer, which has a more favourable rate and does not charge commission.

4. I will bring the €100k cash to Ireland and my in-laws can go and buy their house.

My question is, is anything in the above illegal? I believe any cash amount over €10k that is entering / leaving the EU must be declared. So I'll declare it. But will it be a problem?

Olipro

You seem to be under the impression that you will be able to exchange €100,000 worth of SGD cash to EUR without anyone batting an eyelid, where you got this idea from I don't know, but I'm fairly sure you will have great difficulty.

There are plenty of reputable forex dealers you can find on the net who you can transfer the funds to within Singapore domestically and whom will then exchange to Euros for you at a rate far better than cash or the bank.

opinions4u

jammin wrote: »

4. I will bring the €100k cash to Ireland and my in-laws can go and buy their house.

Don't be so stupid.

jonesMUFCforever

It is very stupid indeed to think that you will be better off exchanging S$ INTO CASH then Euros and expecting it to be better than doing an International payment from bank to bank or FOREX dealer.

young_money_saver

I was just watching border patrol and many were having problems taking or bringing £10000-£15000. never mind 100000 euros. how unsafe and suspicious does that look!

adindas

Think about your own safety as well when people know that you have EUR 100K with you.

ADINDAS

olly300

I watched Border Patrol too.

If you are stupid enough to do that then:
1. Make sure you have your bank book with you and proof that the money is yours.
2. Have enough make up bags to hide the money in your hand luggage. Make sure you hold on to that case tight.

Oh and as the money is being credit to your account and then a few days later is being withdrawn it would arouse suspicion.

Use a forex dealer.

Loughton_Monkey

jammin wrote: »

4. I will bring the €100k cash to Ireland and my in-laws can go and buy their house.

Any chance you could tell us what flight you will be on?

PS. Might also be worthwhile just giving your Holiday Insurance people a ring asking them to increase the £200 cash limit to £85,000. Don't be surprised if they want a shilling or two extra premium.

Brings a whole new meaning to 'Cash and Carry'.