How Much Can I bring?

[mdpo 0]

Good Day VJer's,

I just got my K-3 interview schedule and was wondering if all goes well, upon entry into the United States how much I can bring? I believe there is a limit of $10,000USD since more would mean money laundering.

However, I am going to sell all my assets off, house, car, furnitures etc.. and more or less this would be more than the suggested limit. That is why I am in a dilemma.

If you have any reference you can provide it would be greatly appreaciated. I tried browsing through US customs website but found no information.

Thanks!

[minnietheminx 0]

You can bring as much money as you want, just as long as your declare any amount over $10,000.

[Otto 83]

Good Day VJer's,

I just got my K-3 interview schedule and was wondering if all goes well, upon entry into the United States how much I can bring? I believe there is a limit of $10,000USD since more would mean money laundering.

However, I am going to sell all my assets off, house, car, furnitures etc.. and more or less this would be more than the suggested limit. That is why I am in a dilemma.

If you have any reference you can provide it would be greatly appreaciated. I tried browsing through US customs website but found no information.

Thanks!

mdpo,

You can bring as much cash as you like/have - the $10,000 limit you are referring to is not a limit but a level which would require declaration (you would have to declare it to customs). As far as the proceeds from selling your assets - it would be advisable to use a bank to transfer these (presumably) large amounts of money. Again, there is no limit to how much money (cash or otherwise) you can bring - only, if you're carrying it with you when you enter, when it is at a level that you have to declare it to customs.

[mdpo 0]

Wow, that was a very quick reply.

Ok, regarding bank transfers. I currently don't have an account in the US, if ever I will be sending them it will be thru my wife's (US Citizen) account's. Wouldn't it be questionable (to IRS) as to why she suddenly got big deposits into her account.

[athena_ny 1]

Wow, that was a very quick reply.

Ok, regarding bank transfers. I currently don't have an account in the US, if ever I will be sending them it will be thru my wife's (US Citizen) account's. Wouldn't it be questionable (to IRS) as to why she suddenly got big deposits into her account.

How would they know? As far as I know, the only thing that gets reported to the IRS is interest, and if there's a reason as to why large deposits were made, what's the issue?

[gabby4ever 1]

if u declare more than 10 000 will they tax you , do u have to declare it on the tax return or what will happen??? or you just say "hey i have 30 000" they count it and thats it??

[mdpo 0]

I hope we get an answer from an expert. Since I am really at loss of how to go about with this.

thanks!

[rouguewave 7]

Good Day VJer's,

I just got my K-3 interview schedule and was wondering if all goes well, upon entry into the United States how much I can bring? I believe there is a limit of $10,000USD since more would mean money laundering.

However, I am going to sell all my assets off, house, car, furnitures etc.. and more or less this would be more than the suggested limit. That is why I am in a dilemma.

If you have any reference you can provide it would be greatly appreaciated. I tried browsing through US customs website but found no information.

Thanks!

As others have stated, if you bring in MORE than $10,000 in money or monetary instruments, you have to report it. You can read more on these links:

http://www.cbp.gov/xp/cgov/travel/vacation/kbyg/money.xml

http://www.cbp.gov/xp/cgov/offsiteRedirect...xp/cgov/travel/

The second link is the actual form that has to be submitted. It states:"A TRANSFER OF FUNDS THROUGH NORMAL BANKING PROCEDURES, WHICH DOES NOT INVOLVE THE PHYSICAL TRANSPORTATION OF CURRENCY OR MONETARY INSTRUMENTS, IS NOT REQUIRED TO BE REPORTED." So, the funds that you transfer to your wife's account will NOT have to be reported (by you) because its reported by the bank that handles the transfer.

Given your understandable explanation (liquidation of assets) there is likely to be no problem, as long as you file the forms as instructed. As someone else mentioned, the IRS won't (generally) care about the transfer to your wife's account, but she'll get taxed on Interest income (if any). The IRS IS concerned about situations that take on the appearance of Money Laundering, or transfers to avoid taxation or proper reporting. The following is the IRS web information on Money Laundering - Criminal Investigations. I add this not to suggest you are doing this, but reading through some of the case briefs might give you clues to things to avoid (e.g. lots of small [<$10K] transfers.

http://www.irs.gov/compliance/enforcement/...=130621,00.html

If there is suspicious activity, its generally investigated by the US Treasury Dept, through reports provided from financial institutions to the Federal Crimes Enforcement Network.

http://www.fincen.gov/

I'm sure this is TMI, but the question intrigued me, so I did a little voluntary research. Good luck.

[ausqueen 0]

I hope we get an answer from an expert. Since I am really at loss of how to go about with this.

thanks!

Hi mdpo,

you got your expert and informative answer! And I've learned something in process! Thanks, rouguewave!

From an ordinary, average K-1 entrant... I had no idea of these in-depth rules and regulations or whatever. I knew I had to report if bringing more than 10000. That's it.

But I also sold my car, furniture etc. Closed my bank acc, wired all money to my then fiance's bank acc. As soon as I got here, we added my name to his account, so it's been joined account since then.

I can't open my own until I get SS# and am allowed to use my married name at the bank.

To me... it seemed all pretty simple! Don't stress over it!

[rouguewave 7]

I hope we get an answer from an expert. Since I am really at loss of how to go about with this.

thanks!

Hi mdpo,

you got your expert and informative answer! And I've learned something in process! Thanks, rouguewave!

From an ordinary, average K-1 entrant... I had no idea of these in-depth rules and regulations or whatever. I knew I had to report if bringing more than 10000. That's it.

But I also sold my car, furniture etc. Closed my bank acc, wired all money to my then fiance's bank acc. As soon as I got here, we added my name to his account, so it's been joined account since then.

I can't open my own until I get SS# and am allowed to use my married name at the bank.

To me... it seemed all pretty simple! Don't stress over it!

I'm not an expert, but I play one on TV Seriously though, I had a "little" knowledge of financial transactions and did some basic research. If someone chimes in to refute my information, I expect to learn something too.

I did have a question for the OP that I didn't ask originally, but I will now... If you're planning to wire transfer (presumably) the bulk of your liquidated funds to your wife's account, why not transfer ALL or enough so that it leaves you just a few 000's $$s? I think I'd feel nervous walking around with $10K+ in my pocket or baggage.

I'm not pressing for personal details on your financial situation, just curious.

Edited October 23, 2007 by rouguewave

[rouguewave 7]

Also, if you're looking for alternative options, you might want to research opening an account in the Philippines at a bank with branches (or originates) in the US and depositing it there before you come. Citibank (US based) has branches in the Philippines. PNB (PI based) has branches in the US. You could discuss with them the process of inter-bank, international transfers and you might NOT have to transfer the funds to your wife's account.

If you consider this, you'd also want to ask about money conversion issues (pesos - dollars) if that applies. There are pro's and con's to doing this, but for me, its the carrying around the money issue again.

[amiquechu 0]

I've had professional accountants file business tax returns for me, but I have done my own research on the tax process also. One thing I've picked up is that banks are required to report to the IRS deposits of $10,000 or greater. I can't remember the exact reason, but I think it was a combination of trying to prevent money laundering and trying to stop people from cheating on their taxes.

With that being said, I would have your wife call up her accountant (or any accountant) and ask them what (if anything) the IRS will do or want to know about a wire transfer or deposit of over $10,000. Coming in to the US with such a great sum of money and knowing that taxes could be an issue, I would have your wife clarify everything beforehand with an accountant so you can avoid taxes altogether and any possible issues with the IRS. You may not need to do anything, but I would definitely check beforehand...even if it costs $50 or $100 to get an accountant's advice. It could end up saving you a lot of money and headaches in the end. Man, the IRS can be a serious pain in the you know what!!! I don't know about you, but I don't think they should get one more cent than they legally deserve!

[Peil 1]

Its your country that doesnt allow you to take alot of cash out. Every country in the world welcomes you when you bring a large amount in though.

[mdpo 0]

Wow! Nice informative information there rouguewave!

Erika's husband: Thank you for that suggestion maybe I will ask my wife to contact her accountant.

For all contributors, thank you very much. Now I can be at ease with some idea's on how I will go about with this.