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Transporting physically money in US

cafeconleche said:
I'd be totally nervous. That's not what I meant, though. You're all saying that instead of converting the money, one should use a FOREX agent or whatever. What I meant was that maybe the OP already has US$ in a foreign currency account and just wants to bring it. My family have done that (under $10K). You do worry, but the chances of getting robbed are low unless you take the subway in a shady part of NYC with a tonne of luggage wearing gold jewelry. If you can prove it's legit, you might as well bring it in a cash.
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If you have it in usd already in a bank account it should be a completely simple transaction to wire it to a US bank account. You can probably even do it over the internet yourself...I've done that before. It may be a "low chance" of being robbed, or losing it, or whatever, but it's still a chance and you can't insure cash. I wouldn't want to be the one who lost $10k or $25k or whatever because I wanted to save a few dollars on transfer fees. YMMV.
 
Britsimon said:
Just about Forex. Tee rates are better. If you have a large amount to move it is most certainly worth it. In my case I believe I saved several thousand bucks.

The way it works is this:
  • You open an account with them.
  • You transfer local currency into their account.
  • At some point you execute (at a point you feel the exchange rate is good). Their rate will be better than any high street currency conversion rate or high street bank.
  • The money moves to an account in USD of theirs in the USA. It can sit there if you like or you can immediately have them move it to an account you have. If you don't have an account in the USA yet, you can leave it in their account until you want to draw it.
  • This whole process can take just a few days or you can slow it down - up to you.
  • Because the money comes from a US bank into yours, you pay far less (in my case nothing) for the incoming wire transfer.
  • The Forex broker makes a small profit on the deal and might charge a few bucks for the transfers.
I think for amounts over $10k it is worth it. For amounts over $100k the savings will be very worthwhile.
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Can existence of credit cards with relatively high credit limits (all in perfect standing, with no balances) be of any proof of not becoming a "public charge"?
Thank you,
 
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Sensei-san said:
I am glad I stumbled on this thread! Just checked the rates - very competitive, plus lower transaction costs. I would hopefully have my consular interview at the end of the next fiscal year. What if I want to take advantage of the rates now (before US economy recovers any further) and convert/move the money into a US bank account, do you think I can use a bank statement from an american bank as the proof of assets at a Consulate?
Another question - can existence of credit cards with relatively high credit limits (all in perfect standing, with no balances) be of any proof of not becoming a "public charge"?
Thank you,
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Credit cards CANNOT be used as proof of not becoming a public charge.
 
Sensei-san said:
I am glad I stumbled on this thread! Just checked the rates - very competitive, plus lower transaction costs. I would hopefully have my consular interview at the end of the next fiscal year. What if I want to take advantage of the rates now (before US economy recovers any further) and convert/move the money into a US bank account, do you think I can use a bank statement from an american bank as the proof of assets at a Consulate?
Another question - can existence of credit cards with relatively high credit limits (all in perfect standing, with no balances) be of any proof of not becoming a "public charge"?
Thank you,
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As Mom says - no on the credit cards idea.

As for forex companies. If you have a large amount to convert you can contact the forex companies to negotiate an even better rate than they publish on their websites. I think my actual conversion cost was well below 1% in the end.
 
Britsimon said:
Just about Forex. Tee rates are better. If you have a large amount to move it is most certainly worth it. In my case I believe I saved several thousand bucks.

The way it works is this:
  • You open an account with them.
  • You transfer local currency into their account.
  • At some point you execute (at a point you feel the exchange rate is good). Their rate will be better than any high street currency conversion rate or high street bank.
  • The money moves to an account in USD of theirs in the USA. It can sit there if you like or you can immediately have them move it to an account you have. If you don't have an account in the USA yet, you can leave it in their account until you want to draw it.
  • This whole process can take just a few days or you can slow it down - up to you.
  • Because the money comes from a US bank into yours, you pay far less (in my case nothing) for the incoming wire transfer.
  • The Forex broker makes a small profit on the deal and might charge a few bucks for the transfers.
I think for amounts over $10k it is worth it. For amounts over $100k the savings will be very worthwhile.
Click to expand...

I was just looking into this today for moving my savings down (for if I pass my interview next week). Thanks for this thread, it gives me more confidence to try a forex service rather than giving in to my banks' suggestions to come in a 'speak to a specialist'.
 
Britsimon said:
As Mom says - no on the credit cards idea.

As for forex companies. If you have a large amount to convert you can contact the forex companies to negotiate an even better rate than they publish on their websites. I think my actual conversion cost was well below 1% in the end.
Click to expand...

I just did a search to find out if there was any info on transferring money and found this thread. Thanks for the tip on Forex :)
 
Britsimon said:
The "limit" isn't really a limit at all. If you are carrying more than 10k you have to declare it. However, any amount of money (I would say over a few thousand bucks) will need explanation.

About closing accounts etc - yes that is a perfect explanation - but again - I still encourage you to look into Forex brokers for amounts of $10k+. I literally saved thousands of dollars because of planning and using a forex broker.
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@B.Simon, do you want to write something about moving one's savings to Us? . It will really help a lot of us with families.
 
usken go said:
@B.Simon, do you want to write something about moving one's savings to Us? . It will really help a lot of us with families.
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You are right US ken,
@Britsimon, i think its easy for you guys in developed nations to do the forex accounts, i have never had of one in ug,
do you have some links so that i can check them out,
it would be a great idea.
 
kakjose said:
You are right US ken,
@Britsimon, i think its easy for you guys in developed nations to do the forex accounts, i have never had of one in ug,
do you have some links so that i can check them out,
it would be a great idea.
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I used moneycorp in the UK, but you need a broker able to accept funds in your home currency.
 
Britsimon said:
I used moneycorp in the UK, but you need a broker able to accept funds in your home currency.
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Does payway help. We have it in ug. And i see it on some payment options. Is it possible to send yourself money and receive it afetr flying
 
kakjose said:
Does payway help. We have it in ug. And i see it on some payment options. Is it possible to send yourself money and receive it afetr flying
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I don't know them. Obviously be very careful that any broker is genuine (not a scam company)
 
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