Finances, Bank Transfers and POE

[woki1986 1]

I've read somewhere that if you bring $10,000 or more into the USA you have to declare it at POE. That's in the form of cash, stocks or bonds or anything like that.

I have savings in two accounts in the UK and a regular bank account that I use. I was going to wire some to the USA and put it into a joint savings account with my fiance before I actually move there on my visa. My fiance checked with her bank and they advised wiring money as a lump sum and they'd let us have a joint account.

What I'd like to know is, if I wire money ahead of me, would I have to declare that to POE?

I'd have LESS than $10,000 with me, as I'd only have my regular bank card on me (and there aren't any HSBC's in Washingon State... I looked on their website) and I don't have that much in there...

However, if I brought my Abbey savings book as well, when added to the total of my HSBC it would be. (Then if I have to declare anything I've already wired I'd have to declare everything.)

I'd then probably need to provide bank statements showing that I'd wired the money as well.

What would be the recommended course of action?

[Dan J 277]

In a wire transfer situation like this, the bank will usually report it without needing you to do anything. You can ask the bank to be sure.

[woki1986 1]

In a wire transfer situation like this, the bank will usually report it without needing you to do anything. You can ask the bank to be sure.

I'll double chck with the bank. It'll be in both our names though and not just mine. (Having said that I might have to transfer it to fiance until we can get my name put onto the account.)

I just want everything to be as straightforward as possible.

[jkminney 30]

I'll double chck with the bank. It'll be in both our names though and not just mine. (Having said that I might have to transfer it to fiance until we can get my name put onto the account.)

I just want everything to be as straightforward as possible.

I worked for Bank of America for quite a while. Only CASH transaction over 10k are what are reported. If you do a wire transfer of funds over 10k....doesn't matter...no cash is being brought it. It's for anti money laundering. Bring in less than 10k cash and get the other money transferred via wire and you will have nothing to report/declare!

[redBlue 1]

you can also get a "money order"(this is what we call it here.u go to ur bank in U.K and they give u a certified money order..when u arrive to the U,u go to ur bank and cash in using the money order....it's just an alternative to wiring the money up) for the money that u need to transfer if u don't wanna wire up

[woki1986 1]

I worked for Bank of America for quite a while. Only CASH transaction over 10k are what are reported. If you do a wire transfer of funds over 10k....doesn't matter...no cash is being brought it. It's for anti money laundering. Bring in less than 10k cash and get the other money transferred via wire and you will have nothing to report/declare!

Thank you! This is exactly the answer I was looking for. I'd probably have $100 in case I had to take a shuttle/taxi from Seattle Tacoma, if my fiance couldn't get to me for any reason or just as a back up.

I should be ok then in that case.

[Nich-Nick 3,354]

Even if you brought in over $10k in cash (crazy to carry that much cash), declaring it doesn't mean they are going to tax it or charge duty on it. They just want a paper trail of large sums of money moving about to aid in tracking money laundering, drug dealers, terrorist types, etc. Maybe her bank advised against the big lump sum because that would require them to fill out special reporting forms and they want to get out of a little extra federal paperwork.

Edited March 20, 2010 by Nich-Nick

[woki1986 1]

Just an update - I've sort of decided what I'm going to do with it all...

I'm going to leave my HSBC account in the UK open (family members often ask what to get me for birthday's and christmas, sometimes they'll give me money, not for vast amounts maybe just £15. If I leave my account here open the folks will be able to pay those in for me.)

I'm going to transfer my other savings INTO my HSBC, or at least my budget amount, then transfer it to my fiance's bank into a joint account near the end of May so that when I get there the money should be waiting for me.

That should all work out ok, I hope. I've got a meeting with an advisor on the 26th about my savings.

I'm also going to leave some here to build interest (for the future if we decide we want to come back here.)

The frustrating part of it? I have a bank book, an ISA. I went in a few weeks ago to get the balance updated and the person behind the desk said that I could have been doing better for myself with a different account. They wait until then to tell me that, when I've had the ISA for years... (Thank you very much )

So, that's what's happening with me at the moment. Until then it's counting down the days.

[Closed account 1]

Just an update - I've sort of decided what I'm going to do with it all...

I'm going to leave my HSBC account in the UK open (family members often ask what to get me for birthday's and christmas, sometimes they'll give me money, not for vast amounts maybe just £15. If I leave my account here open the folks will be able to pay those in for me.)

I'm going to transfer my other savings INTO my HSBC, or at least my budget amount, then transfer it to my fiance's bank into a joint account near the end of May so that when I get there the money should be waiting for me.

That should all work out ok, I hope. I've got a meeting with an advisor on the 26th about my savings.

I'm also going to leave some here to build interest (for the future if we decide we want to come back here.)

The frustrating part of it? I have a bank book, an ISA. I went in a few weeks ago to get the balance updated and the person behind the desk said that I could have been doing better for myself with a different account. They wait until then to tell me that, when I've had the ISA for years... (Thank you very much )

So, that's what's happening with me at the moment. Until then it's counting down the days.

I opened an Hsbc account in the uk when we started the process as there is a hsbc near where I will be living in the states. Hsbc told me they could open up a account in the USA once I got there as they would then have a credit history for me in the uk which I could transfer across and transfer my pound accout into a dollar account. So you should be able to do the same! Hope that helps.

[woki1986 1]

I opened an Hsbc account in the uk when we started the process as there is a hsbc near where I will be living in the states. Hsbc told me they could open up a account in the USA once I got there as they would then have a credit history for me in the uk which I could transfer across and transfer my pound accout into a dollar account. So you should be able to do the same! Hope that helps.

I could be wrong, but as far as I'm aware, HSBC is only on the East side of the States. There isn't one on the West That would have been handy as well. I'm going to have to transfer to a different bank. Fortunately my fiance has checked with her bank and they'll let me transfer into a joint account in both of our names - which also would be proof of co-financing.

The no credit history is a bit of a worry... I've never owed anyone anything - I haven't bought anything on monthly installments, just bought it. Mind you, the sorts of things we'll be looking at in the future will need that sort of plan.

Might be harder with no credit history.

[Closed account 1]

I could be wrong, but as far as I'm aware, HSBC is only on the East side of the States. There isn't one on the West That would have been handy as well. I'm going to have to transfer to a different bank. Fortunately my fiance has checked with her bank and they'll let me transfer into a joint account in both of our names - which also would be proof of co-financing.

The no credit history is a bit of a worry... I've never owed anyone anything - I haven't bought anything on monthly installments, just bought it. Mind you, the sorts of things we'll be looking at in the future will need that sort of plan.

Might be harder with no credit history.

I'm off to San Francisco and there is a hsbc there, which is why I chose them. You could always look on their website or ask them if they have one close to where you are living. You may not have had much of a credit history here but you've had a bank account so that is better than no credit history at all! Good luck with whatever you decide.