Large cash transfer

[bixy]

We recently transferred a fairly large sum to our French bank. This was part of my wife's lump sum, received on her retirement from teaching. The transfer went through ok but we subsequently received a letter from the bank saying that transfers of money over a certain amount must be "justifie". For the time being we have ignored this and heard nothing more but since we are likely to be transferring more such sums I though I'd better check out what we are supposed to do. Anyone any ideas?

Patrick

[cooperlola]

You pay tax on lump sums here in France (even if paid in the UK), I believe. Is it that?  Could just be because of the money laundering regs though.  Phone the bank, they probably just need proof that the money was legally earned, it may not involve the tax man at all.

[Lou]

I think it's money laundering - we were asked the same thing when we transferred money for our house purchase. If I remember correctly we just wrote explaining it was from our house purchase. Currency companies usually ask where the money came from too - it's very tempting to say " drug running in Columbia" but I don't suppose they would see the joke!!!

Lou

 

[LesLauriers]

It is the money laundering regulations, just go in and explain it, your bank will then report back to the Bank of France.

[Russethouse]

I paid in the proceeds of an endowment policy in the UK last week and the clerk asked me where the money came from, then tried to sell me a savings account...........[:)] I think its the money laundering regs - the clerk actually wrote the source on the reverse.......

[bixy]

Thanks for those replies. I rather suspected it might be money laundering. I will pop in and explain.

Patrick