Consequencies of Travelling with lots of traveler checks
 

I know this question has been asked many times but I am not finding exact answer to my problem. I am moving to canada in 5 days from USA. Do I have to declare at usa customs if I have more than 10000$ traveller checks. Their is no multinational bank near my area. And to do a wire transfer I need an account in canada which they dont open untill I am their. And for wire transfer from usa I have to be physically present in the Branch as per my bank rules. It is a very short time left . Only option I see is travellers checks but worried about USA cutoms. Has anybody carried lots of travellers checks. Should I just take all of funds as traveller checks or split them into something. It's all tax paid money and i always report irs about it.

Re: Consequencies of Travelling with lots of traveler checks
 

There is no problem bringing in $10,000CDN funds by any means whether it is cash or travellers cheque into Canada. However you must declare it at the point of entry...check this website http://www.cbsa-asfc.gc.ca/general/cmr/menu-e.html

I wouldn't think you would have to declare anything to US customs as you are not entering the US...only have to deal with Canada Customs.

Hope that helps.

Re: Consequencies of Travelling with lots of traveler checks
 

I used to work for a well known travellers cheque issuer - the thing about the 10,000 USD threshold (separate from the 10,000 CAD that Dawn's already covered) is that when you go to encash them - be that deposit them in a bank account or encash them in person - if you do USD 10,000 or more in one transaction the system will trigger an ID check for US government money laundering purposes. All this means is that your passport number (must be passport), name, address, tel.no. and date of birth will be asked for, stored by the travellers cheque company and then submitted to the US government. You may also be asked for a few security details about the place you bought the cheques, and will certainly be asked for your "Sales Advice" receipt. This is, of course, assuming the bank you encash them at calls for verification of the cheques (to check they're not reported stolen, or are fraudulent...etc etc).

Also, when you purchase more than USD 10,000 you may be subject to the same ID check from the place you buy them but I'm not sure about that as I've always been at the encashing end of things!

If you're not shifting dodgy money you've nothing to worry about :)

Biiiiink'

Re: Consequencies of Travelling with lots of traveler checks
 

Hi

You have to declare them to the US on leaving and Canada Customs on arrival.

PMM

Re: Consequencies of Travelling with lots of traveler checks
 

Thanks You all but still the question remains what are our options? should we take traveller checks and declare at airport to US and Canada when reach their, Or just in Canada when we reach in Canada. All I am talking about is couple of 10000s :confused:

Re: Consequencies of Travelling with lots of traveler checks
 

What are you spending the money on?

Your going to need some carry cash , use US Dollars in Canda almost anywhere or convert to canadian dollars at any hotel or bank.

If your current bank has one of the cirrus or other network membership. You can withdraw your daily limits anywhere in Canadain funds.

Finally stick some cash on your Credit cards and use that to pay for your expenses.

Why do you need to have travellers cheques at all when starting with American Funds?

Re: Consequencies of Travelling with lots of traveler checks
 

Hi

To repeat, you have to declare over 10K when leaving US and also to Canada Customs (CBSA) when entering Canada.

PMM

Re: Consequencies of Travelling with lots of traveler checks
 

Hi PMM, the confusion comes when say its a family of 4, 2 adults 2 kids. Can they enter with 40k between them? There doesnt seem any direct instruction anywhere about this.

What about a married couple bringing in 20k. In cash it looks simple, 10k each would be OK, but if its a bank draft made out in just one name, although funds for two people, it looks to me like it needs reporting.

The application of this rule seems a bit hazy, thats all. But as I said in the other thread , I cant see what the big deal is in reporting the money, so if in doubt report it.