Transfers of funds demand a serious approach; humor is not advisable.
The Lowdown on Money Transfers: What's in the 'Purpose' Field?
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Dealing with Banks: Jokes are Funny, But Can Be Risky Business
When scampering across borders, a good rule of thumb is to keep humorings with customs officers to a minimum. The same applies, it seems, to banks—especially when transferring moolah. The Center for Financial Expertise of Roskachestvo recently issued a warning; joking around with money transfers can result in your account being frozen. But what's the deal with the "message" field when sending money? And is it even necessary to fill it in at all?
BEWARE THE LAUGH POLICE
That familiar line in the money transfer form of mobile apps is a handy feature, especially when transferring funds for a kid's birthday bash. But sometimes these messages could get you in trouble.
Two types of trouble, to be exact. Firstly, if the transfer looks suspicious, i.e., illegal activity. Secondly, if the recipient is running a business.
Silly jokes like "for explosives" or "bribe" might sound like a hoot among your friends, but they can get you more than just a good laugh. Such frivolities could end with the transfer being declined and potentially involve the fuzz.
TAX TROUBLE TERRITORY
Avoid making your transactions too humorous, as words like "cryptocurrency," "rent," or "debt" can set off alarm bells. These terms often suggest that the recipient is trying to skimp on taxes by avoiding reporting income. If the recipient gets many similar transfers in a day, banks might take notice, questioning whether the budget's missing out on some dough.
Banks Holding Your Hand, But Maybe Not for Long
In a strict and automatic sense, banks won't send tax info to the tax office. However, if they start investigating a specific individual, they'll be obliged to disclose all details about the person in question.
Maxim Semov, chairman of the committee on improving financial literacy of the Association of Russian Banks, and an expert at the NIFI Ministry of Finance of Russia's "Myfinances.rf," suggests that restoring one's tarnished reputation in such circumstances may take some time.
SO, TO PUT OR NOT TO PUT?
In general, the "Purpose of Payment" field is optional. The decision to fill it in is up to the sender. But here's the catch. If there's nothing fishy in the message, feel free to leave it blank. However, there are exceptions.
For example, if a divorcee voluntarily pays child support without a court order, adding a detail could discourage future disputes.
- Pro Tip: Remember, it's essential to strike a balance between providing relevant details and avoiding sensitive or suspicious content to prevent any potential issues with account access or legal repercussions.
- Frivolous statements in the message field of a money transfer could be misinterpreted as suspicious activity, leading to the transfer being declined or potentially involving the authorities.
- It's crucial to avoid using terms like "cryptocurrency," "rent," or "debt" in the message field as they may suggest tax evasion, drawing unwanted attention from banks and tax authorities.
