Are you traveling internationally and need to bring in more than $10,000? Perhaps you have been told that it is illegal tocarry that much cash when you travel. In actuality, it is legal, although it may not be the safest decision. However, if you plan to travel internationally with cash in excess of $10,000, one of the first things that you should do is consult with a Rhode Island criminal defense attorney like Brett V. Beaubien to get all of the legal information necessary about your specific travel plans, rights, and options.
Contact us nowfor an initial consultation and to learn about your rights.
YOU ARE ALLOWED TO CARRY AS MUCH CASH AS YOU WANT OUT OF AND INTO THE UNITED STATES
To summarize up front: no, you are not restricted to traveling with sums of $10,000 or less. In fact, you could travel with a checked bag stuffed to the brim with cash — as long as youdeclare the amountbeforehand. However, this doesn’t mean that you will not end up talking to officials aboutwhyyou have the cash, and answering questions about how you obtained the money in your possession. If you work with Brett V. Beaubien, Attorney At Law, prior to your trip, you will be equipped to have these conversations without feeling intimidated by the officials or concerned about theseizure of your legally-possessed funds.
To reiterate: there are no customs duties, taxes, or other fees paid to U.S. Customs for the international transportation of the money; it is merely a reporting requirement to U.S. Customs. Still, on an average day in Fiscal Year 2015, CBP seized $356,396 in undeclared or illicit currency.
How to Legally Travel with More than $10,000
If persons traveling together have $10,000 or more, they cannot divide the currency between each other to avoid declaring the currency. For example, if one person is carrying $5,000 and the other has $6,000 incash, they have a total of $11,000 in their possession andmust report it.
If you fail to report the cash you are carrying in excess of $10,000, the penalties and repercussions can be severe. If you are stopped by a U.S. Customs and Border Protection officer and more than $10,000 are found on your person or in your belongings, and this money was not declared, you run the very real risk of CBP takingallof the money you were carrying and keeping it. Failure to report the international transportation of money is serious business. Not only could you lose your money forever, but you may also be subject to civil and criminal penalties.
When to Contact a Lawyer about Carrying Cash Internationally
If you are set on carrying cash instead of using an international bank account, making a wire transfer beforehand, or using a travel credit card, then make sure that you contact an attorney who can help you understand the procedure you will need to go through in order to properly declare these funds. Losing a substantial amount of cash due to no reason other than an administrative error or omission can be devastating, so make sure that you are equipped with all of the information you need beforehand.
ContactBrett V. Beaubien, Attorney At Law to make sure that you have all of this information and that you are ready to go. In addition, if you have had money seized by CBP or another agency, contact our firm as soon as possible to speak directly with an experienced legal professional about your options for recovery.
Reporting Requirements Are Not Strictly for Cash
On a side note, reporting requirements are not limited to cash dollars. The same requirements apply for various monetary instruments, including foreign currency, traveler’s checks, domestic or foreign banknotes, securities, or stocks in bearer form. If you are uncertain of whether or not you will need to declare the monetary instruments that you plan to travel with, contact Brett V. Beaubien as soon as possible to get a clearer understanding of your rights.
If you failed to report your funds and CBP has seized your money, your best bet is to contact an attorney such as Brett V. Beaubien who is knowledgeable and experienced with these matters. There is an administrative process by which you can attempt to access your funds with the assistance of a skilled attorney. This is key to maximizing your chance of getting your money back and minimizing your chances of exposing yourself to civil and criminal fines, which can add to an already costly forfeiture.
Categories: Rhode Island Laws
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FAQs
You need to declare it when traveling internationally
It's legal to travel with more than $10,000 in the United States and abroad. You have the right to travel with as much money as you want. However, during international travel, you need to report currency and monetary instruments in excess of $10,000.
What happens if I declare more than $10,000? ›
There is no maximum limit, however, any amount exceeding $10,000 USD must be declared upon arrival on both the Form 6059B and FinCEN 105. All forms must be filled in completely and truthfully. The penalties for inaccurate declaration and non-compliance can be severe including heavy fines and/or confiscation of funds.
Can you travel with more than 10000 domestically? ›
Yes, there is no limit to how much money you can take with you on domestic flights, but you should be prepared to answer the TSA questions if carrying a large sum of cash with you. Read more about domestic flights in the USA here.
How much cash can you carry legally in the United States? ›
Although there is no limit as to the amount of currency that travelers can carry when they arrive to the United States, there are certain procedures with regard to customs and taxation that must be observed.
Can you fly with over $10000 cash? ›
You can fly with any amount of cash. No law prohibits you from bringing any amount of money on a flight. Likewise, the TSA has no rules that limit how much money you can bring through security. In other words, the TSA has no cash limit per person.
Is $10,000 cash limit per person or family? ›
Members of a family dwelling in the same home who enter the United States on a joint or family declaration must report on their Customs Declaration Form if they carry money or monetary instruments totalling more than $10,000. Individual members carrying more than $10,000 must then complete a Members FinCEN Form 105.
Can I fly with 20k cash? ›
If you are on a domestic flight in the US, there is no limit to the amount of cash or monetary instruments that you can carry. However, the TSA (Transportation Security Administration) security officers at the passenger screening area may ask a passenger who is carrying a large sum of cash to account for the money.
What is the law for $10 000 cash limit? ›
Federal law requires a person to report cash transactions of more than $10,000 by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.
Why is it illegal to carry more than 10,000 cash? ›
The Origins of the $10,000 Myth
According to Snopes, this misconception likely arose from the Currency and Foreign Transactions Reporting Act of 1970, also known as the Bank Secrecy Act (B.S.A.). Created to inhibit money laundering, the B.S.A.
How much money can you legally fly with? ›
According to the Transportation Security Administration (TSA), it is legal to travel with any amount of cash or other monetary instruments in and out of the United States. However, you must declare your cash to customs if the amount exceeds $10,000 or its foreign equivalent.
Yes, there are no laws restricting the amount of cash you can travel with as long as you declare any amount over $10,000 when leaving or entering the United States. Domestically, you do not have to declare money.
Can TSA see money in your bag? ›
A good X-ray scanner will always detect money. Airport scanners can detect even the smallest amount of metal and can detect paper. The scanners will always look after things that look different to the norm. In this case, if the currency is arranged in bundles, it will be more easily detected.
Does an airport scanner detect money? ›
Do the scanners used in airports detect the quantity of cash you are travelling with? Yes! I was once asked by airport security how much cash I had in my bag. Because I travel a lot, I keep all my notes from different countries.
How much cash is too much to carry? ›
Carry $100 to $300
“We would recommend between $100 to $300 of cash in your wallet, but also having a reserve of $1,000 or so in a safe at home,” Anderson says. Depending on your spending habits, a couple hundred dollars may be more than enough for your daily expenses or not enough.
How much cash can I deposit in a bank? ›
Cash deposit limits can be different for each bank or financial institution, but banks must report any deposits over $10,000 to the IRS. So, while you may be able to deposit more than $10,000 into your bank account, know that the bank will investigate, track and report that payment as a result to ensure it's legal.
How much money can you legally travel with internationally? ›
You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP.
Is it illegal to travel internationally with large amounts of cash? ›
In fact, individuals can theoretically travel with any amount of cash and not violate any law. However, if traveling with large sums of cash, you must report the sum to the U.S. Customs Service if traveling internationally.
Can you travel internationally with large amounts of cash? ›
Yes, there are no laws restricting the amount of cash you can travel with as long as you declare any amount over $10,000 when leaving or entering the United States. Domestically, you do not have to declare money. The $10,000 limit applies to all monetary instruments including cash, checks, money orders, stocks, etc.
What happens if I travel to Europe with more than 10000? ›
All travellers entering or leaving EU territory are required to complete a cash declaration when carrying €10,000 or more (or equal in other currencies, bonds, shares, or travellers' cheques) as part of the EU's efforts to combat money laundering and the financing of terrorism, such declaration can be conveniently done ...
