Bringing Money to the USA

[kayo_michael 0]

So, we are investigating the best way to bring my wife's Irish bank account over to the USA. The sum is over $10,000 so carrying it over is not an option.

Anyone here an accountant or dealt with similar situations before? It's not going to be mine, so no IRS gift tax or inheritance tax should be filed. I don't think should be taxed at all since it's foreign earned income by a non US resident.

Advice?

[canadian_wife 1,829]

Does she have an ATM card that is compatabile in the US? She can simply withdraw money in the US from her Irish account. Granted, you do pay fees but it is a possibility

good luck

[Done--Really 331]

The $10K threshold doesn't mean you can't bring it--it just means you need to report it. Do a bank transfer--no big deal.

[Penguin_ie 5,997]

We did a bank transfer from the Irish account to a US account (at the time the US account was in the sole name of my husband, as they wouldn;t add me without seeing me visa or SSN and I was in Ireland). No problems at all, no tax paid. Do give yourself some time if you can, in order to catch a good exchange rate.

[Otto 83]

** Topic may be more appropriate in Moving Here and Your New Life In America (rather than IR-1/CR-1 Procedures) - moving thread there.

[웃 910]

So, we are investigating the best way to bring my wife's Irish bank account over to the USA. The sum is over $10,000 so carrying it over is not an option.

Anyone here an accountant or dealt with similar situations before? It's not going to be mine, so no IRS gift tax or inheritance tax should be filed. I don't think should be taxed at all since it's foreign earned income by a non US resident.

Advice?

Ask your husband for his name , account number, and routing number....Go to Irish bank and request a wire transfer for X amount. Within 1 hour the money will be in your husbands account...

[Brother Hesekiel 2,236]

I've carried close to $100K in cash when moving to the US and I have friends who carried $250K with them in cash when looking to buy a house. I have no idea why carrying $10K is not an option for you. I'm in a line of business where cash is king, and I've often have $25 to $40K cash in my pocket. Just buy a money belt and keep to on your body while in transit. If nobody knows you're carrying that kind of cash, nobody will suspect it, unless you chose to wear your diamond-crusted Rolex during the trip and flash it prominently.

Edited January 11, 2011 by Just Bob

[LaL 418]

I've carried close to $100K in cash when moving to the US and I have friends who carried $250K with them in cash when looking to buy a house. I have no idea why carrying $10K is not an option for you. I'm in a line of business where cash is king, and I've often have $25 to $40K cash in my pocket. Just buy a money belt and keep to on your body while in transit. If nobody knows you're carrying that kind of cash, nobody will suspect it, unless you chose to wear your diamond-crusted Rolex during the trip and flash it prominently.

This is wrong, and the suggestion above is illegal (and against the TOS). Customs will ask if the person has anything to declare, and saying "no" when one is carrying more than 10k can result in being penalized, and according to the CBP website - the penalty can be severe.

Edited January 13, 2011 by LaL

[Brother Hesekiel 2,236]

This is wrong, and the suggestion above is illegal (and against the TOS). Customs will ask if the person has anything to declare, and saying "no" when one is carrying more than 10k can result in being penalized, and according to the CBP website - the penalty can be severe.

Of course that money needs to be declared at the P.O.E. Takes about a minute. We're not talking smuggling here, but transporting.

[MochiKamo 93]

I've carried close to $100K in cash when moving to the US and I have friends who carried $250K with them in cash when looking to buy a house. I have no idea why carrying $10K is not an option for you. I'm in a line of business where cash is king, and I've often have $25 to $40K cash in my pocket. Just buy a money belt and keep to on your body while in transit. If nobody knows you're carrying that kind of cash, nobody will suspect it, unless you chose to wear your diamond-crusted Rolex during the trip and flash it prominently.

I like your high roller ways.

I'd be too nervous to carry around 100k, money belt or no money belt.

[rheanick 42]

So, we are investigating the best way to bring my wife's Irish bank account over to the USA. The sum is over $10,000 so carrying it over is not an option.

Anyone here an accountant or dealt with similar situations before? It's not going to be mine, so no IRS gift tax or inheritance tax should be filed. I don't think should be taxed at all since it's foreign earned income by a non US resident.

Advice?

I transfered more than 10K of my money from the philippines. We reported this transfer to our accountant. Our accountant did not included it in our tax report.. No tax on the transfer, just the regular transfer fee. I kept the money in the bank for few months, i got tax on the interest. I invested my money, only got tax on the earnings.

If she would carry more than 10K in her flight, she has to declare it.

[Captain Oates 911]

The best way to do it where you get the best rate, is to do a bank transfer to worldfirst in London. They convert it to USD and wire it into your USD account in the US

I have done probably 20 transfers at £25k a time so half a million quid

If you ask your bank to do it you will lose BIG in exchange rate and slightly in bank cost

I reckon I have saved at least 15 to twenty thousand pounds using worldfirst

They are total safe and certified by the UK Government. I do an online transfer from Halifax UK to worldfirst (FREE) and then they send it in USD (usually free but $15 at this end)

NO bank - I said no bank can match their exchange rates and many will give you tourist rate so you lose anywhere from 3 to 10 per cent compared to LIBOR (London Interbank rate)

I used to be Finance Director for a US company and looked after transfers from 28 companies in Europe - so I am used to it.

I call up OANDA exchange rates while I am talking to Worldfirst so I can check they are giving me an ACE rate

OANDA RATES > http://www.oanda.com/currency/real-time-rates

Worldfirst > http://www.worldfirst.com/

[tallcoolone 102]

This is wrong, and the suggestion above is illegal (and against the TOS). Customs will ask if the person has anything to declare, and saying "no" when one is carrying more than 10k can result in being penalized, and according to the CBP website - the penalty can be severe.

The poster said nothing about trying to get around the law......

[Captain Oates 911]

The poster said nothing about trying to get around the law......

Bob was a bit ambiguous - when he said 'If nobody knows' he may well be talking about people who mights steal it rather than customs. I agree that customs must be told.

Customs asked me last time and I said " A thousand pounds and 600 US". His brain starting trying to figure out how much that was in USD and then he gave up and waved me through.

If one is not trying to fiddle tax then a wire transfer is the way to go.

An acquaintance of mine sold her house in Spain and drove back to the UK with about 400,000 in cash in supermarket bags.

She probably saved 200k tax but it doesn't lead to a good nights sleep

I stay as pure as the driven snow in these matters and I reported a 69 cents interest receipt last year !

[LaL 418]

Bob was a bit ambiguous - when he said 'If nobody knows' he may well be talking about people who mights steal it rather than customs. I agree that customs must be told.

Yeah that's how I took it. Apparently I was wrong, I should have withheld my reproach and asked for clarification.