Jump to content

$10,000 CASH limit when Traveling before Declaration


Recommended Posts

smokey

I understand when international traveling to the Philippines, that a person carrying more than $10,000US cash must declare it when departing the U.S. as well as arriving into the Philippines.

 

I recall an incident a couple years back where a Chinese couple was carrying more and since they didn't declare it, the Filipino customs agents were legally able to confiscate (and keep) it.

 

Two questions:  Does the $10,000 rule apply to everyone including children? 

 

Say, for example, a husband/wife and their two toddlers are traveling, and assuming the two children are entitled, could the husband carry $40,000 in cash with him, or would it have to be equally divided between each person, carefully not to exceed the declaration limit?

its a group amount now if you fly say one hour apart ?

Link to post
Share on other sites
  • 2 weeks later...
  • Replies 36
  • Created
  • Last Reply

Top Posters In This Topic

  • TheMatrix

    7

  • Lee

    6

  • Oasis Monarch

    5

  • Monsoon

    4

Top Posters In This Topic

Popular Posts

No. Declarations are generally understood as per family. And you are talking about two different things here. Coming and going from the US, no problem just declare it, its not a big deal. Have a look

have read over rules many times IMHO I think since your toddlers are not filling out their own entry/customs card then they cant claim exemption.   Just a question: why travel with that much cash? i

The law is $10,000 per family. Also keep in mind that the other law is p10,000 max in or out of the Philippines in pesos. Best to wire the funds for larger amounts. 

Oasis Monarch

Hey guys, so is there any way to get around this 10,000PHP limit? I am travelling in October and mentioned this to a coworker. She asked if I was interested in some pesos she had from a trip to the Philippines a few years back, I said yes. So I exchanged all she had for dollars since she has no plans to return and she gave me the current exchange rate. In any case, the amount is definitely more than 10K. I was happy until I found this thread, so now I am looking at leaving more than half the money I exchanged here in the U.S if I can't take more than 10K :-(

Hi @Augustin,

There has been a copious amount of advice/suggestions etc after you raised this issue. Perhaps you can enlighten all of us who replied to you on your experience? so that we can learn from you?

Edited by Oasis Monarch
Link to post
Share on other sites
SkyMan
TheMatrix, on 27 Aug 2014 - 04:21 AM, said:

When did U.S. banks stop accepting foreign currency as deposit?  I have in several instances, over the years, deposited foreign money... Mexican Pesos,  Russian Rubles and South African Rand as recent as year 2000.  We had to wait about 10 days for the credit to show up.  Is it different now?

I would imagine the deposits showed up as $.  I think the PHP-USD conversion is what he's trying to avoid.

Link to post
Share on other sites
  • 3 weeks later...

Thanks everyone, I did call the embassy here in Los Angeles but did not get far. The people I spoke to were nice but they could not tell me how to go about and get the proper paperwork. Since I won't be travelling alone one of my friends will carry 10K for me.

 

Why did I exchange my dollars with a co-worker? She gave me a great rate and she has no plans to return anytime soon AND I thought it would save me the trouble of exchanging money when I arrived.

Link to post
Share on other sites

Just to clarify, it is $10,000 or more, so if you or your friend have over $9,999.99 then you or they must declare it.

 

 

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.

You can obtain the form in advance and download it from hereFinCEN 105, or a CBP Officer can give it to you.

If you wish to receive automatic updates to this Q&A, select "Subscribe to Updates" on the left side of this screen.  Link

Link to post
Share on other sites

 

 

Just to clarify, it is $10,000 or more, so if you or your friend have over $9,999.99 then you or they must declare it.

 

There is that,yes.  

 

There is also the Philippine requirement that anything over 10,000 pesos leaving or entering the country must have permission from the BSP.  It seems kind or silly, seeing as how 10,000 pesos is just a little over $200.00, but them's the rules here:  $10,000 and P10,000.

Link to post
Share on other sites

There is that,yes.  

 

There is also the Philippine requirement that anything over 10,000 pesos leaving or entering the country must have permission from the BSP.  It seems kind or silly, seeing as how 10,000 pesos is just a little over $200.00, but them's the rules here:  $10,000 and P10,000.

I'm pretty sure the differences between the peso limit and the dollar (equivalent) limit are based on different issues. In the case of peso limit, that may be a simple currency control. A way the BSP has of regulating the actual pesos in circulation. The BSP even puts strict limits on the amounts OFW's can redeem when returning from their overseas employment.

 

The dollar limits have more to do with money laundering and tax revenue.

 

I've never had a problem using personal checks for money transactions. There are reasonable fees for these transactions and the "float time" keeps the money unavailable for usually 30 days. I can get access sooner for an increased fee and the cooperation with the bank manager.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..