Bringing Money (Savings) to USA/Paying USA tax

[Vox 0]

Hello,

If I bring my savings with me (in cash) to the USA, am I going to be taxed in the USA for it?

If an answer is “Yes”, could I give my money to my fiancée so she can deposit it to her account? Does she have to pay tax on it?

Any thoughts/experience/suggestions/etc…?

Happy New Year to Everyone!

Vox

[Boiler 44,855]

Hello,

If I bring my savings with me (in cash) to the USA, am I going to be taxed in the USA for it?

If an answer is “Yes”, could I give my money to my fiancée so she can deposit it to her account? Does she have to pay tax on it?

Any thoughts/experience/suggestions/etc…?

Happy New Year to Everyone!

Vox

No

[onesassygirl 0]

If you're comfortable with bringing cash, go for it. If not, there are a few online foreign exchange services (like Custom House) that will move your money from your Cdn bank account to a US account and vice versa. There are no fees, and the exchange rate you get is pretty decent. It's been pretty handy so far.

[Kathryn41 3,205]

There are limitations about how much cash you can transfer or bring to the US without notifying customs - I believe it is $10,000. Be sure to check out the Customs information as well as the IRS.

[clloyd 0]

Cash you bring in will not be taxed, as it is not income. Once you become a US resident for tax purposes, any interest or dividends you make with that cash will be subject to, regardless of where in the world it came from. If you have more than $10,000 in a foriegn account, you must report that each year to the treasury department.

[Jersey Girl 2]

Here's another method: go to your Canadian bank, get a good exchange rate, and have them wire U.S. money to your fiancee's account in the U.S. (Please don't walk around with your savings in cash!)

[Waiting in Vancouver 6]

Here's another method: go to your Canadian bank, get a good exchange rate, and have them wire U.S. money to your fiancee's account in the U.S. (Please don't walk around with your savings in cash!)

This is exactly what we did ... We might not have got the best possible exchange rate but atleast we knew it got to my wife's bank without any problems ... It was in her account 2 working says after I sent it ...

[Flames9_RN 358]

I used and still use Custom house.. V. good exchange rate and no fees. Easy to set up. And their customer sevice is top notch.

[misa 2]

I agree with the others to wire it over, do NOT walk around with your savings in cash! Anything could happen from here to there. Good luck!

Also I checked the US customs form, I grabbed two the last time I was at the airport and kept one in my bag and the others are right about not having to declaring cash or other monetary instruments if it is under $10,000 USD.

[Donna A 4]

if u dont want to pay tax on the intrest u get from it then u can put it into a checking account that doesnt draw intrest.

[Krikit 1,163]

I'm confused about the "no fees" references to Custom House. I was charged a $20 wire transfer fee to transfer cash from a Canadian bank to an American bank. Perhaps it's related to the type of service?

[Flames9_RN 358]

With customhouse, once your all set up, one has two options as I recall. One is electroically, which is free. The other option they have I belive is wire, which they do (or the bank) does charge a fee. Wire is probably faster. But doing it electronically takes 3-4 business days. I have completed many electronically transactions with them and never been charged any fees or had any hassles. There was one time that Presidents Choice charged me a $16.00 fee. I guess Custom House wanted to ensure I had the $$ (Was a fairly large transaction) And Prsidents choice charged the fee to do it. But I phoned and asked about the $16 fee and they gave it back to me.

So in conclusion, electronically equals free, and wiring most likely there will be a fee. When one starts up an account with Custom house I belive you have to state which one it wil be. I just attempted to set up a wire transaction and would not allow me!

[zyggy 9]

Yeah.... an ETF (Electronic Funds Transfer) is free... Just like when you use your debit card... and it does take about 4 days...

[Our Mao 0]

With customhouse, once your all set up, one has two options as I recall. One is electroically, which is free. The other option they have I belive is wire, which they do (or the bank) does charge a fee. Wire is probably faster. But doing it electronically takes 3-4 business days. I have completed many electronically transactions with them and never been charged any fees or had any hassles. There was one time that Presidents Choice charged me a $16.00 fee. I guess Custom House wanted to ensure I had the $$ (Was a fairly large transaction) And Prsidents choice charged the fee to do it. But I phoned and asked about the $16 fee and they gave it back to me.

So in conclusion, electronically equals free, and wiring most likely there will be a fee. When one starts up an account with Custom house I belive you have to state which one it wil be. I just attempted to set up a wire transaction and would not allow me!

Flames, can you post the name of ther custom house or their website? I'd be very interested. Thanks!

[zyggy 9]

With customhouse, once your all set up, one has two options as I recall. One is electroically, which is free. The other option they have I belive is wire, which they do (or the bank) does charge a fee. Wire is probably faster. But doing it electronically takes 3-4 business days. I have completed many electronically transactions with them and never been charged any fees or had any hassles. There was one time that Presidents Choice charged me a $16.00 fee. I guess Custom House wanted to ensure I had the $$ (Was a fairly large transaction) And Prsidents choice charged the fee to do it. But I phoned and asked about the $16 fee and they gave it back to me.

So in conclusion, electronically equals free, and wiring most likely there will be a fee. When one starts up an account with Custom house I belive you have to state which one it wil be. I just attempted to set up a wire transaction and would not allow me!

Flames, can you post the name of ther custom house or their website? I'd be very interested. Thanks!

www.customhouse.com