a72

You could always divvy the total up into tranches of 9k or less

Bob

And then you'd be in for more of a chance for a audit for money laundering and it'll still be reported.

There's nothing wrong with sending your own money in anyway, so why bother with the hassle when it's a none issue?

meauxna

The amount is 'in excess of $10,000' and it's reported to Customs, not the IRS.

http://www.cbp.gov/linkhandler/cgov/..._reporting.pdf

Peteusa

Good Grief! Just when I think I'm getting somewhere, it now appears that I have to get involved with the US Customs! Isnt that something that Chase Bank (US) would do?

Jerseygirl

Chase Bank... I wouldn't trust them to make me a cuppa tea. US Banks are nothing like UK banks.

Peteusa

No I agree, but this is the first time that anyone has mentioned the US Customs. I dont mind doing the right thing to get this sorted, including filling out a form if I have to. I just cant understand why this hasnt come up before.

meauxna

Because despite the mocking, the bank does it for you automatically if you do a wire transfer. It's invisible to the customer (you).

Jerseygirl, have you had a problem with Chase or any bank not completing the money transfer paperwork for you?

Jerseygirl

I have good reason to point the finger at Chase's incompetence. I'm not saying they have not informed the authorities...but I have had problems with them. I also know others who have had problems with other US banks when it comes to transferring money.

Orangepants

If you "physically" transport/carry funds or financial instruments, you must complete the form at Customs as you land in the US. Wire transfers > $10K are reported by the bank electronically as part of their compliance procedures. There are millions filed every day and are not filed because of suspicion, purely for record keeping. It is the SARs which are the suspicious activity reports which pick up patterns or anomalies, usually initially by software, then followed up with staff research and investigation. I used to do this for an investment bank which was very interesting. I must have filed upwards of 500 SARs.
Also had the pleasure of having lunch with the head of FinCEN about 3 years ago, complete accident - dining alone and he asked if he could join me..very interesting couple of hours.
Totally agree about Chase - will be glad to get back to the East Coast and banking with Wachovia/WF.

Jerseygirl

There's no doubt about it...banking in the US is light years behind the UK. Oh and Chase...we have an allocated personal Chase banker and I still consider them incompetent and unprofessional.

ian-mstm

Just to clarify, while Customs may be collecting the information, they're doing so on behalf of the US Treasury Department. It's the Treasury that requires the information to ensure people comply with RICO laws.

Ian

meauxna

I know.