Money

[Kolohejoe 0]

Money!

I thought that might get somone's attention.

Can anyone tell me how much money (cheddar, cheese, moolah) an immigrant can bring or transfer to the US upon or shortly after arrival?

On the CF 6059B (Customs entry Declaration form) it mentions $10k. this is not so much a limit as a trigger for an onslought of questioning.

I saw on one web site, and a tax preparer told me that there is no limit (for an immigrant) as slong as it is very well documentedand and from a legal source. I don't think Uncle Sam minds the cabbage coming in, I am afraid he will tax the hell out of it unjustly!

If any one knows, please provide info and resource for information for verification.

Thanks!

Joe

[Darnell 8,478]

There's always the option of a wire transfer, or TT. What are the limitations of a wire transfer in 'that other country' ?

[Hell0W0rld 10]

you can bring as much as you need, anything over $10,000 needs to be declared, there is a form for that, just tell the CBP that you are carry over $10K in cash and they will give you a form.

[jmo_y 0]

Yes, there is no penalty or taxing for declaring over $10,000. I believe the form at this address is needed when doing so http://www.fincen.gov/forms/files/fin105_cmir.pdf

My question is what is the best way to carry such an amount of money (bank draft, travellers checks, certified check, etc.)?

[Hell0W0rld 10]

Yes, there is no penalty or taxing for declaring over $10,000. I believe the form at this address is needed when doing so http://www.fincen.gov/forms/files/fin105_cmir.pdf

My question is what is the best way to carry such an amount of money (bank draft, travellers checks, certified check, etc.)?

do a currency exchange on the foreign money into American dollars and then just carry it on you. thats what we did, of course don't tell anybody you have cash on you, try to keep it a secret....

[justashooter 430]

with a columbian fiancee, i think trafficking in cash should be no problem.

if you are really concerned, i can give you an account number you can have her transfer it into...

[Spoom 8]

On a similar note, I've often wondered, what does USCBP think of just keeping the money in an e.g. Canadian bank account and just taking the card across the border?

if you are really concerned, i can give you an account number you can have her transfer it into...

[Hell0W0rld 10]

On a similar note, I've often wondered, what does USCBP think of just keeping the money in an e.g. Canadian bank account and just taking the card across the border?

if you are really concerned, i can give you an account number you can have her transfer it into...

they can't really do much because you are not bring the money across the boarder, but currency exchange from the ATM is going to kill you + any other charges...

[Krikit 1,164]

I just transfer funds through Custom House. Others use Xoom and XE. There is no limit on the amount which can be brought or transferred into the US, but if you are carrying it on your person you need to claim it at the 10k point. Electronic or wire transfers are verified as legal by the financial institution so you don't need to claim it on Form 105.

Moving from K-1 Process to the Moving to America forum.

[justashooter 430]

seriously, you need to discuss any funds held by an LPR or a citizen in foreign banks with a tax accountant. the IRS is looking at this harder and harder each year, considering it's implications in tax evasion schemes. offshore monies and interest the earned need to be declared in your annual taxes. this issue is in the financial magazines recently.