To whom do you declare you are taking more than US$10,000 out of the US?
Apr 16, 2014, 10:11 pm
#106
Join Date: Oct 2007
Location: Dubai / NYC
Programs: EK-IO, UA-1K2MM, ETIHAD-GOLD, SPG-PLAT LIFETIME, JUMEIRAH SERIUS GOLD
Posts: 5,220
I haven't done it in a few years, but it looking now, it seems like the rates have become worse here too. We can also get Membership Rewards for buying them, plus pay by credit card and earn even more points. (So long as the bank doesn't realise that it's a cash transaction, which most banks rule as non-points-earning.)
That sounds the opposite of all things FT! Passing up 25k of reward credit to pay in cash?! If a hotel wanted to jack me around with ludicrous holds and bad exchange rate policies on that kind of business, I'd tell them to stop behaving in such a reprehensible, incompetent way or take my business elsewhere. If customers paying that kind of money bend over and take it, that just encourages them to screw everyone.
That sounds the opposite of all things FT! Passing up 25k of reward credit to pay in cash?! If a hotel wanted to jack me around with ludicrous holds and bad exchange rate policies on that kind of business, I'd tell them to stop behaving in such a reprehensible, incompetent way or take my business elsewhere. If customers paying that kind of money bend over and take it, that just encourages them to screw everyone.
Mar 23, 2016, 3:53 pm
#107
FlyerTalk Evangelist
Join Date: Dec 2002
Location: Danville, CA, USA;
Programs: UA 1MM, WN CP, Marriott LT Plat, Hilton Gold, IC Plat
Posts: 15,720
Indeed. Why risk having the cash or certain other financial instruments seized on departure from the US or on arrival into the US when its substantially less risky for non-ill-gotten gains to just be declared on the appropriate declaration forms.
By the way, many countries have a legal requirement to declare cash above a certain amount on arrival to and/or departure from the country -- this would include most countries in the Americas, Europe and many places in Asia including major financial centers like Singapore. In these places, citizenship doesn't change the legal obligation to declare the transport of cash when the cash amount is above the legally-stipulated amount for declaration on entry to and/or exit from a country.
By the way, many countries have a legal requirement to declare cash above a certain amount on arrival to and/or departure from the country -- this would include most countries in the Americas, Europe and many places in Asia including major financial centers like Singapore. In these places, citizenship doesn't change the legal obligation to declare the transport of cash when the cash amount is above the legally-stipulated amount for declaration on entry to and/or exit from a country.
Nope, didn't think so.
Given the current political climate in the US and the action by central banks around the world to reduce the use of cash, it would be prudent to move resources to other countries where your money will not be subject to confiscation or devaluation. Just ask those who kept money in bank accounts on Cyprus.
Now I am not suggesting that anyone structure transactions in violation of legal obligations but it is understandable why people would want to avoid scrutiny when they are traveling with monetary instruments or other items of value. In fact I'd wager that most people transporting currency across borders are not narco-traffickers or terrorists but simply get ensnared by overreaching regulations.