Taking more than $10K Cash out of US

[Business101]

What is the name of your state (only U.S. law)? CA or Federal

you know when you are leaving US, they ask you if you are carrying equivalent of $10,000 or more cash ? What happens when you answer yes to this question ?

The reason I am asking is simple. I want to take about $50K out of US to start a business overseas. I am a dual citizen of two countries, one of which is the USA. I have experienced a very long unemployment period and fought tooth and nail to not touch this ~$50K savings of mine. Now that I am employed but feeling on shaky ground, I decided it is time to put one of my ideas to work and start a business back at the homeland, to do business with US entities. As expected, I am facing a ramp-up period and this money I am hoping to take with me, is to tide me over until the business picks up as well as setting up the basic necessities of this business.

What are the consequences of taking such money (if I can find some more money in the form of loans of liquidation of assets, this amount might go a little higher) ?

 

[Proserpina]

What is the name of your state (only U.S. law)? CA or Federal

you know when you are leaving US, they ask you if you are carrying equivalent of $10,000 or more cash ? What happens when you answer yes to this question ?

The reason I am asking is simple. I want to take about $50K out of US to start a business overseas. I am a dual citizen of two countries, one of which is the USA. I have experienced a very long unemployment period and fought tooth and nail to not touch this ~$50K savings of mine. Now that I am employed but feeling on shaky ground, I decided it is time to put one of my ideas to work and start a business back at the homeland, to do business with US entities. As expected, I am facing a ramp-up period and this money I am hoping to take with me, is to tide me over until the business picks up as well as setting up the basic necessities of this business.

What are the consequences of taking such money (if I can find some more money in the form of loans of liquidation of assets, this amount might go a little higher) ?

Here you go: https://help.cbp.gov/app/answers/detail/a_id/195

 

[Business101]

Here you go: https://help.cbp.gov/app/answers/detail/a_id/195

Thank you for your quick response. I read the page and have an unavoidable follow up question : If there is no limit on how much money one can take in or out of US, why are they so adamant about if you are carrying $10K or $11K (6k+5K on each family member example on that page). what is the impostance of $10K declaration limit ? I can understand if you are moving millions of dollars, US government might be interested in where the money is going as it can go to some unsavory places, but for the pocket change, why do they care ?

 

[Proserpina]

Thank you for your quick response. I read the page and have an unavoidable follow up question : If there is no limit on how much money one can take in or out of US, why are they so adamant about if you are carrying $10K or $11K (6k+5K on each family member example on that page). what is the impostance of $10K declaration limit ? I can understand if you are moving millions of dollars, US government might be interested in where the money is going as it can go to some unsavory places, but for the pocket change, why do they care ?

I have absolutely no idea!

Why Customs and/or USCIS do certain things is apparently beyond the comprehension of us mere mortals.

 

[tranquility]

Thank you for your quick response. I read the page and have an unavoidable follow up question : If there is no limit on how much money one can take in or out of US, why are they so adamant about if you are carrying $10K or $11K (6k+5K on each family member example on that page). what is the impostance of $10K declaration limit ? I can understand if you are moving millions of dollars, US government might be interested in where the money is going as it can go to some unsavory places, but for the pocket change, why do they care ?

They had to draw the line somewhere, they drew it at $10K. You can buy a lot of drugs, terrorist tools, copyright violations or whatnot for $10K. All they are really looking for is a paper trail of the money. That's why the bitcoin thing is so problematic to governments. They can't control it. There are a ton of government officials around the world that love the attack on the bitcoin servers is making the users realize how fragile that money system is.

 

[TigerD]

Don't put yourself in that situation.

When you get to your destination, open an account at a local bank and wire the money from your home bank.

DC

 

[tranquility]

Don't put yourself in that situation.

When you get to your destination, open an account at a local bank and wire the money from your home bank.

DC

Are you saying carrying your life savings in a fanny pack isn't a good idea?

 

[Proserpina]

Are you saying carrying your life savings in a fanny pack isn't a good idea?

It's times like this I have to remember I'm in the US.

Otherwise that sentence would have a completely different meaning...

 

[Business101]

Don't put yourself in that situation.

When you get to your destination, open an account at a local bank and wire the money from your home bank.

DC

Way ahead of you on that but where I am going, cost of wiring money or depositing a cashier's check, is about losing 5% of your money. Which equals to $2500 over $50K which is a sizable chunk. I might just risk it. Otherwise, I still have about 20 different bank accts over there, some of which are US$ savings accounts. So, even now, I can do transfer but at a very high cost.

And by the way, these are not my life savings. I still have my pension plans and 401Ks from many different past employers. This is my serious play money. Not in the sense of Las Vegas gambling play, but more like money with which I can take higher risks than accumulating gains over stock market.

 

[TigerD]

Way ahead of you on that but where I am going, cost of wiring money or depositing a cashier's check, is about losing 5% of your money. Which equals to $2500 over $50K which is a sizable chunk. I might just risk it. Otherwise, I still have about 20 different bank accts over there, some of which are US$ savings accounts. So, even now, I can do transfer but at a very high cost.

And by the way, these are not my life savings. I still have my pension plans and 401Ks from many different past employers. This is my serious play money. Not in the sense of Las Vegas gambling play, but more like money with which I can take higher risks than accumulating gains over stock market.

Paying $2,500 is a lot less expensive than losing your money to a high school kid with a $2 lock-blade.
It is also a lot cheaper than hiring a lawyer to get your money back from the TSA after they civilly forfeit it because of a suspected drug or terrorist connection.

DC

 

[OHRoadwarrior]

So buy some really nice gold jewelry to wear.

 

[Just Blue]

Way ahead of you on that but where I am going, cost of wiring money or depositing a cashier's check, is about losing 5% of your money. Which equals to $2500 over $50K which is a sizable chunk. I might just risk it. Otherwise, I still have about 20 different bank accts over there, some of which are US$ savings accounts. So, even now, I can do transfer but at a very high cost.

And by the way, these are not my life savings. I still have my pension plans and 401Ks from many different past employers. This is my serious play money. Not in the sense of Las Vegas gambling play, but more like money with which I can take higher risks than accumulating gains over stock market.

So pay an attorney to assist. A VERY EXPENSIVE one might be 1k. Still leaves you 49k.

 

[LdiJ]

So pay an attorney to assist. A VERY EXPENSIVE one might be 1k. Still leaves you 49k.

How can an attorney assist with this? Are you meaning an attorney after the TSA confiscates it? Or an attorney to assist in transferring the money? Attorneys don't do that.

 

[TigerD]

How can an attorney assist with this? Are you meaning an attorney after the TSA confiscates it? Or an attorney to assist in transferring the money? Attorneys don't do that.

Some do.

Better call Saul. http://www.bettercallsaul.com


DC

 

[Just Blue]

How can an attorney assist with this? Are you meaning an attorney after the TSA confiscates it? Or an attorney to assist in transferring the money? Attorneys don't do that.

Humm...

Do you need someone to guide you on the rollyeyes thing?

sheesh