Is a bank account required in order to send money via a bank?

[rainy]

A theoretical question:

Let's take a radical example:
Moving funds from a sanction-infested hell hole only next to Somalia, North Korea, to U.S., the country of "imperialist pigs'"

Solution: North Korea -> China -> Macau -> U.S.
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In the schemes like this, is it required to have a bank account in all of the parts of the chain-countries? In other words, when a person wants to send money somewhere via a bank, does he have to have a bank account in a country where he sends money from? Can a person step into a random bank where he has no account in and send cash money from there? Meaning, via a bank itself, not via some payment system such as Western Union.

 

[Coin]

I don't think that such thing is possible. They usually let you deposit cash into accounts in their bank.

 

[Martin Everson]

rainy said:
In the schemes like this, is it required to have a bank account in all of the parts of the chain-countries?
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No

rainy said:
In other words, when a person wants to send money somewhere via a bank, does he have to have a bank account in a country where he sends money from?
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No

rainy said:
Can a person step into a random bank where he has no account in and send cash money from there? Meaning, via a bank itself, not via some payment system such as Western Union.
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You can send swift wires via a currency exchange bureau in a few countries i.e you hand over cash and they send a swift wire for you to a recipient of your choice.

P.S I would strongly urge you not to even contemplate involving yourself in such a thing. Especially when you mention sanctioned countries and US, just don't even think about going down such a route.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[glengoolie]

you can deposit cash into the destination bank in person in any of its branches. you cannot send money from one bank to another without having an account in the source bank.

 

[Willblack]

glengoolie said:
you can deposit cash into the destination bank in person in any of its branches. you cannot send money from one bank to another without having an account in the source bank.
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You most definitely can send money from one bank to another via SWIFT without having an account in the source bank.

In regards to OP's question - I have no idea and I definitely wouldn't try screwing with US authorities.

 

[glengoolie]

You most definitely can send money from one bank to another via SWIFT without having an account in the source bank.
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I have send an enquiry to my bank because you made me curious. Will let you know.

 

[rainy]

Martin Everson said:
P.S I would strongly urge you not to even contemplate involving yourself in such a thing. Especially when you mention sanctioned countries and US, just don't even think about going down such a route.
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Then I'd urge you not to even intertain the idea of reducing your taxes legally. You should pay lots of them, be a tax resident only in the places where they are high and be grateful for paying them as such 🙂 You should seek to move to high tax places.

And don't think that you can outsmart the US and EU governements by buying assets. Instead you should always! Always store your money in a bank as cash.

Last edited: Apr 7, 2021

 

[rainy]

Willblack said:
You most definitely can send money from one bank to another via SWIFT without having an account in the source bank.
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Does it apply to few banks only or most of them?

 

[rainy]

Willblack said:
In regards to OP's question - I have no idea and I definitely wouldn't try screwing with US authorities.
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Is sending money from North Korea to China illegal? No? From China to Macau? No. From Macau to US? No. Any other questions?

Do you know where the money you own has been before?

Besides it's on a bank to do KYC to a person who sends a transaction. If a bank agrees to make a transfer, it implies that KYC has been done.

 

[Martin Everson]

Sorry this topic is closed. @rainy Please refrain in future from discussing any scheme involving North Korea.

https://home.treasury.gov/policy-is...and-country-information/north-korea-sanctions

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.