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Onshore bank flagging offshore transfers for 'unusual activity'?
Starting to move some funds to an offshore account for diversification and better rates, but my primary onshore bank flagged the last couple of larger transfers as 'unusual activity' and even held one for 24 hours. They eventually cleared it after a call, but it's a hassle and makes me wonder if I'm doing something wrong. Is there a common threshold or best practice for transfer sizes to avoid this kind of scrutiny from onshore banks, or is this just part of the process when dealing with offshore accounts?
2 comments · 1 points
It's pretty standard for banks to flag larger or unusual transfers, especially to international accounts, due to AML regulations. Many people break up larger sums into smaller, more frequent transfers to avoid immediate flags, though the bank will still be monitoring the overall activity.