{"id":7841,"date":"2022-09-08T12:55:09","date_gmt":"2022-09-08T11:55:09","guid":{"rendered":"https:\/\/blinkx.com\/?p=7841"},"modified":"2023-08-24T16:19:07","modified_gmt":"2023-08-24T15:19:07","slug":"what-happens-when-you-declare-money-at-customs","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/credit\/what-happens-when-you-declare-money-at-customs\/","title":{"rendered":"What Happens When You Declare Money At Customs"},"content":{"rendered":"\n
what happens when you declare money at customs? Is your\u00a0credit card going to be accepted by overseas merchants? Can you make money with contract jobs in international locations and bring the cash back with you into the United States? These are just two of the many questions you might ask related to dealing with money when you\u2019re traveling in and out of a nation. Before you decide how to handle financial matters when you travel, make sure you know what happens when you declare money at customs.<\/p>\n\n\n\n
When you\u2019re traveling to and from the United States, there\u2019s actually not an official limit on how much of\u00a0your money\u00a0you can carry with you. Note that cash in this case includes actual cash bills and coins as well as instruments that are deemed equivalent to currency. It also refers to cash in the currency of other nations.<\/p>\n\n\n\n
While there aren\u2019t rules on how much money you can carry in or out of the United States, there are requirements for reporting the cash. If you\u2019re carrying currency equivalent to $10,000 or more<\/a>, you have to report the money to customs.<\/p>\n\n\n\n That limit isn\u2019t per person if you\u2019re with your family or another organized group, either. If you\u2019re traveling together with two other people and you\u2019re each carrying $5,000, that totals $15,000. The total is above the threshold, so your group would have to report the cash to customs.<\/p>\n\n\n\n Okay, but what\u2019s a \u201ccash equivalent\u201d? Can\u2019t anything be converted to cash if you sell it, and does that make your diamond necklace a cash equivalent you need to report?<\/p>\n\n\n\n While you might need to report other types of items and valuables to customs under different rules, cash equivalents are limited to currencies and financial vehicles that are deemed equivalent to currency. According to U.S. Customs and Border Protection<\/a>, that includes:<\/p>\n\n\n\n Before you attempt to carry more than $10,000 into or out of the United States, you\u2019ll need to complete a FinCEN Form 105. That\u2019s the form that lets you appropriately declare the currency to customs.<\/p>\n\n\n\n For convenience, you can complete the form online<\/a> via a computer or mobile device. The form requires you to answer some questions and identify yourself and the currency in question. It also asks if you\u2019re a professional money transporter carrying the money for someone else. Money reported via FinCEN Form 105 is reported to the IRS to help cut down on money laundering.<\/p>\n\n\n\n Typically, if you are carrying money for legitimate, legal reasons and you complete FinCEN Form 105 truthfully before you arrive at customs, you should be able to get through with your money in short order.<\/p>\n\n\n\n However, not<\/em> reporting cash or cash equivalents over the amount of $10,000 can come with serious consequences. U.S. Customs notes<\/a> that consequences can include:<\/p>\n\n\n\n You don\u2019t just have to declare money when you\u2019re carrying it into and out of the United States. Other countries have declaration requirements and rules too, so always ensure you know the rules of all countries you plan to travel through. Some forms you might need when traveling with large amounts of money include:<\/p>\n\n\n\n To find similar forms for other nations you might be traveling to, simply search online for cash declaration requirements for the country you\u2019re traveling to or from. Doing a bit of research before you travel or go through customs can save you a lot of time and hassle.<\/p>\n\n\n\n Sometimes, you can\u2019t get around carrying cash in or out of a country. For example, if you sold a large property somewhere and the transfer fees would be exorbitant, it might be cheaper to fly the money into the United States yourself.<\/p>\n\n\n\n But when you\u2019re planning a vacation or business travel abroad, you probably don\u2019t need to carry $10,000 or more in cash with you. After all, carrying that much negotiable currency puts you at risk for getting robbed. And if you simply misplace a good chunk of what you\u2019re carrying, you could also be out a lot of money.<\/p>\n\n\n\n Instead of carrying cash, consider\u00a0funding your travel with a credit card. Credit cards don\u2019t have to be declared, and if your credit is good enough, you might be able to get a travel rewards credit card with no foreign transaction fees. That means you can pay for goods and services in international locations while building points that let you cover travel expenses or splurge on free dining experiences.<\/p>\n\n\n\n Start planning for international travel as far in advance as possible. That way, you can check your credit and see if you might qualify for these types of credit cards. If your credit is lackluster, consider looking into services from us, which are designed to help you take action to potentially positively impact your credit score.<\/p>\n","protected":false},"excerpt":{"rendered":" What Happens When You Declare Money At Customs what happens when you declare money at customs? Is your\u00a0credit card going to be accepted by overseas merchants? Can you make money with contract jobs in international locations and bring the cash back with you into the United States? These are just two of the many questions … Read more<\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[44],"tags":[],"yoast_head":"\nWhat Counts as Cash, Exactly?<\/h2>\n\n\n\n
Declaring Money at U.S. Customs<\/h2>\n\n\n\n
Potential Penalties to Look Out for<\/h3>\n\n\n\n
Declaring Money in Foreign Countries<\/h2>\n\n\n\n
Prepare for Travel in Advance<\/h2>\n\n\n\n