Bringing money into US?
 

Anyone have any experience of bringing a large amount of money into the country
without it being taxed or taxed as little as possible? I was thinking of
dispersing it and wiring it in smaller amounts. Thanks.

How much were you thining of bringing in? there are rules where you have to declare over a certain amount, I know someone here can help you and knows the rules. This has been discussed before.

Re: Bringing money into US?
 

I know you can bring up to $10,000. I try to bring in less, though... like
$9,500. When someone wants to deposit money into my bank account from
overseas, I tell them to make it around $9,500.

Hope this helps.


"LVSaint76" wrote in message
news:[email protected]...
    > Anyone have any experience of bringing a large amount of money into the
country
    > without it being taxed or taxed as little as possible? I was thinking of
    > dispersing it and wiring it in smaller amounts. Thanks.

Re: Bringing money into US?
 

Hi!!!
What do you mean by bring? You mean physically on your person, or transferred from a bank? I'm looking to take a couple of thousand, but obviously I don't want to carry all of that on me. What do you suggest? My fiance doesn't have a bank account. I've used Western Union a couple of times, but can I send it, then pick it up in the US?
Kate. xxxxxx:D:D:D

Re: Bringing money into US?
 

Have you fiance open a bank account to avoid the crazy WU charges.

No offense, but why no account?

Re: Bringing money into US?
 

Long story!!! LOL. Think of a squirrel, and very strong beliefs about certain things!! Sigh!
Kate. xxxxx:D:D:D

For what its worth, this is an issue I discussed with my bank as I needed to transfer sufficient money over to the USA to buy a house. Their advice was that transfers over $10,000 from a UK account to a US bank account were perfectly ok and that no taxation issues arise provided the transferor was a UK resident at the time of the transfer and had been subject to UK tax.

I believe transactions of this scale are reported and the $10,000 rule applies to money brought into the USA by way of cash or some other financial instrument that might otherwise escape detection. There is a "money laundering" issue here as well as taxation of course.

Re: Bringing money into US?
 

katesuiter wrote:
    >
    > Originally posted by Gili
    > > I know you can bring up to $10,000. I try to bring in less,
    > > though... like
    > > $9,500. When someone wants to deposit money into my bank account from
    > > overseas, I tell them to make it around $9,500.
    > >
    > >
    >
    > Hi!!!
    > What do you mean by bring? You mean physically on your person, or
    > transferred from a bank? I'm looking to take a couple of thousand, but
    > obviously I don't want to carry all of that on me. What do you suggest?
    > My fiance doesn't have a bank account. I've used Western Union a couple
    > of times, but can I send it, then pick it up in the US?
    > Kate. xxxxxx:D:D:D

Bring travelers checks or a certified check or western union.
What's with the no bank thing?

Re: Bringing money into US?
 

Why do they need someone that can help them.
There are NO taxes due on importing money.

Aliluv wrote:
    >
    > How much were you thining of bringing in? there are rules where you have
    > to declare over a certain amount, I know someone here can help you and
    > knows the rules. This has been discussed before.
    >
    > --
    > Posted via http://britishexpats.com

I meant that someone here would know the exact amount you could bring in w/o declaring it and the amount you would need to declare.

I see it's 10,000 and up you need to declare. This group is very informative. That's all I meant I certainly wasn't trying to imply you had to pay to bring in $.

Re: Bringing money into US?
 

You can bring as much money into the USA as you like the government has no problem with you bringing money in. The thing is (because of good old drug barons and organised crime) anything over $10,000 has to be declared to customs - if you transfer to your bank (as long as you pre warn them) they will do it for you.

The other thing (and I am not 100% on this as it is not clear on some bank web sites) but you only pay normal tax on the amount of money in bank account (savings and stuff) not on the lump sum being put into your account - example you only pay tax on the money sat in your account not the sum transfered into your account (in other words you don't (shouldn't) pay tax twice on the same amount of money)

Patrick

Re: Bringing money into US?
 

I would really recommend opening a bank account. You don't have to keep
your life savings in it. Just open one up with $100, have money wired into
it and then withdraw it.

"katesuiter" wrote in message
news:[email protected]...
    > Originally posted by DCMark
    > > Have you fiance open a bank account to avoid the crazy WU charges.
    > >
    > > No offense, but why no account?
    > Long story!!! LOL. Think of a squirrel, and very strong beliefs about
    > certain things!! Sigh!
    > Kate. xxxxx:D:D:D
    > --
    > Posted via http://britishexpats.com

Re: Bringing money into US?
 

    >Anyone have any experience of bringing a large amount of money into the
    >country
    >without it being taxed

LOL i WISH!!!!!

best of luck to you with your wads of dosh :))

regards
-=-
scarlett

To help clarify the last post (sounds a bit final...lol), you are taxed on any iinterest received on bank account deposits, but ONLY by one Tax authority.......either UK or USA in my case. As patrick says, there is no double taxation. Only one of the greedy buggers gets at you for tax.

Re: Bringing money into US?
 

abba48uk wrote:
    >
    > For what its worth, this is an issue I discussed with my bank as I
    > needed to transfer sufficient money over to the USA to buy a house.
    > Their advice was that transfers over $10,000 from a UK account to a US
    > bank account were perfectly ok and that no taxation issues arise
    > provided the transferor was a UK resident at the time of the transfer
    > and had been subject to UK tax.
    >
    > I believe transactions of this scale are reported and the $10,000 rule
    > applies to money brought into the USA by way of cash or some other
    > financial instrument that might otherwise escape detection. There is a
    > "money laundering" issue here as well as taxation of course.

What "taxation issue"?
There is no tax on bringing money into the US.