Sending money abroad

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inchy
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Sending money abroad

Post by inchy » Wed Oct 26, 2016 5:48 pm

I have a cottage abroad. And i want to do some construction work there. If i transfer some money to account of construction firm wich will do the remmonti my bank want to know why i am sending money. They want that i come to information meeting etc. Does person have right to have cottage (house or app. Abroad)?



Sending money abroad

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tjawatts
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Re: Sending money abroad

Post by tjawatts » Wed Oct 26, 2016 9:07 pm

Yes of course and if you go and tell them what you are doing I am sure it will be fine.

Most banks have been doing some surverys recently relating to knowing their customers where they ask you lots of questions like do you make regular international transfers.

They use it to then flag unusual transactions.

T

Upphew
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Re: Sending money abroad

Post by Upphew » Thu Oct 27, 2016 10:51 am

tjawatts wrote:Most banks have been doing some surverys recently relating to knowing their customers where they ask you lots of questions like do you make regular international transfers.

They use it to then flag unusual transactions.
Afaik they are required to do so. Money laundering.
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Upphew
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Re: Sending money abroad

Post by Upphew » Fri Oct 28, 2016 1:20 pm

roger_roger wrote:
inchy wrote:I have a cottage abroad. And i want to do some construction work there. If i transfer some money to account of construction firm wich will do the remmonti my bank want to know why i am sending money. They want that i come to information meeting etc. Does person have right to have cottage (house or app. Abroad)?
These banks are bullsh.tting normal people in name of regulations. Bloody Nordea have been heavily involved in black money and tax heavens now they want to crack down on customers. In 2011 I took some personal loan and transferred the money to my account in my home country to renovate my old man's house, where he has a card to withdraw the money. The money is transferred from my own account to my own account and Nordea didn't even ask questions either giving loan or even transferring through Nordea. In 2015 I received a call from Nordea asking to come to their office to give them explanations about my foreign transfers. I just showed them middle finger and by 2016 I've fully paid their loan with interest making myself debt free, after that I received a threatening letter from Nordea that if I do not come to their branch then they'll have to cancel my account. Its been 7 months since then and my account is still running smoothly and I have backup s-bank account if Nordea closes my account.

They're just trying to bully you, they know very well small transactions for personal use cannot be money laundering and the ones who does such can be conveniently via Nordea's private banking from Luxembourg as things have revealed.

Its not that I can't go to the bank and give them explanations what did I do with the transfer but I suspect their bullying might not stop there, they may ask the proof of renovation by asking to provide bills and such for job done this and that. So be careful if you say about renovations of cottage etc, they might ask who lives in cottage, if you rent that cottage, how much do you receive rent, if you do not receive rent than prove that you do not receive rent, if you receive rent then again need to include the rent as taxable income, information flows here faster than light so be careful what you say.
www.finanssiala.fi | materials | guidelines and brochures | Know your customer - why do banks ask?
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