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Lyv&Chelle

Bringing savings

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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?

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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.


Timelines:

Spoiler

AOS (I-485 + I-131 + I-765):

9/25/17: sent forms to Chicago

9/27/17: received by USCIS

10/4/17: NOA1 electronic notification received

10/10/17: NOA1 hard copy received. Social Security card being issued in married name (3rd attempt!)

10/14/17: Biometrics appointment notice received

10/25/17: Biometrics

1/2/18: EAD + AP approved (no website update)

1/5/18: EAD + AP mailed

1/8/18: EAD + AP approval notice hardcopies received

1/10/18: EAD + AP received

9/5/18: Interview scheduled notice

10/17/18: Interview

10/24/18: Green card produced notice

10/25/18: Formal approval

10/31/18: Green card received

 

K-1:

Spoiler

I-129F

12/1/17: sent

12/14/17: NOA1 hard copy received

3/10/17: RFE (IMB verification)

3/22/17: RFE response received

3/24/17: Approved!

3/30/17: NOA2 hard copy received

 

NVC

4/6/2017: Received

4/12/2017: Sent to Riyadh embassy

4/16/2017: Case received at Riyadh embassy

4/21/2017: Request case transfer to Manila, approved 4/24/2017

 

K-1

5/1/2017: Case received by Manila (1 week embassy transfer??? Lucky~)

7/13/2017: Interview: APPROVED!!!

7/19/2017: Visa in hand

8/15/2017: POE

 

 

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Posted (edited)
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 by missileman

                    "What I am to be, I am now becoming"-  Benjamin Franklin     

   :idea:MSC (National Benefits Center) I-751 filers- Please add your data :idea:                          https://docs.google.com/spreadsheets/d/1Id1duRRByZHJmhEzl9N25GqwzcnUyLCR4e4N9W6zGLg/edit#gid=0

 

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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.

 

 


Applied for Naturalization based on 5-year Residency - 96 Days To Complete Citizenship!

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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 :)

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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.


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   :idea:MSC (National Benefits Center) I-751 filers- Please add your data :idea:                          https://docs.google.com/spreadsheets/d/1Id1duRRByZHJmhEzl9N25GqwzcnUyLCR4e4N9W6zGLg/edit#gid=0

 

Retired 20 year US Air Force Missileer (Retired E-8)

Retired Registered Nurse with practice in Labor/Delivery, Home Health, Adolescent Psych, Adult Psych

Retired IT Professional, Software Developer, Database Manager

 

Immigration Journey:

  • Texas Service Center after transfer from Nebraska
  • Consulate :Taipei, Taiwan
  • Marriage: 7/30/2015
  • I-130 NOA1 : 4/27/2016
  • I-130 Approved :9/8/2016
  • Case received at NVC: 10/11/2016                               
  • Case # and IIN#: 10/24/2016
  • AOS Fee Invoiced:10/24/2016  
  • AOS Fee Paid:10/25/2016
  • IV Fee Invoiced:10/24/2016  
  • IV Fee Paid:10/25/2016
  • DS-260 Completed: 10/28/16
  • Scan Date:11/9/2016
  • Supervisor review: 12/21/16 
  • Checklist: 1/13/17 
  • Case Complete: 4/10/17
  • Interview Date: 5/8/17 
  • Visa  "ISSUED": 5/10/17
  • Visa and Passport in hand/Flight to USA Booked!!!: 5/12/17  
  • POE Dallas DFW on June 22, 2017
  • SS Card received : 7/3/2017
  • 2-year Green Card received in mail: 7/15/17
  • I751 mailed to Dallas PO Box: 3/28/2019
  • I-797 extension letter  for ROC dated 4/2/2019  MSCxxxxxxxxxx received: 4/6/2019
  • Biometrics apt received for 4/25/2019: on 4/12/2019
 

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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.

 

 


Applied for Naturalization based on 5-year Residency - 96 Days To Complete Citizenship!

July 14, 2017 (Day 00) -  Submitted N400 Application, filed online

July 21, 2017 (Day 07) -  NOA Receipt received in the mail

July 22, 2017 (Day 08) - Biometrics appointment scheduled online, letter mailed out

July 25, 2017 (Day 11) - Biometrics PDF posted online

July 28, 2017 (Day 14) - Biometrics letter received in the mail, appointment for 08/08/17

Aug 08, 2017 (Day 24) - Biometrics (fingerprinting) completed

Aug 14, 2017 (Day 30) - Online EGOV status shows "Interview Scheduled, will mail appointment letter"

Aug 16, 2017 (Day 32) - Online MYUSCIS status shows "Interview Scheduled, read the letter we mailed you..."

Aug 17, 2017 (Day 33) - Interview Appointment Letter PDF posted online---GOT AN INTERVIEW DATE!!!

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Oct. 02, 2017 (Day 79) -  Oath Ceremony Letter received in the mail

Oct. 19, 2017 (Day 96) -  Oath Ceremony-- read my experience here

 

 

 

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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.

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Posted (edited)

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 by carmel34

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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?


"Life is a journey." At this moment, it's taking me to the USA to the woman I love.

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Posted (edited)
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 by missileman

                    "What I am to be, I am now becoming"-  Benjamin Franklin     

   :idea:MSC (National Benefits Center) I-751 filers- Please add your data :idea:                          https://docs.google.com/spreadsheets/d/1Id1duRRByZHJmhEzl9N25GqwzcnUyLCR4e4N9W6zGLg/edit#gid=0

 

Retired 20 year US Air Force Missileer (Retired E-8)

Retired Registered Nurse with practice in Labor/Delivery, Home Health, Adolescent Psych, Adult Psych

Retired IT Professional, Software Developer, Database Manager

 

Immigration Journey:

  • Texas Service Center after transfer from Nebraska
  • Consulate :Taipei, Taiwan
  • Marriage: 7/30/2015
  • I-130 NOA1 : 4/27/2016
  • I-130 Approved :9/8/2016
  • Case received at NVC: 10/11/2016                               
  • Case # and IIN#: 10/24/2016
  • AOS Fee Invoiced:10/24/2016  
  • AOS Fee Paid:10/25/2016
  • IV Fee Invoiced:10/24/2016  
  • IV Fee Paid:10/25/2016
  • DS-260 Completed: 10/28/16
  • Scan Date:11/9/2016
  • Supervisor review: 12/21/16 
  • Checklist: 1/13/17 
  • Case Complete: 4/10/17
  • Interview Date: 5/8/17 
  • Visa  "ISSUED": 5/10/17
  • Visa and Passport in hand/Flight to USA Booked!!!: 5/12/17  
  • POE Dallas DFW on June 22, 2017
  • SS Card received : 7/3/2017
  • 2-year Green Card received in mail: 7/15/17
  • I751 mailed to Dallas PO Box: 3/28/2019
  • I-797 extension letter  for ROC dated 4/2/2019  MSCxxxxxxxxxx received: 4/6/2019
  • Biometrics apt received for 4/25/2019: on 4/12/2019
 

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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.


Timelines:

Spoiler

AOS (I-485 + I-131 + I-765):

9/25/17: sent forms to Chicago

9/27/17: received by USCIS

10/4/17: NOA1 electronic notification received

10/10/17: NOA1 hard copy received. Social Security card being issued in married name (3rd attempt!)

10/14/17: Biometrics appointment notice received

10/25/17: Biometrics

1/2/18: EAD + AP approved (no website update)

1/5/18: EAD + AP mailed

1/8/18: EAD + AP approval notice hardcopies received

1/10/18: EAD + AP received

9/5/18: Interview scheduled notice

10/17/18: Interview

10/24/18: Green card produced notice

10/25/18: Formal approval

10/31/18: Green card received

 

K-1:

Spoiler

I-129F

12/1/17: sent

12/14/17: NOA1 hard copy received

3/10/17: RFE (IMB verification)

3/22/17: RFE response received

3/24/17: Approved!

3/30/17: NOA2 hard copy received

 

NVC

4/6/2017: Received

4/12/2017: Sent to Riyadh embassy

4/16/2017: Case received at Riyadh embassy

4/21/2017: Request case transfer to Manila, approved 4/24/2017

 

K-1

5/1/2017: Case received by Manila (1 week embassy transfer??? Lucky~)

7/13/2017: Interview: APPROVED!!!

7/19/2017: Visa in hand

8/15/2017: POE

 

 

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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.


Timelines:

Spoiler

AOS (I-485 + I-131 + I-765):

9/25/17: sent forms to Chicago

9/27/17: received by USCIS

10/4/17: NOA1 electronic notification received

10/10/17: NOA1 hard copy received. Social Security card being issued in married name (3rd attempt!)

10/14/17: Biometrics appointment notice received

10/25/17: Biometrics

1/2/18: EAD + AP approved (no website update)

1/5/18: EAD + AP mailed

1/8/18: EAD + AP approval notice hardcopies received

1/10/18: EAD + AP received

9/5/18: Interview scheduled notice

10/17/18: Interview

10/24/18: Green card produced notice

10/25/18: Formal approval

10/31/18: Green card received

 

K-1:

Spoiler

I-129F

12/1/17: sent

12/14/17: NOA1 hard copy received

3/10/17: RFE (IMB verification)

3/22/17: RFE response received

3/24/17: Approved!

3/30/17: NOA2 hard copy received

 

NVC

4/6/2017: Received

4/12/2017: Sent to Riyadh embassy

4/16/2017: Case received at Riyadh embassy

4/21/2017: Request case transfer to Manila, approved 4/24/2017

 

K-1

5/1/2017: Case received by Manila (1 week embassy transfer??? Lucky~)

7/13/2017: Interview: APPROVED!!!

7/19/2017: Visa in hand

8/15/2017: POE

 

 

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Posted (edited)

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 by JulienR

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