money of the immigrant

[Seven 24]

Hello everybody!!!

I was thinkin in my own future with my future hubby. I know at the POE i can't enter with more than 10.000 usd. I'm saving money up and i will have more than that.

My question is how ppl who already moved (i'm currently in a K1 visa process)did? Is better change the money to usd and bring it with me? is better do a money transfer to my fiance's account?

Thank you so much for your advices.

God bless!

[JimVaPhuong 4,863]

Hello everybody!!!

I was thinkin in my own future with my future hubby. I know at the POE i can't enter with more than 10.000 usd. I'm saving money up and i will have more than that.

My question is how ppl who already moved (i'm currently in a K1 visa process)did? Is better change the money to usd and bring it with me? is better do a money transfer to my fiance's account?

Thank you so much for your advices.

God bless!

You CAN enter with more than $10,000. However, you must declare this on the customs declaration form 6059B which you'll receive from the flight attendants on the airplane. You must also fill out a FinCEN 105 declaration:

http://www.fincen.gov/forms/files/fin105_cmir.pdf

You can also get the form at the customs counter at your POE.

The main reason you are required to declare the money is because the US government wants some assurance that the money is not being used for criminal purposes or tax evasion. If you fail to declare it, and the money is discovered, then ALL of your money could be seized by CBP.

You'd have the same problems if you did a bank transfer or used a wire transfer service. All transactions of $10,000 or more must be declared to the US government. If you transfer the money to your fiance's account, not only will the transaction have to be declared to the US government, but there's a good chance your fiance will have to pay income taxes on the money.

It would probably be easier if you kept the money in a bank account which you can access from the US. As long as you don't withdraw more than $10,000 at a time then the transactions won't have to be declared. You also wouldn't risk getting thumped on the head and having your money taken from you when you leave the airport.

[Seven 24]

So, if i did change everything to USD and bring all my money cash with me. I just would have to file that forms you mentioned before with no other additional problem or fee right?

Thank you for your answer by the way!

[Brother Hesekiel 2,236]

I brought all of my cash with me and it was a multiple of $10K. I declared it as required.

The main reason I'm responding to your post is my thoughts for you to hold on to your Euros for now. The exchange rate is currently so bad that you would pay dearly if you were to buy US Greenbacks now. I'm confident that the exchange rate will eventually move from the current 1.20 to at least 1.40 within a year's time frame.

[belinda63 3,038]

Just watch the exchange rate as Bob explained and if you bring Euros or other currency make sure there is somewhere nearby to exchange that large of an amount. That was the only problem we had.

[Kathryn41 3,205]

post containing inappropriate material has been removed

[Krikit 1,164]

Most people in Europe use Xoom.com or xe.com. (I think they may be one and the same but I'm not sure.) The Canadians use CustomHouse.com.

American financial institutions, for the most part, are not able to deal with foreign transactions. Do not try to deposit any foreign currency, be it cheque or cash or bank draft, in an American bank. You will be charged outrageous rates and service charges and there will be lengthy delays while they figure out how to deal with it. I have a horrific story trying to deposit a foreign currency cheque, and so do others on here.

Your best bet is to use the online foreign currency trading sites as listed above. It takes a bit of time and trouble to set them up but it's well worth it. Alternatively, you could use Western Union but you'll be hit hard with the currency exchange and the service charge.

You'd have the same problems if you did a bank transfer or used a wire transfer service. All transactions of $10,000 or more must be declared to the US government. If you transfer the money to your fiance's account, not only will the transaction have to be declared to the US government, but there's a good chance your fiance will have to pay income taxes on the money.

If a foreign currency trading site like the ones above are used, the transactions are verified at that level so there is no need to do a separate reporting to the government. As well, there are no income taxes payable on "gifts" to your spouse.