Traveling with cash

[pmarshall 9]

Hi all

As I have only aprox $10k to take with me on my POE, I think I will be taking it in cash. Can you advise the best cheapest way to get the money from my UK account into dollars ?? Any good exchange companies out there with good rates so im not loosing too much.

Thanks

Paul

[Mbrennan 15]

What about a dollar cheque?

Some banks charge a flat rate of £10.

[mattwood79 2]

A good way to do it is by using FairFX, you can order a dollar card, load it up before travelling and then take it out at an ATM using the card. They charge $2 every time you use the card at an ATM so just take it out in as big a chunks as you can. Because it's all done online, you get a pretty good exchange rate.

[pmarshall 9]

What about a dollar cheque?

Some banks charge a flat rate of £10.

Can i ask my bank for one ?? Exchange range will probably be low though

Paul

[Mbrennan 15]

Can i ask my bank for one ?? Exchange range will probably be low though

Paul

I think it's actually good. My dad is using it to send my fiancé wedding money from my folks.

I guess the fee is bank dependent.

[pmarshall 9]

I think it's actually good. My dad is using it to send my fiancé wedding money from my folks.

I guess the fee is bank dependent.

Ill have to call bank tomorrow

[Al422 221]

There are limits on how much cash you can have on your person through customs. I don't know the dollar amount but it might be under $10k. Better check it.

Also why are you resigned to cash? What about a wire transfer to your fiance's bank account? You pay a wire fee but you should get a 100% exchange that way.

[pmarshall 9]

There are limits on how much cash you can have on your person through customs. I don't know the dollar amount but it might be under $10k. Better check it.

Also why are you resigned to cash? What about a wire transfer to your fiance's bank account? You pay a wire fee but you should get a 100% exchange that way.

My partner is looking into it this week

[Nich-Nick 3,354]

There are limits on how much cash you can have on your person through customs. I don't know the dollar amount but it might be under $10k. Better check it.

Also why are you resigned to cash? What about a wire transfer to your fiance's bank account? You pay a wire fee but you should get a 100% exchange that way.

No limits. You tell them about anything over $10k. No tax, no custom fee, even if you fill your pockets with $100k. They just want to know. If you transfer over $10k, the bank or transfer service reports it to the Feds. So either way, it gets reported but no taxes or custom fees.

[Mbrennan 15]

This may be a daft question, (or there are no daft questions...)

However, if you carry a check with you on the plane for $10,000, & additional cash, would you have to declare it? Or is it only actual dollar notes that you have to declare over $10,000?

[Nich-Nick 3,354]

This may be a daft question, (or there are no daft questions...)

However, if you carry a check with you on the plane for $10,000, & additional cash, would you have to declare it? Or is it only actual dollar notes that you have to declare over $10,000?

Money and Other Monetary Instruments

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.

"Money" means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers' checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

Source cbp.gov

And they have dogs that sniff out smuggled cash.

[Mbrennan 15]

Money and Other Monetary Instruments

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.

"Money" means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers' checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

Source cbp.gov

And they have dogs that sniff out smuggled cash.

Thanks. So you can bank transfer more than $10,000, and don't need to report it? Or you still need to?

[Nich-Nick 3,354]

Thanks. So you can bank transfer more than $10,000, and don't need to report it? Or you still need to?

Transfer or carry any amount you want. Anything over $10k gets reported. (Banking part of the Patriot Act passed after 911)

Banks report transfers. It's to create a paper trail to thwart terrorist funding and money laundering. There are identification requirements to know who account holders are and such.

Obviously if you have bunches of cash on you, nobody knows (but the guy watching you on the plane planning to mug you). There is no sending bank or agent involved. So you have to do the paperwork (FinCen105) yourself and identify yourself, I suppose with your passport number.

So what is your concern? The reporting of your money? Your posts seem like you are looking for ways around it. It's a non-issue unless you are under suspicion already for terrorism.

Just curious why this is bothering you.

[Mbrennan 15]

Transfer or carry any amount you want. Anything over $10k gets reported. (Banking part of the Patriot Act passed after 911)

Banks report transfers. It's to create a paper trail to thwart terrorist funding and money laundering. There are identification requirements to know who account holders are and such.

Obviously if you have bunches of cash on you, nobody knows (but the guy watching you on the plane planning to mug you). There is no sending bank or agent involved. So you have to do the paperwork (FinCen105) yourself and identify yourself, I suppose with your passport number.

So what is your concern? The reporting of your money? Your posts seem like you are looking for ways around it. It's a non-issue unless you are under suspicion already for terrorism.

Just curious why this is bothering you.

Thanks.

It's not bothering me. I'm just looking for the easiest way. Basically I'd like to transfer my money to my finances bank in the US. I'd like to do it via online transfer. I'm not into carrying large sums of money

I guess my concern is that I just want to ensure I do everything correctly.

So, if I transfer money online, the bank do the paperwork?

Sorry, I don't mean to be making a big deal out of this, I'm just unsure and thus probably coming across as slightly dumb.

I appreciate your help.

[Nich-Nick 3,354]

The transferring people will handle any transfer requirements to satisfy the US govt. you do not initiate any special report yourself except if you hand carry through CBP.