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dkunkle

Moving Savings to USA

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My husband got his green card earlier this year. We are in the process of moving him. How do we transfer his savings from Canada to USA? Can we just wire the money or withdraw it and bring it down in increments of less than $10K? Are there any reporting requirements when moving cash that way? He has already opened a bank account here with Chase Bank, and gotten 2 credit cards to start building a credit history.

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Hey so you can't wire money from a canada bank to a us bank (money laundering I guess) he can use his canadian card while in the usa! So u may wanna do it that way. Also, I would keep it until the exchange rate is good (I don't know what it is right now) and get cash and bring it in increments under 10 k in lile a money order...u can withdraw money from an ATM here in the usa. 

If it's alot (like 100k) not sure what u wanna do about that:/ 

My mom had access to my bank card, I got her on as an authorized user, and she would mail me money orders like 5k ect when I needed money for my student loans here ect. 

 

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You can have your Canadian bank do an electronic fund transfer (take a few days) or wire the money (faster), super easy. I do it from a few times per month to a couple times per day...

 

Do not try to move smaller amounts to avoid reporting - that's not legal (google "structuring"). Reporting is very easy if the money comes from a legal activity.

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The 10k limit to bring inside in cash is only what you can bring without declaring... You can bring as much cash as you like if you have proof that it's legal and you declare it.

I went through a currency broker which gave me a good rate but I've seen others like here just wire or transfer, all good options depending on your circumstances. :)


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On ‎1‎/‎8‎/‎2017 at 9:45 AM, dkunkle said:

My husband got his green card earlier this year. We are in the process of moving him. How do we transfer his savings from Canada to USA? Can we just wire the money or withdraw it and bring it down in increments of less than $10K? Are there any reporting requirements when moving cash that way? He has already opened a bank account here with Chase Bank, and gotten 2 credit cards to start building a credit history.

Wire Transfers over 10K, you don't have to report to IRS.   Just do a one time wire transfer.

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