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Bringing Money Into the US

Bringing Money Into the US

Old Jul 19th 2002, 8:57 pm
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Default Bringing Money Into the US

Hi everyone,

Does anyone know whats the best way to bring a large sum of money into the US when immigrating? It will be the equivalent. of over $10,000. Is just cash ok, although not sure I would want such a large sum on me in just banknotes.

Any tips would be grateful
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Old Jul 19th 2002, 9:11 pm
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Default Re: Bringing Money Into the US

traveler's check.
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Old Jul 20th 2002, 2:38 am
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Default Re: Bringing Money Into the US

Originally posted by mailmena
traveler's check.
I have worked in banking in both New York and London, and I have experience of managing a money laundering investigation under the supervision of the Federal Reserve.

DO NOT bring cash - it will cause you all sorts of headaches at immigration/ customs. They will presume that you are doing something illegal if you bring cash as that is what drug smugglers and criminals use because it can't be traced.

Travellers checks will cost you, and be bulky in your wallet, and a problem if you lose them, and they need to be signed, ... etc, etc.

The best way is undoubtedly to open a bank account in the US then wire the funds to that account. That way it is all recorded, where the funds came from; and you won't have to make any customs declarations or answer questions from immigration.

If you can't arrange a wire transfer then ask your overseas bank for a "US dollar bankers draft drawn on a US bank".
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Old Jul 20th 2002, 8:20 am
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Default Re: Bringing Money Into the US

    > The best way is undoubtedly to open a bank account in the US then wire the funds to
    > that account. That way it is all recorded, where the funds came from; and you won't
    > have to make any customs declarations or answer questions from immigration.

If I do this with the proceeds from my house (more than $10,000) will I get
taxed/questioned about it?

--
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Old Jul 20th 2002, 1:05 pm
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Default Re: Bringing Money Into the US

Originally posted by Hilary
    <i><font size=-2 color=darkgreen>> The best way is undoubtedly to open a bank account in the US then wire the funds to</font></i>
    <i><font size=-2 color=darkgreen>> that account. That way it is all recorded, where the funds came from; and you won't</font></i>
    <i><font size=-2 color=darkgreen>> have to make any customs declarations or answer questions from immigration.</font></i>

If I do this with the proceeds from my house (more than $10,000) will I get taxed/questioned about it?

--
Hilary
I'm a banker, not a tax accountant, but I guess that is possible. However if you dump over $10,000 in cash into a bank account the transaction WILL be reported to the Fed. The American banking system is suspicious of cash transactions and you will be likely to start alarm bells ringing.

In any event, I understand that the first $250,000 (of profit?) of the sale of your private residence is not taxable anyway.
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Old Jul 20th 2002, 2:20 pm
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Default Re: Bringing Money Into the US

    > Does anyone know whats the best way to bring a large sum of money into the US when
    > immigrating? It will be the equivalent. of over $10,000. Is just cash ok, although
    > not sure I would want such a large sum on me in just banknotes.
    >
    > Any tips would be grateful

Set up a US bank account and transfer the money?

--
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Old Jul 20th 2002, 2:20 pm
  #7  
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Default Re: Bringing Money Into the US

Pulaski <[email protected]> wrote in message
news:<[email protected]>...
    > mailmena wrote:
    > > traveler's check.
    >
    >
    >
    > I have worked in banking in both New York and London, and I have experience of
    > managing a money laundering investigation under the supervision of the Federal
    > Reserve.
    >
    > DO NOT bring cash - it will cause you all sorts of headaches at immigration/
    > customs. They will presume that you are doing something illegal if you bring cash
    > as that is what drug smugglers and criminals use because it can't be traced.

Not to mention you can't bring more than $10,000 dollars into the USA without
notifying IRS.
 
Old Jul 21st 2002, 12:54 pm
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Default Re: Bringing Money Into the US

Thanks for the replies...

Thing is, you need a SS number to open a bank account in the US don't you? Which I won't have for who knows how long when (if things go to plan) I arrive in the US. I will be using the K1 visa to enter the USA.
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Old Jul 21st 2002, 3:20 pm
  #9  
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Default Re: Bringing Money Into the US

Pulaski <[email protected]> wrote in message
news:<[email protected]>...
    > Hilary wrote:
    > > Â Â Â Â <i><font size=-2 color=darkgreen>> The best way is undoubtedly to open a
    > > bank account in the US then wire the funds to</font></i> Â Â Â Â <i><font size=-2
    > > color=darkgreen>> that account. That way it is all recorded, where the funds
    > > came from; and you won't</font></i> Â Â Â Â <i><font size=-2 color=darkgreen>> have
    > > to make any customs declarations or answer questions from
    > > immigration.</font></i> If I do this with the proceeds from my house (more than
    > > $10,000) will I get taxed/questioned about it?
    > > --
    > > Hilary
    >
    >
    >
    > I'm a banker, not a tax accountant, but I guess that is possible. However if you
    > dump over $10,000 in cash into a bank account the transaction WILL be reported to
    > the Fed.

It's safer than carrying cash, and if you're immigrating legally anyway I don't think
you have anything to worry about.
 
Old Jul 21st 2002, 4:01 pm
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Default Re: Bringing Money Into the US

You dont need a SSN to open a bank account, at least I didn't, my bank accepted my passport number. If you are here on a K1 you could always use your fiances bank account. Mine would have spent it all on clothes and make up though. Only kidding
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Old Jul 21st 2002, 4:52 pm
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Default Re: Bringing Money Into the US

Is there a major international bank in your area? Like Citibank, for example you can use their ATM worldwide and I don't think there is a fee, but you might want to check with them.

There are also other types of account that you can open like a brokerage account. You don't need to invest your money if you're planning to use it. The money will be deposit in a money fund. Some brokerage will ask you if you want personal checks or debit card when you open an account. You might want to keep in mind and look for an account that offers a credit card or a least a secure credit card. If you will be living in the US you have to establish your credit at some point in order to buy a house, a car, mobile phone, or to rent a place.
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Old Jul 21st 2002, 8:23 pm
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Default Re: Bringing Money Into the US

Many banks will set up an account with a passport number. At least mine will but they needed my fiance to come in and sign on the account. So maybe a visit here first and possible you can fax stuff to bank and such
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Old Jul 21st 2002, 8:41 pm
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Default Re: Bringing Money Into the US

Originally posted by Karib
Thanks for the replies...

Thing is, you need a SS number to open a bank account in the US don't you? Which I won't have for who knows how long when (if things go to plan) I arrive in the US. I will be using the K1 visa to enter the USA.
I received mine two weeks after I arrived. If your local SS office tries to tell you it takes longer speak to the supervisor and have all you ID papers with you (passport, birth cert, job offer, and anything else you have that looks official).
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Old Jul 22nd 2002, 12:20 am
  #14  
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Default Re: Bringing Money Into the US

mailmena <[email protected]> wrote in message
news:<[email protected]>...
    > Is there a major international bank in your area? Like Citibank, for example you
    > can use their ATM worldwide and I don't think there is a fee, but you might want to
    > check with them. There are also other types of account that you can open like a
    > brokerage account. You don't need to invest your money if you're planning to use
    > it. The money will be deposit in a money fund. Some brokerage will ask you if you
    > want personal checks or debit card when you open an account. You might want to
    > keep in mind and look for an account that offers a credit card or a least a
    > secure credit card. If you will be living in the US you have to establish your
    > credit at some point in order to buy a house, a car, mobile phone, or to rent a
    > place.

Some banks limit you to $1000 per day from the ATM. What you can also do is open a US
dollar account in a bank in your home country (some banks do this) then write
yourself a US dollar check and deposit it in a US bank.
 
Old Jul 22nd 2002, 4:20 am
  #15  
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Default Re: Bringing Money Into the US

pezeke <[email protected]> wrote in message
news:<[email protected]>...
    > Many banks will set up an account with a passport number. At least mine will but
    > they needed my fiance to come in and sign on the account. So maybe a visit here
    > first and possible you can fax stuff to bank and such

They need a tax ID number for IRS reporting purposes. I believe the bank will take
care of this for you and make you fill out form W-9.
 

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