BajaNomad - Bringing cash from Mexico to the US

Bringing cash from Mexico to the US

absinvestor - 12-13-2012 at 12:07 PM

The person that purchased our palapa is paying in cash (US dollars.) When I cross from Mexico into the US I will have far more than the $10,000 limit that I need to declare. I have nothing to hide but I'm wondering if I'm not better off wiring some of the money to the US before crossing the border. (I do not have a Mexican bank account.) I have wired money within Mexico but have never wired money out of Mexico to the US or from the US to Mexico. Am I better off declaring a large amount of cash at the border or should I wire some of it from a Mexican bank to my US account. Will I have any problem having the Mexican bank wire US dollars vs pesos and should I limit any wire amount to under the $10000 amount. Finally I travel with my wife. Can we each have $9999 without declaring or is it the amount of cash in the car that matters? Thanks

jbcoug - 12-13-2012 at 12:31 PM

Could you post the specifics of when and where you will be strolling down a dark alley?

John

DENNIS - 12-13-2012 at 12:41 PM

Quote:

Originally posted by absinvestor
Can we each have $9999 without declaring or is it the amount of cash in the car that matters? Thanks

I thought it was for each person, but I wouldnt be asking the customs people the same question. Just put it in your pockets and drive through unless you want to be treated like a cartel criminal.

.

[Edited on 12-13-2012 by DENNIS]

mtgoat666 - 12-13-2012 at 12:51 PM

Quote:

Originally posted by absinvestor
The person that purchased our palapa is paying in cash (US dollars.) When I cross from Mexico into the US I will have far more than the $10,000 limit that I need to declare. I have nothing to hide but I'm wondering if I'm not better off wiring some of the money to the US before crossing the border. (I do not have a Mexican bank account.) I have wired money within Mexico but have never wired money out of Mexico to the US or from the US to Mexico. Am I better off declaring a large amount of cash at the border or should I wire some of it from a Mexican bank to my US account. Will I have any problem having the Mexican bank wire US dollars vs pesos and should I limit any wire amount to under the $10000 amount. Finally I travel with my wife. Can we each have $9999 without declaring or is it the amount of cash in the car that matters? Thanks

i think the limits are per person.

why don't you make the "cash problem" the buyers problem? tell buyer to wire money to your account - problem solved!

CortezBlue - 12-13-2012 at 02:01 PM

Hey, let me know if you need some help, I will be glad to help you split it up and take some of it for you :smug:

luv2fish - 12-13-2012 at 02:24 PM

I've heard that it's ok to remove the headliner in your vehicle and just tape all your money up there. Or better yet, you can have the upholstery shop stuff it into the seats. :lol:

you'll be ok.

DavidE - 12-13-2012 at 04:04 PM

It is per person. Like cigarettes, liquor, etc.

"What are you bringing back from Mexico?
Is a loaded question, but if the amount is 9,990 dollars each they cannot say a word.

"Gee officer, we were going to stay a long time and we don't trust using credit cards in Mexico, but then I started to feel not so hot so we came back to see a US doctor".

Don't stick the wad in the same pocket with the rolling papers.

absinvestor - 12-13-2012 at 04:22 PM

Thanks for the headliner suggestion, the offer to split the money up and the submission of the " specifics on a dark alley" idea. I could make the problem the buyer's problem but I would prefer to have cash in hand and personally deal with the challenge. The customs website says it is a felony to not disclose with possible confiscation, penalty etc. Since I have nothing to hide, I made an anonymous call to customs. I was told the requirement to disclose is for a family so splitting it with the wife will not help. I talked to the agent in charge and he said the process is simple- fill out a FinCen Form 105 and hand it to the border guard. I asked him if it was likely that I would be hassled ie would they suspect that I was a drug dealer etc and he said definitely not. He says it is not that uncommon for families or legitimate businesses to cross the border with over $10,000 in currency. So, we've decided to fill out the form and submit it when crossing. We won't be returning to the States from Mexico for a couple of months but I'll post how the crossing goes.

Riom - 12-13-2012 at 04:43 PM

Here's the CBP help page for this, that confirms it's $10k total for a group of people travelling together (in other words, people using the same customs declaration form).

Here's the current FinCen 105 form (pdf) so you know what questions they'll ask, and fill it out in advance.

An interesting exemption (4) on the form is NO reporting is required for any amount of money mailed to a bank in the US, IF the person mailing it is not a US citizen or resident. But, it's probably not a good idea to use the Mexican postal service for mailing large amounts of cash. :-)

Rob

mulegejim - 12-13-2012 at 05:42 PM

I would declare the cash and have a bill of sale to show at the border just in case. That said - I personally would not want to be traveling with that amount of cash and would have the money wired to my US account. I have done this several times in the past - just check for when the $ show in your account and you are good to go.

[Edited on 12-14-2012 by mulegejim]

David K - 12-13-2012 at 05:53 PM

Doug (BajaNomad) has an uncle in Nigeria, and if you send him... yadda yadda yadda...

BajaBlanca - 12-13-2012 at 05:58 PM

I wanna be in that alley tooooooooooo

why the hell

captkw - 12-13-2012 at 06:05 PM

I bring down a lot of cash my whole life and no worrys,problems or grief...god some folks have a hissy when they see cash,,,Get a GRIP..its only money !!! and I dont keep it in my BACK pocket !!! K&T

[Edited on 12-14-2012 by captkw]

bajagrouper - 12-13-2012 at 08:03 PM

Each person can bring into the USA $10,000 (or Mexico) each without declaring it, you can bring in as much as you want as long as you declare it, if you sold something you should have a bill of sale or some kind of receipt to prove to customs it is ligament reason you are carrying a large amount of cash...

From Riom's reply:

durrelllrobert - 12-13-2012 at 08:15 PM

IF the person mailing it is not a US citizen or resident
_______________________________________________
Must have been written to make it easier for the Cartels :lol:

Your Friendly US Bank Will Be Watching / Reporting Too

AlanDow - 12-14-2012 at 08:19 AM

Once safely across the border, you should still be concerned if you are planning on depositing the cash in a US bank. A lot of people mistakenly think that they can avoid any reporting of large cash transactions by their US bank, by keeping any cash deposits at or below $9,999 and or employing multiple smaller deposits, etc. As reported below, even a "suspicious" deposit of just $2,000 can trigger a report to the Feds by your neighborhood US Bank.

Suspicious Activity Report (SAR)
Any "face to face" transaction with a bank customer involving $2000 or more which appears related to money laundering or a violation of the reporting requirements under the Bank Secrecy Act must be reported through an SAR. Multiple transactions that appear related and total $5000 or more will also trigger the reporting requirement. Banks are prohibited from informing the customer that an SAR has been filed. Federal law protects reporting institutions from any civil liability related to the report. Businesses which only cash checks or money orders are not required to file an SAR, but may do so voluntarily.

Structuring
Prior to 1986, bank customers could avoid triggering CTRs by simply breaking up a large deposit into several smaller transactions. Now 31 U.S.C. §5324 makes it illegal to manipulate a transaction in order to avoid federal reporting requirements. Bank personnel are trained to watch for multiple transactions that occur over short time periods. Any transaction that appears intended to violate the law must be reported, regardless of the amount.

Bajajorge - 12-14-2012 at 09:38 AM

If you wire amounts over $10,000 to your bank in the US I can almost guarantee the heinous IRS will know about it. Big brother knows all, especially when a little guy comes into money that he wants part of.

The best suggestion I see so far on this topic, is stuff it in your pockets and cross. The only down side is, I don't know where you are traveling from, and how far is the border?

Marc - 12-16-2012 at 08:29 AM

Buy Cocaine and sell it after you return. This way you make a profit and you need not declare the cash. :light:

Seriously; Have a bill of sale handy and maybe split up the cash. Do not declare. At Algodones last month I declared a salami I took down with me. It took an hour in secondary for an ag inspection. BTW while we are cooling our heels in secondary five or six BP and Ag guys are standing around doing nothing.

absinvestor - 12-16-2012 at 10:32 AM

To those who recommend not declaring- The penalty for not reporting and filing the report: "civil and criminal penalties, including a fine of not more than $500,000 and imprisonment of not more than ten years. The penalties are provided for failure to file a report, filing a report containing a material omission or misstatement or filing a false or fraudulent report. In addition, the currency may be subject to seizure and forfeiture." I don't have anything to hide. I was told directly from a chief enforcement officer that I wouldn't be hassled at the border but personally I prefer to take my chances at being detained for an hour or two at the border to spending a few years in the caboose, being fined or spending time and money trying to get seized currency returned.

DavidE - 12-16-2012 at 11:58 AM

Now you know the reason for the disappearance of currency larger than 100 dollars. Wouldn't it be neat to slip a 10,000 dollar bill into a wallet? I know they are going to start barcode ing license plates and scanner will flag a car instantly for unpaid traffic tickets or next, late taxes, What's next, connecting the lungs to an airometer and charging tax for oxygen?

Your car also has a BLACK BOX. It's hidden. If your air bags deploy it will have date, time, mileage and recent speed, as well as use of brakes.

Washington Is Orwellian And Mexico Is Following Suit As Best it Can