Iraqi News: Traveling with Iraqi Dinars Worth Over $10,000 USD
Iraqi News Traveling with Iraqi Dinars Worth Over $10,000 USD
Edu Matrix: Sep 19, 2021
Iaqi News Traveling with Iraqi Dinars worth over $10,000 into or departing from the United States; The law, the consequences for IQD Investors
US Custom and Border Protection US LAW ON CARRYING CURRENCY INTO OUR OUT OF THE US Hi guys: Sandy Ingram here: I am traveling this week from Mexico to Miami and then to a Caribbean Island. This is a part of my “slowly traveling the world” agenda while waiting for the Iraqi Dinar to do something.
This trip will put me one step closer to Europe, and Turkey where I want to see what’s going on with the revalue for myself. I will upload again on Sunday, September 26th, UNLESS there is breaking news then I will arrange my travel to accommodate a Breaking News story.
I travel with a limited amount of Iraqi Dinars. It would be just my luck for the currency to reinstate while I am traveling and I get pulled out because I have over $10,000 cash on me. Another currency, yes, but still worth $10,000 that is a no-no.
Always remember you can never fly out of or into the United States with $10,000 or more in cash in your procession without declaring it. Let me repeat that. You can travel with any amount of cash that you choose, however, ALL amounts over $10,000 MUST BE DECLARED.
If you put it in the luggage you check-in, the airlines could lose your luggage and your investment would be gone. The risk is too great, and if you put it in your carry-on, the operator of the x-ray machine at the airport will see it. So, I follow the rules.
The worst thing that could happen is for you to successfully get the cash out of the United States only to lose it to unscrupulous airport workers in another country.
Now, here is what the US Customs and Border Protection says: https://help.cbp.gov/s/article/Articl... It is legal to transport any amount of currency or other monetary instruments into or out of the United States. However, if you transport, attempt to transport, or cause to be transported (including by mail or other means) currency or other monetary instruments in a combined amount exceeding $10,000 (or its foreign equivalent) at one time from the United States to any foreign country or into the United States from any foreign country, you must file a FinCEN Form 105 (“Report of International Transportation of Currency or Monetary Instruments”) with U.S. Customs and Border Protection.
So you see I can travel with well over $10,000 worth of Iraq Dinar if it just happened to revalue while I was traveling. BUT what do you think would happen if I filled out the FinCEN Form 105? That’s right. I would immediately become a person of interest to the Department of Treasury.
This is why you see blog posts and articles saying you cannot travel with over $10,000 cash. You can. But TAKE MY PROFESSIONAL TAX ADVICE:. You don’t want to.
That is the equivalent of walking into your bank to deposit $10,000 cash. Before you can start your car and get out of the parking lot, the process to notify the IRS is already in motion.
The reason for disclosure has to do with the Currency and Foreign Transactions Reporting Act. This law was put in place to help detect and prevent money laundering. If you do not declare the cash and airport security finds the money, you could lose the money.
This goes for most countries around the world, regardless if it is law or not. Now here is the most important fact in this whole conversation: You are only required to disclose amounts over $10,000 when traveling to or from the United States.
For domestic flights, you can carry as much cash as you like. People fly to Miami and catch a cruise ship all the time with cash tucked away in their suitcases. However, I wouldn’t try this either, the ex-ray machine operator could still pinpoint your cash when going through TSA airport security.