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Temporarily Storing Money in Another Account

I have just moved from Ireland to the UK and do not have a my bank account set up yet. Is it possible for me to temporarily put money into someone's account without having an account myself?


Not being familiar with the laws of other countries, it can only be suspected that "common laws" would be involved here. Generally the owner of an account is the only person with direct access to the money in the account. A court or creditor who has a valid debt may be able to reach that money, but that is a legal or contract issue.

In your scenario, if you had someone else hold your funds and deposit it for you, into their account, you have to consider some potential outcomes. If that person refused to give you the money back, what would you do? If that person was sued by someone and lost, if a court allowed the account to be garnished for payment, your money would be their money and it would be gone. What if the friend passed away and the account became an asset of their estate? You'd have to prove it was your money, and even then you may not recover it.

Based on U.S. banking practices anyway, wait until you reach your new destination and wire the funds from your old bank, to the new. If you select a bank in advance, you could also wire those funds before you actually move. You could also get an official bank check to deposit in your new bank.

Published on BankingQuestions.com 12/05/07