Whether you are American, a resident or simply a tourist, you must respect the limits regarding the amount of money that you can bring to the United States without declaring it.
The crucial question is: How high is that amount?
The truth is that there is no limit, but if you exceed $ 10,000 then you have to make a declaration at customs.
This is due to the Currency and Foreign Transaction Reporting Act.
But what is considered “money”?
The following list shows you what is added to those $ 10,000:
- Current coins in circulation
- Gold coins
- American dollars
- Currency of any other country
- Signed money orders
- Traveler’s checks
- Business or personal checks that are signed or endorsed, even if the payee is not the traveler or if the payee’s name is not specified.
- Signed promissory notes
What if I travel with my family and distribute the money among all?
Not a good trick. The authorities count the total amount of money that all the members of the same family carry together. Remember: the total can’t exceed $ 10,000.
If I’m bringing more than $ 10,000 to the U.S., how do I declare them?
Filling the FinCEN 105 form. It can be downloaded for free from the U.S. Customs and Border Protection’s website.
How much do I have to pay?
Usually, nothing. However, the CBP will inform the IRS and the latter will decide whether you have to pay a tax on that money or not.
What if I did not declare the money and I get caught?
Several things can happen. Most often, the authorities will take the money from you, and you may not see it again.
Tip: The best in these cases is to hire a Customs attorney. If you can prove that the money has a legal provenance, and after a long process that can take months, you may get the money back.
Is there a limit to the amount of money that I can take out of the U.S.?
No. There are no customs control points when leaving the country. However, authorities are alert to detect illegal activities.