Cdn Chick

Has anyone coming thru the POE had them ask questions re: how much money
you're bringing with you? I know that the INS doesn't care how much money
we have .. but, I've heard (and read on the US Customs site) that they will
only allow $10,000 US to come across.... I'm about to sell my house, so,
I'll have quite a bit more than that.
AND - if I "give" that money to my fiance to put in a bank acct ... would he
have to claim taxes on it?
Anyone?

soleil

My family just went on a trip to India and they were told also that they are allowed only to bring back $10,000. So that part is probably true. I don't know about the tax implications of giving the money to your fiance.. you should probably talk to a CPA.

Folinskyinla

Hi:

There is a germ of truth that is misunderstood -- you CAN bring in any amount you want. There is no currency control. However, you have to report it under the Bank Secrecy Act.

Also, if you sell your house, you can have a bank account set up in the US and then have the funds transferred to the US.

Also, simple possession of $$ is not taxed -- it is income made while a US citizen or resident -- if you sell the house before taking up US residence, then the profits are free of US taxes.

Scout

Just wire the money in and let the bank report it. The rules are there for a reason. They are to prevent money laundering. As long as the money is legit there's no need to worry.

Cheers,

Leslie

Guest

Hi there, I was once asked by US Customs officer at POE how much money I
was carrying? One officer went through the currency and asked me the
equivalent value in USDs. I had Canadian $, US $ and Pounds. Total
amount in USD equivalent wasn't more than $2000.00. It happend at
US/Canada border.



--



Posted via http://www.immigrationX.com

Duran

    > Has anyone coming thru the POE had them ask questions re: how much money
    > you're bringing with you? I know that the INS doesn't care how much money
    > we have .. but, I've heard (and read on the US Customs site) that they
will
    > only allow $10,000 US to come across.... I'm about to sell my house, so,
    > I'll have quite a bit more than that.
    > AND - if I "give" that money to my fiance to put in a bank acct ... would
he
    > have to claim taxes on it?
    > Anyone?

You are allowed to bring in any amount of money you want to, just that if
that amount is over $10,000.00 (or is it over $9,999.99) you have to report
it that is all. That is the only difference. Under 10 grand, you walk
through customs without reporting anything, over 10 grand you are required
to fill out forms.

Cdn Chick

Hmm - does anyone know where I might find those forms online? Or would my
bank have them?
Don't want to wire any money as I'm told it costs too much .. so, would
rather take a bank draft.


"Duran" wrote in message
news:[email protected]...
    > > Has anyone coming thru the POE had them ask questions re: how much money
    > > you're bringing with you? I know that the INS doesn't care how much
money
    > > we have .. but, I've heard (and read on the US Customs site) that they
    > will
    > > only allow $10,000 US to come across.... I'm about to sell my house,
so,
    > > I'll have quite a bit more than that.
    > > AND - if I "give" that money to my fiance to put in a bank acct ...
would
    > he
    > > have to claim taxes on it?
    > > Anyone?
    > You are allowed to bring in any amount of money you want to, just that if
    > that amount is over $10,000.00 (or is it over $9,999.99) you have to
report
    > it that is all. That is the only difference. Under 10 grand, you walk
    > through customs without reporting anything, over 10 grand you are required
    > to fill out forms.

Ron

I don't know about a personal filing, but your bank is required to file when
you deposit $10,000 or more in cash.


"Cdn Chick" wrote in message
news:[email protected]...
    > Hmm - does anyone know where I might find those forms online? Or would my
    > bank have them?
    > Don't want to wire any money as I'm told it costs too much .. so, would
    > rather take a bank draft.
    > "Duran" wrote in message
    > news:[email protected]...
    > > > Has anyone coming thru the POE had them ask questions re: how much
money
    > > > you're bringing with you? I know that the INS doesn't care how much
    > money
    > > > we have .. but, I've heard (and read on the US Customs site) that they
    > > will
    > > > only allow $10,000 US to come across.... I'm about to sell my house,
    > so,
    > > > I'll have quite a bit more than that.
    > > > AND - if I "give" that money to my fiance to put in a bank acct ...
    > would
    > > he
    > > > have to claim taxes on it?
    > > > Anyone?
    > >
    > > You are allowed to bring in any amount of money you want to, just that
if
    > > that amount is over $10,000.00 (or is it over $9,999.99) you have to
    > report
    > > it that is all. That is the only difference. Under 10 grand, you walk
    > > through customs without reporting anything, over 10 grand you are
required
    > > to fill out forms.
    > >
    > >

Op

"Ron" wrote in message
news:[email protected]...
    > I don't know about a personal filing, but your bank is required to file
when
    > you deposit $10,000 or more in cash.
    > >
    > "Cdn Chick" wrote in message
    > news:[email protected]...
    > > Hmm - does anyone know where I might find those forms online? Or would
my
    > > bank have them?


http://www.customs.ustreas.gov/

has forms at
http://www.customs.gov/xp/cgov/toolbox/forms/

Looks like 4790 might be the one.

--

Cdn Chick

Thanks!
That definitely looks like the one!
The less time I have to spend at the POE - the better!!


"OP" wrote in message
news:[email protected]...
    > "Ron" wrote in message
    > news:[email protected]...
    > > I don't know about a personal filing, but your bank is required to file
    > when
    > > you deposit $10,000 or more in cash.
    > > >
    > > "Cdn Chick" wrote in message
    > > news:[email protected]...
    > > > Hmm - does anyone know where I might find those forms online? Or
would
    > my
    > > > bank have them?
    > http://www.customs.ustreas.gov/
    > has forms at
    > http://www.customs.gov/xp/cgov/toolbox/forms/
    > Looks like 4790 might be the one.
    > --

ukemigrant

Hi, it's not so much that the act of wiring money costs too much per se, but the currency conversion which gets you. This would be the case even with a bankers draft. I've been through this myself, and it works roughly like this:

All exchange rates are for example only!!!

Say you want to bring 20k GBP into the US. The official rate is $1.5 per GBP. You won't get this rate, you'll get $1.45 per GBP unless you are transferring very large amounts, or can find some decent currency broker. So your 20k GBP becomes $29000. If you could have got the official rate, you would have got $30000, so this little operation has cost you $1000 in currency charges.

Now the bank in the UK will charge you 25 GBP to carry out the transfer, and the bank in the US will charge you $40 or thereabouts to carry out their end of the transaction.

Regardless of whether you are wiring the money or getting a bankers draft, you will have to convert your money from GBP to $. The closer you can get to the official rate the better.

As you can see the bank charges are irrelevant compared to the currency charges.

If you look at it in this way, you'll probably come to the conclusion that you can save yourself a lot of hassle by just wiring the money over later.

Needless to say, that's what I did.

Sam.

L D Jones

soleil wrote:
    >
[...]
    > My family just went on a trip to India and they were told also that they
    > are allowed only to bring back $10,000. So that part is probably true.

This is false

See

http://help.customs.gov/cgi-bin/cust...cGFnZT0x&p_li=

or

http://tinyurl.com/8k0d

David Brown

bingo!

Bring $9,999 and leave the rest in Canada to keep control of the spouse!
Trust me... :-)

Ap

In article ,
[email protected] says...
    > Hmm - does anyone know where I might find those forms online? Or would my
    > bank have them?
    > Don't want to wire any money as I'm told it costs too much .. so, would
    > rather take a bank draft.
    >

I wired money few times, I paid for SWIFT about $15

AP

Linda & Eric

Personally, I'd rather wire the money and pay the fee rather than carry all that money on me. I too have wired money overseas and it cost me about $30.