Originally Posted by DaileyB
(Post 31074772)
I hope someone has some suggestions as to how to move the money...
I would not suggest anything beyond legal...
Originally Posted by DaileyB
(Post 31078251)
I have several questions. One time about 10 years in the past, I received a check of about $12,000. However, the American bank wouldn't cash it because the Chinese bank had no correspondent relationship with the American banking sytem. (I might be using the wrong terminology) Has something changed or was I simply dealing with the wrong bank? [I seem to remember at the time it was difficult to find American banks that accepted transfers from Chinese banks -- maybe my memory is wrong]
When a customer intends to cash a foreign check/cheque, the depositing bank will need to tender the physical check/cheque to the withdrawing bank for processing. Because of all the complications and costs, not many banks are willing to do this.
Originally Posted by DaileyB
(Post 31078251)
It seems like if you have the bank routing number and account number, you are in pretty good shape as is the case in the US. Don't know what the Swift No. is, so if someone could explain, I would appreciate it.
Originally Posted by DaileyB
(Post 31078251)
Also, I am sure everyone realizes that $18,000 cash might not be much for China, but in the US that much cash can cause problems. The Vietnamese mother of a friend was recently traveling to Vietnam with $24,000 cash, and it was seized by the US government. I obviously want to avoid that problem.
Generally, there would be no seizure when you promptly report the transportation, even in a major amount. Seizure is generally a direct result of failure to report. |
Originally Posted by garykung
(Post 31081665)
The U.S. law does not prohibit currency transportation. However, all transportation above valued USD$10,000 or equivalent must be reported to CBP by FinCEN Form 105 promptly. Your customs declaration is not sufficient (if applies).
Generally, there would be no seizure when you promptly report the transportation, even in a major amount. Seizure is generally a direct result of failure to report. |
Making a series of transactions or entries/departures below $10000 to avoid reporting is in itself a crime.
|
Originally Posted by 889
(Post 31081785)
Making a series of transactions or entries/departures below $10000 to avoid reporting is in itself a crime.
2. Keep 9k, and give 9k to the son How is this a crime? |
See link above you quoted yourself.
And why on earth should they be taking steps to avoid reporting: what do they have to hide. Myself, I think taking cash is a bad idea for all sorts of reasons. But if they go that bad route, just take and declare the whole amount, no funny business. |
Originally Posted by 889
(Post 31081895)
See link above you quoted yourself.
And why on earth should they be taking steps to avoid reporting: what do they have to hide. Myself, I think taking cash is a bad idea for all sorts of reasons. But if they go that bad route, just take and declare the whole amount, no funny business. |
I believe that the biggest problem is how you can get this money away from China, not how you can get this into the U.S.
Originally Posted by moondog
(Post 31081683)
His son will be an adult by the time he flies back, so he can take 9k on his own without the need to report anything.
Originally Posted by 889
(Post 31081895)
See link above you quoted yourself.
And why on earth should they be taking steps to avoid reporting: what do they have to hide. Myself, I think taking cash is a bad idea for all sorts of reasons. But if they go that bad route, just take and declare the whole amount, no funny business. But with this much of cash? Yeah...it is a bad idea.
Originally Posted by moondog
(Post 31081966)
The fact they are father and son is not relevant because they are different people, and both are adults.
In this case, because the father and the son will return separately. So it should be fine. Nevertheless - CBP uses the same customs principal in dealing with this transportation - not $10,000/person, but $10,000/travel party. |
So many people confused about the USA 10 thousand dollar thing? I can travel with a million in cash if I wanted as long as I declared it and have a reasonable explanation.
|
People are making this a lot more complicated than it is.
1- you can carry more than $10,000 as long as you declare it. 2- Despite exchange controls (limit to convert to foreign currency is $50,000 much above the $18,000) there is no problem to wire transfer finds to US. I have several friends who do this regularly to pay for tuition for their kids in the US. These are the two simplest options for the OP. |
Originally Posted by DeepUnderground
(Post 31082268)
So many people confused about the USA 10 thousand dollar thing? I can travel with a million in cash if I wanted as long as I declared it and have a reasonable explanation.
Nevertheless - financial institutions routinely import/export currencies into/out of the U.S. So shipping millions of cash is no big deal for CBP, as soon as the money is clean and legitimate. |
Originally Posted by moondog
(Post 31081824)
1. Pull out the 18k in a single transaction
2. Keep 9k, and give 9k to the son How is this a crime? structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments. |
There is also the slight risk that US Border Patrol may decide to confiscate your money and declare that they suspect you of some crime. The risk should be small, but with cash, there is the risk of unwarranted seizure (temporary or permanent) that would not exist in a bank transfer.
|
https://cimg5.ibsrv.net/gimg/www.fly...81aa65eb9b.jpg
https://cimg1.ibsrv.net/gimg/www.fly...d96f36e72a.jpg
Originally Posted by xooz
(Post 31084754)
There is also the slight risk that US Border Patrol may decide to confiscate your money and declare that they suspect you of some crime. The risk should be small, but with cash, there is the risk of unwarranted seizure (temporary or permanent) that would not exist in a bank transfer.
|
Originally Posted by anacapamalibu
(Post 31084719)
intent - state of mind......;)(3)
structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments. |
Originally Posted by moondog
(Post 31085545)
If I were to give you 9k in hard cash, there is no way in hell that the US people would have a clue.
|
All times are GMT -6. The time now is 4:11 pm. |
This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.