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Q: Bringing back money through customs.
We're allowed to bring the equivalent of less than $10,000 USD into the country without having to declare it as income, right?
So how do you get past these limits? Can you give $9,990 to your wife, and then bring in $9,990 on your own? Just wondering.
11 years 24 weeks ago in Money & Banking - China
As far as I am aware the limit is $5,000, or the equivalent. We have come back in with a total $6,000 split between us with no problems.
That's a lot of cash, wouldn't it be easier to wire transfer it to yourself? According to the Air China website it states, "You can bring into China an unlimited amount of foreign currency and Chinese Renminbi (RMB) traveler’s checks, and the unspent portion can be taken out of China." http://www.airchina.com.au/en/managemytrip/passengerservice/customs.html.
For traveling to the US:
"When entering the U.S. in-transit to a foreign destination, you will be required to clear U.S. Customs Border Protection (CBP) and Immigration and Customs Enforcement. If you have "negotiable monetary instruments" (i.e. currency, personal checks (endorsed), travelers checks, gold coins, securities or stocks in bearer form) valued at $10,000 or more in your possession a "Report of International Transportation of Currency or Monetary Instruments" form FinCEN 105 must be submitted to a CBP Officer upon your entry into the United States.
Monetary instruments that are made payable to a named person but are not endorsed or which bear restrictive endorsements are not subject to reporting requirements, nor are credit cards with credit lines of over $10,000. Gold bullion is not a monetary instrument for purposes of this requirement. The requirement to report monetary instruments on a FinCEN 105 does not apply to imports of gold bullion.
Failure to declare monetary instruments in amounts of or over $10,000 can result in its seizure. "
Hope that helps.
That's what I would do. Split it between you and your wife. I've always kept any cash I brought below the $10k limit, and of course have never even been searched or asked about it. I know a guy who brought over a $30k wad....no problems. But of course if they find it.....woe is you.
This is assuming you're talking about bringing cash into the USA. I have no idea about the limits for bringing cash into China. But I would guess the same principles apply....as I've never ever been searched upon entering China (always come through Shanghai Pudong).
Actually if they catch you, they normally just confiscate the extra money over $10,000, take your name and number and release you. You think the hammer will fall on you with a knock on the door or a certified letter...but nothing happens. Someone pocketed the extra cash and all that lost sleep was for nothing. This happened to me twice.
