Transporting physically money in US
- Thread starter dveu14
- Start date
Britsimon
Super Moderator
Hello guys, I know that transporting phisycally an amount exceeding $10,000 is required to be reported.
How does the reporting work at the POE? I'm talking about $15,000.
Thank you!!!
You can carry more than $10k but you should be prepared to explain/prove where it came from. Honestly, bringing that much cash, you are almost certainly throwing money away in currency conversion - I would be looking at Forex brokers for moving anything like that.
vladek15425
Well-Known Member
What about 10k by me 10k by the wife ?
Britsimon
Super Moderator
That is fine - but again - make sure you have proof (like withdrawal slip from a bank or so on). The point is if the authorities suspect the money is from illegal activity they can confiscate it while they investigate further! All they need is suspicion - no court case, no judge - just suspicion....
No vladek because the limit of 10k is aggregate, for family traveling together you can't split the amount.
I was thinking of this solution to avoid currency conversion and dubious and shady fees and taxes of banks (italian and american) for normal banking procedures.
I have close my bank account and I wanted to avoid the fees considering that now I'm going to live in America isn't this an esaustive explanation?
I was thinking of this solution to avoid currency conversion and dubious and shady fees and taxes of banks (italian and american) for normal banking procedures.
I have close my bank account and I wanted to avoid the fees considering that now I'm going to live in America isn't this an esaustive explanation?
vladek15425
Well-Known Member
Britsimon
Super Moderator
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.
Obviosly as limit I intended the need to report, $10,000 and over you have to report it and this is not per person but for family traveling together.
It isn't absolutely nice to travel with this amount of cash but giving hundreds of dollars to the banks isn't pleasant at all
Thanks Britsimon I'll consider that option too considering that now I'm gathering information and than I'll decide what to do.
Any other experience or input would be appreciated.
Britsimon
Super Moderator
FYI I used http://www.moneycorp.com/ when I moved here. I got an exchange rate even higher than the rates they publish on their site - most certainly higher than any bank or currency exchange deal you could get elsewhere.
cafeconleche
Registered Users (C)
If the money is already in US$, there are no conversion fees, so what's wrong with carrying it over and plopping it into a US bank?
EURO2014
Well-Known Member
There is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have $10,000 or more in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790).
Britsimon
Super Moderator
Look for a Forex broker, you will save a lot of money that way.
SusieQQQ
Well-Known Member
Really, you'd be comfortable walking around with $25k in a backpack? I'd be a nervous wreck.
Britsimon
Super Moderator
Done that. Not smart.
Britsimon
Super Moderator
Just about Forex. Tee rates are better. If you have a large amount to move it is most certainly worth it. In my case I believe I saved several thousand bucks.
The way it works is this:
The way it works is this:
- You open an account with them.
- You transfer local currency into their account.
- At some point you execute (at a point you feel the exchange rate is good). Their rate will be better than any high street currency conversion rate or high street bank.
- The money moves to an account in USD of theirs in the USA. It can sit there if you like or you can immediately have them move it to an account you have. If you don't have an account in the USA yet, you can leave it in their account until you want to draw it.
- This whole process can take just a few days or you can slow it down - up to you.
- Because the money comes from a US bank into yours, you pay far less (in my case nothing) for the incoming wire transfer.
- The Forex broker makes a small profit on the deal and might charge a few bucks for the transfers.
SusieQQQ
Well-Known Member
It's not just at the airport. It's after you arrive too...and walking to the bank...Transported 10k Euros in my backpack once (nothing dodgy, just paying off a student loan).
Thought that every other guy at the airport new that I have the dosh and wanted to smack me on the head and steal my money
I think Forex is the way to do it.
cafeconleche
Registered Users (C)
I'd be totally nervous. That's not what I meant, though. You're all saying that instead of converting the money, one should use a FOREX agent or whatever. What I meant was that maybe the OP already has US$ 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.