Bringing savings

[Lyv&Chelle 0]

Not sure if i posted in the right section but would anybody be able to advise me how to bring in my savings to the United States? I believe i read that any amount of money over 10k is questionable and that it would be taxed?

[geowrian 22,335]

Not taxed if it's for your own use. But it does need to be declared and can raise questions.

Personally, a direct bank to bank transfer is usually the best for large amounts of money. YMMV.

[Crazy Cat 39,213]

8 minutes ago, Lyv&Chelle said:

Not sure if i posted in the right section but would anybody be able to advise me how to bring in my savings to the United States? I believe i read that any amount of money over 10k is questionable and that it would be taxed?

Not true.......there is no limit to how much money you can bring into the US.  However, if you personally carry more than $10,000.00, you must declare it.......it is not taxed.......I would not advise bringing that much ........bank wire is the best way, imo.........and it is not taxed.....

Edited August 10, 2019 by missileman

[Going through 5,668]

Anything over 10K you have to declare at customs...whether brought over in cash form, cashier cheque, traveler cheque, etc.

 

Bank transfer is more ideal---that's what I did between Canada and US when returning to the US last year.

 

 

[Lyv&Chelle 0]

17 minutes ago, geowrian said:

Not taxed if it's for your own use. But it does need to be declared and can raise questions.

Personally, a direct bank to bank transfer is usually the best for large amounts of money. YMMV.

 

15 minutes ago, Going through said:

Anything over 10K you have to declare at customs...whether brought over in cash form, cashier cheque, traveler cheque, etc.

 

Bank transfer is more ideal---that's what I did between Canada and US when returning to the US last year.

 

 

 

 

16 minutes ago, missileman said:

Not true.......there is no limit to how much money you can bring into the US.  However, if you personally carry more than $10,000.00, you must declare it.......it is not taxed.......I would not advise bringing that much ........bank wire is the best way, imo.........and it is not taxed.....

Thanks! I do want to ask though, if  bank transfer is the best for large amounts of money won't that also raise flags if there's a large sum being transfered? Apologies for being inquisitive i just want to make sure i'm doing the right thing and not mess anything up

[Crazy Cat 39,213]

1 minute ago, Lyv&Chelle said:

 

 

 

Thanks! I do want to ask though, if  bank transfer is the best for large amounts of money won't that also raise flags if there's a large sum being transfered? Apologies for being inquisitive i just want to make sure i'm doing the right thing and not mess anything up

Red flags?  No.......reported to the IRS? Yes...........I certainly wouldn't attempt to carry a very large amount of cash into the US........that WOULD be a red flag for CBP officers at the point of entry.

[Going through 5,668]

Just now, Lyv&Chelle said:

if  bank transfer is the best for large amounts of money won't that also raise flags if there's a large sum being transfered? Apologies for being inquisitive i just want to make sure i'm doing the right thing and not mess anything up

Depending on your bank, the funds may be held for a little bit while they go through their own checks/processing time.  Took about 2 business days for mine to clear through my bank between Canada and US, but it was a rather large amount.

 

 

[Highmystic 234]

7 minutes ago, Lyv&Chelle said:

 

 

 

Thanks! I do want to ask though, if  bank transfer is the best for large amounts of money won't that also raise flags if there's a large sum being transferred? Apologies for being inquisitive i just want to make sure i'm doing the right thing and not mess anything up

Shouldn't be any re flags.  Solid paper trail for the transfer.  I would think a large sum of money on your person will have more questions than a bank transfer.  If you have access to your foreign bank, you can always opt to leave it where it is at.

[carmel34 3,529]

Just leave the money in your bank account where it is and then use your bank's debit card to withdraw cash after you move to the US as you need it.

Edited August 11, 2019 by carmel34

[jeanieCZ 228]

22 hours ago, missileman said:

Red flags?  No.......reported to the IRS? Yes...........I certainly wouldn't attempt to carry a very large amount of cash into the US........that WOULD be a red flag for CBP officers at the point of entry.

So why is it a red flag to have cash in your pocket but it's OK to have money in a bank?

[Crazy Cat 39,213]

30 minutes ago, jeaniecz said:

So why is it a red flag to have cash in your pocket but it's OK to have money in a bank?

Anytime someone brings a large amount of money , especially more than $10,000 through a POE, there is an enhanced possibility of being questioned by CBP about the large sum.........there have been cases where CBP has confiscated money due to suspicion of illegal activity......

 

I don't mean a red flag for the immigration case...I mean a red flag for CBP to subject the carrier to additional questioning......a very large sum of money is always safer in a bank than in a person's pocket, imo...

Edited August 11, 2019 by missileman

[geowrian 22,335]

8 hours ago, jeaniecz said:

So why is it a red flag to have cash in your pocket but it's OK to have money in a bank?

Cash is not an easily traceable means of payment. It is often used for illegal activities (drugs, smuggling, etc.) so that there is no trace of the transaction. Money in a bank provides a verifiable record of who received what on a given date, and banks that do transactions with US banks have to meet certain regulatory requirements.

That doesn't mean traveling with over $10k will instantly raise alert of being a drug dealer or something...CBP is familiar with new immigrants bringing their savings...but it can raise questions that otherwise are avoidable.

[Sandy & John 11]

I brought a little cash and the rest i transferred via TRANSFERWISE once i had my american bank account. Its safe, easy, takes a few days, rates are good and commissions very low

[geowrian 22,335]

I never used TransferWise for very large sums of money, but for smaller amounts (few thousands), they've been great. The break-even point versus a direct bank to bank draft is usually several thousand.

[JulienR 92]

DO NOT use a bank to transfer more than a couple of thousands dollars, at the best they wil take 3% on the actual exchange rate plus a fixed fee for some. Transferwise or the like (OFX, torfx,...) have much better rates, you typically lose less than 1%. Plus, you can follow the rate and decide when it's suitable for you to transfer. Your rate is then locked for a couple of days at least, the time to transfer the money from your bank to their account (no fee there as it's a local account in your currency). The whole thing will only take a few days. If you need a small amount quick just go to an ATM with your credit card

 

 

On 8/10/2019 at 4:17 PM, missileman said:

Red flags?  No.......reported to the IRS? Yes...........I certainly wouldn't attempt to carry a very large amount of cash into the US........that WOULD be a red flag for CBP officers at the point of entry.

Why would that be reported to the IRS and what could be the consequences?

Edited August 13, 2019 by JulienR