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$10,000 cash limit - out of date but that's the law

Discussion in 'Business & Tax Advice' started by hermespan, Jun 5, 2011.

  1. hermespan

    hermespan Newbie

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    Do any forum members have experience leaving the US with say $50,000? I don't have a problem declaring it. I just want to know how much of a hassle the paper work and questioning is. My source of funds is legal (obviously). I could give you dozens of reasons why I prefer cash, but it is irrelevant. It's my money, I'll do as I will with it. I can see all kinds of practical delays such as getting into arguments with law enforcement over the role of the state in private financial matters, how to verify if it's after banking hours, whether they notify destination country, etc.

    No theory please. Only people who have actually signed the forms and done it. Thank you.
     
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  2. Mugshots

    Mugshots BANNED BANNED

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    Okay, just so I understand. You want to leave the country with $50,000? If that's the case, I would just get a notarized document that the money that you carry was from such and such bank. Be sure that you get a direct contact number. I left the country a few years ago with $18,000 dollars. I had what I like to fondly refer as my doctor's note.

    You will have to fill out some paperwork but that's only to protect you in the sense should something god forbid happen to you. They can rule out several factors based off the information. You also get the security should something happen to you, you are protected by the laws here.
     
  3. hermespan

    hermespan Newbie

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    Thank you. $50K is hypothetical. It could be half that. Or twice that. Dunno how much the inheritance will be. Notarized doc makes sense. I'd be curious to learn which nations have no cash limitations. Almost all nations I know of have a 10K limit incoming. I presume Hong Kong does not. India freaks out when you bring in much. I intend to invest in emerging market real estate and precious metals. Don't trust banks or US dollar. Two guys I know sold their businesses in the 1980s and took a wheelbarrow full to Thailand, but times have changed. Don't want problems.

    What I am finding to be a hassle is that here my bank here won't even let me get at all my funds. I am writing a letter to the manager telling him I will change banks!
     
  4. Mugshots

    Mugshots BANNED BANNED

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    Have you thought about travelers checks? That is JUST like cash and its secure. I would have everything crossed and dotted before leaving the country with however much you have.

    I personally would not leave again with that type of cash on hand. People can smell the green within 6 miles.

    Good Luck!
     
  5. Roparadise

    Roparadise BANNED BANNED

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    You could try using prepaid debit cards,instead of cash
     
  6. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Most banks do not have the funds on hand. When I want to withdraw anything over a few K in cash, I have to have my bank "order" the money and it comes in a few days later.
     
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  7. Mugshots

    Mugshots BANNED BANNED

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    Which can normally take up to 10 days to have in the bank for you to pick up.
     
  8. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    With the bank I use Fifth Third, we order it on Tuesday and they have it for us on Friday.

    The funny thing is if we order it after Tuesday and need it by Friday, they charge us 25.00.
     
  9. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Actually, they have the cash but not in hundreds which is why we have to order it as we only want hundreds when we do a large withdrawal.
     
  10. PresFox

    PresFox Registered Member

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    having to order money is rather normal.....