The holidays are approaching… Do you intend to carry “monetary instruments” when traveling internationally?
Read on, these TOP 5 Tips when carrying “monetary instruments” above $10,000 can save you a U.S. Customs Seizure Case.
Here are your top tips to assure you get it right, and you’re not screaming “Help – U.S. Customs Took my Money at the Airport”.
1. If you intend to carry over $10,000 in monetary instruments, including travelers checks and U.S. or foreign money, you MUST fill out the required form, FINCEN Form 105. Note, it is PERFECTLY acceptable to travel with currency, you JUST have to report it. Don’t be scared to do so.
2. Review U.S. Customs and Border Protection’s “Currency Reporting” flyer. Make sure you memorize what “monetary instruments” consist of:
- U.S. or foreign coins and currency;
- Travelers checks (in any form);
- Negotiable Instruments (including checks, promissory notes, and money orders – in a transferable form);
- Incomplete instruments (checks, promissory notes, and money orders) that are signed with a payees name omitted;
- Securities or stock in bearer form (in a transferable form)
3. Make sure you can explain the legitimate source of the money.
4. Make sure you can explain the legitimate intended use of the money.
5. Don’t divide currency for the purpose of evading reporting requirements.
Check out CBP’s recent seizures of currency and DON’T LET THIS HAPPEN TO YOU!:
- On a Typical Day in Fiscal Year 2015, CBP seized $356,396 in undeclared or illicit currency.
- October 12, 2012 – CBP seizes $11,000 in currency from 2 time offender
- August 28, 2012 – CBP seizes $30,000 in unreported currency
- August 13, 2012 – CBP seizes nearly $53,000 in underreported currency
- March 22, 2012 – $16,334 seized for dividing currency