Results 1 to 25 of 25

Thread: declaring cash when traveling?

  1. #1
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default declaring cash when traveling?

    Hey guys,

    So I am moving to the UK at the beginning of March (I am currently in the States). .

    I have looked this up on numerous websites but what they say doesn't make sense to me. I want to bring mostly cash when I go to England because the last time I went there dealing with my bank was a total nightmare and I ended up wasting hundreds of dollars in fees. The easiest way for me to save money, because I have a serious shopping addiction has been for me to take it to the bank and convert into pounds so it's essentially worthless in the USA (I have a shoebox overflowing with pounds at the moment). I am planning on bringing about $15,000 with me. And, I won't lie to ya'll, I'm not exactly going to be totally above board when it comes to doing my taxes because I will have only been working at my club for less than three months (and my club is not exactly above board itself when it comes to paperwork).

    This is what gov.uk states:
    "If you bring €10,000 or more in cash, or the equivalent in another currency, to the UK from outside the European Union (EU) you must declare it."

    Or the equivalent in another currency??? Well that totally changes everything since there is a HUGE difference between the two considering the exchange rate is around 1.6... $15,000 does not translate into more than 10,000 pounds and in that case I would not have to declare, whereas if it's dollars then I would have to declare...

    Does anyone have any info on this?

  2. #2
    Veteran Member britchick85's Avatar
    Joined
    Apr 2011
    Location
    Australia
    Posts
    499
    Thanks
    195
    Thanked 240 Times in 153 Posts

    Default Re: declaring cash when traveling?

    $15000 is around €11000 so would be a little to much.

  3. #3
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    US customs limit is USD $10,000 in cash. Even if you stay under the customs limit, however, you may still get pulled aside and questioned about why you are carrying so much cash, where the money came from in the first place, etc.

    The reason for this is that ... while not publicized by mainstream US media ... the US gov't has recently enacted 'capital controls' which are intended to stop US citizens from easily shifting ( potentially taxable ) assets outside the USA. Reportedly, this is now restricting the ability of US banks to transfer funds between a US domestic branch and an overseas branch etc. Attached to these capital controls is a new 'exit tax' which certain American citizens must pay in order to transfer large amounts of US based assets out of the USA. I have even heard from an acquaintance that the IRS / US Customs has the authority to prevent a US citizen from leaving the country before the new 'exit tax' has been paid and/or any other significant outstanding IRS issues have first been resolved.

    Admittedly, I don't know whole lot of the particulars ( since I moved my official residence out of the USA before these new 'capital controls' were enacted ), but if you're talking about moving more than USD $10,000 across the US border it will definitely draw lots of attention these days.
    Last edited by Melonie; 01-14-2014 at 10:49 AM.

  4. #4
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: declaring cash when traveling?

    That's a high enough amount that you really ought to declare or make at least 5k of that legitimate earnings and put it in your bank account.

  5. The Following User Says Thank You to shanna dior For This Useful Post:


  6. #5
    Member r2468's Avatar
    Joined
    Jan 2010
    Posts
    51
    Thanks
    73
    Thanked 56 Times in 21 Posts
    My Mood
    Lurking

    Default Re: declaring cash when traveling?

    The easy way around this is to get a debit mastercard with an organisation like travelex.
    This allows you to hold up to 6 or 8 currencies in virtual wallets on the card, so you could deposit 4 or 5 thousand pounds on the card reducing the hard cash you are carrying out of the country.
    The card can be used at retail outlets and atms like any other card.

  7. The Following User Says Thank You to r2468 For This Useful Post:


  8. #6
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default Re: declaring cash when traveling?

    ^You get a terrible exchange rate on that site tho...

    I guess I'll just bring less in cash and have to deal with putting some in my bank account. Does anybody know anything about setting up a British bank account?

  9. #7
    Member r2468's Avatar
    Joined
    Jan 2010
    Posts
    51
    Thanks
    73
    Thanked 56 Times in 21 Posts
    My Mood
    Lurking

    Default Re: declaring cash when traveling?

    ^some banks are offering similar products

    It shouldn't matter if you already have GBP

  10. The Following User Says Thank You to r2468 For This Useful Post:


  11. #8
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    ^^^ it WILL matter if the only citizenship you hold is American ! Along with those 'capital controls', there are now new regulations which affect ANY bank which has branches within the USA. Those regulations ( called FACTA ) require the non-US branches of those banks to verify the identity of all US citizens for which they have opened non-US based accounts ... and to report to the IRS the assets and transactions involving the non-US based account of those US citizens etc. Because of the high compliance costs involved, most non-US banks have closed or refused to open accounts for US citizens where the amounts to be deposited are less than six figures. See

    (snip)"a new provision of the Foreign Account Tax Compliance Act (FATCA), originally passed in 2010, that will take effect in July 2014. This new provision would require foreign financial institutions to report information about their U.S. account holders to the Internal Revenue Service (IRS). This includes both U.S. citizens and U.S. green card holders, no matter where they are living.

    The implications of this provision are far-reaching. Want to retire to the U.K. after living in the U.S., while moving all of your money with you? Too bad, the IRS will still hold jurisdiction over your accounts"(snip)

    The obvious intent of these new FACTA regulations is to provide the IRS with the financial data necessary to collect US taxes on the incomes of US citizens EVEN IF those US citizens are working and living in a foreign country.

    Your best bet in this regard is to open a US based account with a truly international bank like HBSC while you still have an active US address ... and move any money you have in other US bank accounts into this new account. Then once you establish official residence at new address in the UK ( i.e. UK gov't has granted you permanent resident status or a work visa ), open a second UK based account with the same HBSC bank. At that point you should be able to transfer funds between your US based and UK based accounts without too many problems. However, without establishing official residence in the UK ( i.e. without obtaining permanent residency or a work visa ), the bank probably won't open a UK based account for you unless you intend to deposit E 25,000 minimum with HBSC. See for more info

    I am told by a UK acquaintance, however, that there is a 'work-around' available if needed. Bank branches located on the channel islands, the Isle of Man etc. aren't covered by the same banking regulations as banks in the UK proper. Thus if you travel to the Isle of Man branch of HBSC in person, you should be able to open a new account even if you don't intend to establish official residence in the UK.

    Of course, if you already have dual citizenship, and the other citizenship is from the UK or a 'commonwealth' country, you'll have no problems whatsoever opening a UK bank account anywhere in the UK.
    Last edited by Melonie; 01-15-2014 at 04:53 AM.

  12. #9
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default Re: declaring cash when traveling?

    ^I have British and American citizenship. I heard from someone that opening accounts in the UK is more difficult, even if you have citizenship you have to show proof of income and an address? I won't have a job when I first get there and I won't have a permanent address until after the first month (most likely).

    Thanks for all the info Melonie! Really appreciate it

  13. #10
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: declaring cash when traveling?

    Just a thought : Why not buy a few gold coins and carry them in your purse. Much less bulky than all that cash. When you hit the U.K. you can sell them at any bank.

  14. #11
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    Audrey, with UK dual citizenship you won't have a problem with UK banks ... but you WILL need to establish a UK address and come up with UK identification ( like a UK driver's license ) before you can open a 'regular' UK personal bank account ... so you'll wind up living on your hand-carried US $9,900 in cash plus your credit / debit cards in the meantime. At least dual citizenship allows you to avoid the specialized 'Ex-Pat' international account route and the associated E 25,000 minimum deposit.

    I'm glad to be of some help. However, my own ex-pat experiences ( fortunately for me, unfortunately for you ) pre-date all of these new FACTA based foreign bank restrictions.

    PS if you are going to maintain your US citizenship, be aware that you will still have to file a non-resident US tax return ( and maybe a non-resident California state tax return ) on your future UK income !!! And because you will have spent more than 35 days residing in the USA / California during 2014, you will NOT be eligible for the US 'foreign earnings' tax exemption. You will, however, be able to take a US tax credit for taxes already paid to UK HM Revenue on your UK earnings.

    Why not buy a few gold coins and carry them in your purse. Much less bulky than all that cash. When you hit the U.K. you can sell them at any bank.
    Given the buy / sell 'spread' on gold coins being as high as it is at the moment, it would be cheaper for her to bite the bullet on an international wire transfer. Hell, the mints are now 'rationing' newly minted gold coin deliveries due to record demand for physical gold, even though the international 'paper gold' price remains around $1250/oz for 'unknown' *wink wink* reasons !
    Last edited by Melonie; 01-15-2014 at 02:29 PM.

  15. #12
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: declaring cash when traveling?

    Opening a UK bank account should be easy for you. I opened one last year with my Polish passport and had no trouble with no proof of income (didn't have a job either), though I did have an address and a valid student card from another European country. I was with Bank of Scotland, and I believe they have some of the least strict requirements for opening bank accounts. I recall other friends on work visas facing issues with opening bank accounts, though they were all ultimately able to do so.

    Since you won't be in Scotland, I'd recommend Lloyds. BOS and Lloyds have a relationship where clients can be served through each other's branches, so I assume they have fairly similar standards for opening bank accounts.

  16. #13
    Moderator PhatGirlDynomite!!!'s Avatar
    Joined
    Sep 2012
    Location
    Darkside Of The Moon
    Posts
    10,460
    Thanks
    11,302
    Thanked 24,349 Times in 6,758 Posts
    My Mood
    Amused

    Default Re: declaring cash when traveling?

    You basically have to stay low profile and build a presence in the UK. You can't just show up with that much money and not expect to be questioned. There is a price for everything you do. So I would suggest like others above would be to go slow. Maintain an existing life there before your try to move you money into the system. You may have to generate income while you are there to explain why you need a bank account in the UK. Have a residence where you receive mail etc etc. As for the tax liens the only people I've known not be allowed to leave the country were those who owed child support.

  17. #14
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    As for the tax liens the only people I've known not be allowed to leave the country were those who owed child support.
    I am told that the new 'capital controls' can result in American citizens being stopped at the border if their ( potential ) unpaid tax liabilities are five figures or more. And where potential ex-pats are concerned the ( potential ) unpaid tax liabilities also now include a 30% US withholding 'exit tax' on assets. An acquaintance tells me that this even means having to pay a 30% US withholding 'exit tax' on assets like stocks and bonds which haven't yet been sold ... and are simply being transferred from a US brokerage account to a different brokerage account based outside the USA.

    So it's not so much about preventing the physical person from leaving the country. Instead the new 'capital controls' serve to make it very difficult for American citizens leaving the country to take their 'money' out of the country with them when they leave !!! And American citizens who also already hold a second country citizenship are 'prime candidates' for border scrutiny, since their second citizenship could allow them to renounce their US citizenship without negative consquences ... thus avoiding all current and future US taxes on their incomes and assets ... as soon as they set foot outside of US borders ! If, as in the past, they were allowed to simply move their assets outside US borders, then the IRS collects zero. But if the assets are still in US based accounts, the IRS can collect the new 30% 'exit tax' before allowing the remaining 70% to be moved outside US borders.

  18. #15
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default Re: declaring cash when traveling?

    Quote Originally Posted by PhatGirlDynomite!!! View Post
    You basically have to stay low profile and build a presence in the UK. You can't just show up with that much money and not expect to be questioned. There is a price for everything you do. So I would suggest like others above would be to go slow. Maintain an existing life there before your try to move you money into the system. You may have to generate income while you are there to explain why you need a bank account in the UK. Have a residence where you receive mail etc etc. As for the tax liens the only people I've known not be allowed to leave the country were those who owed child support.
    Well, I wasn't going to deposit all my money in my account. I would just like to have one to deposit a grand or two in. I mean there's a million things I'm gonna have to buy when I get there. Housing, furniture, phone plan, blah blah, and I don't mind spending cash on a lot of things. So not looking forward to the credit check of buying an apartment!

    I was thinking of going to Barclays because I know they are the sister bank of Bank of America in the UK...

  19. #16
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: declaring cash when traveling?

    ^Are you currently with Bank of America? May be worth asking them about it while you're still here!

    If you're trying to keep your money anonymous, I would recommend converting it in small chunks to not arouse suspicion. I'm not sure what you have to show to change money in the US, but I recall having to show my passport regardless of where I converted it in the UK, so it may be worthwhile to change it all before you leave as well.

  20. #17
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default Re: declaring cash when traveling?

    Yeah I am, been with them a long time now so I'll def check it out before I go.

    That's what I've been doing, converting small amounts into pounds. It helps me save and not spend what I make! And you get the best exchange rate at the bank anyway, it's 1.7 (the official is 1.6 and you're not gonna get that anywhere).

  21. #18
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    ^^^ it appears that Bank of America doesn't have any 'retail' bank branches in the UK. They have a credit card processing center to support use of BofA issued credit cards in European countries, but nothing with tellers and counters. BofA apparently does have some ATM's available in the UK, though, via the Global ATM Alliance ... but I think use is limited to withdrawls only and some ATM / currency eschange fees may kick in.

    A little more digging shows that the following international banks that DO have 'retail' bank branches in both the US and the UK

    HSBC ... Citibank ... Chase ... Barclay's ...

    Again, I would seriously recommend that you open a new US account with one of these banks while you still have a US address / ID, close any other US bank accounts you have, and consolidate your funds into this newly opened US account. As soon as you arrive in the UK, you can seek out a branch of the same bank and attempt to open a UK account. It should then be very easy to transfer funds between the two accounts ... since such a transfer would be an 'in-house' affair rather than relying on the global inter-bank system.
    Last edited by Melonie; 01-17-2014 at 11:16 AM.

  22. #19
    Senior Member LaPatrona's Avatar
    Joined
    Jun 2013
    Posts
    160
    Thanks
    49
    Thanked 117 Times in 56 Posts
    My Mood
    Breezy

    Default Re: declaring cash when traveling?

    This might sound like an stupid idea, but maybe it might work. How about buying money orders? You can put up to $1000 in one money order, each cost about $1.62, also you can cash them abroad, and I don't think their raise any eyebrows as a stash of $10,000 cash. They wont even notice your money orders.

  23. #20
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    ^^^ true enough, but if detected going through customs with > $10,000 worth without having filed a US Customs declaration, things could get ugly. Also, buying that much $ worth of money orders in the first place is likely to generate an IRS 'suspicious activity' report from the seller of the money orders ... which in turn will trigger a tax return search to see if the person purchasing the money orders declared enough taxable income to explain where the cash to purchase the money orders came from.

    This can be avoided by making sure that individual money orders don't exceed $500 so that the buyer's personal info doesn't need to be provided to the seller, and by going to 20 different money order sellers so that a 'pattern' of repeat purchases isn't noted ( using 10 gallons of gas in the process ). And the fees involved to purchase 20 different money orders will probably be equal to the ATM fees of using a US debit card in the UK. And both may involve an exchange rate 'loss' converting US dollars to UK pounds when the money orders are 'cashed at a UK bank where the money order buyer does NOT have an account.

    I'm not trying to rain on anyone's parade, but for a fact it's much tougher than it used to be for average US citizens to leave the USA and take more than $10,000 worth of ANYTHING with them. The exception, of course, are the high rollers who can carry $1 million in bond certificates in a briefcase on their GulfStream private jet, since THEIR UK 'channel island' private air terminal customs inspection is a comparative 'breeze' !
    Last edited by Melonie; 01-17-2014 at 03:59 PM.

  24. #21
    Senior Member LaPatrona's Avatar
    Joined
    Jun 2013
    Posts
    160
    Thanks
    49
    Thanked 117 Times in 56 Posts
    My Mood
    Breezy

    Default Re: declaring cash when traveling?

    True, I knew it was a very silly idea. But I didn't know you have to provide information in order to buy a 1k money order, and buying money orders in 20 different places is a hassle, and god forbid if she lose them! So it was a very silly idea indeed, unless she wants to settle for less. But 10k is a lot of money, so she either have to put in a branch that has one here in the UK. In money orders she will spend about $32 and is not safe.

  25. #22
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default Re: declaring cash when traveling?

    Quote Originally Posted by Melonie View Post
    ^^^ it appears that Bank of America doesn't have any 'retail' bank branches in the UK. They have a credit card processing center to support use of BofA issued credit cards in European countries, but nothing with tellers and counters. BofA apparently does have some ATM's available in the UK, though, via the Global ATM Alliance ... but I think use is limited to withdrawls only and some ATM / currency eschange fees may kick in.

    A little more digging shows that the following international banks that DO have 'retail' bank branches in both the US and the UK

    HSBC ... Citibank ... Chase ... Barclay's ...

    Again, I would seriously recommend that you open a new US account with one of these banks while you still have a US address / ID, close any other US bank accounts you have, and consolidate your funds into this newly opened US account. As soon as you arrive in the UK, you can seek out a branch of the same bank and attempt to open a UK account. It should then be very easy to transfer funds between the two accounts ... since such a transfer would be an 'in-house' affair rather than relying on the global inter-bank system.
    They have some connection to Barclays, not sure what it is. When I was there a year and a half ago they told me I could only withdraw money from a Barclays. Well, sometimes it's a looong walk to a Barclays, especially in a small town in Scotland, so I didn't always use them, but when I did use a Barclays ATM they only charged me a 1% fee for withdrawing... they charged me a lot more than that at other ATMs and of course if I used my ATM card in a store.

    I'm going to check with Bank of America just to see but I don't have an issue opening up another account at the banks you mentioned... honestly I've had so many issues with BofA that it might be time to move on anyway...

  26. #23
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    ^^^ yes, that's the Global ATM Alliance thing ... I think that particular banks in every country belong to this Alliance, which shares ATM services with low fees among all the member banks. But that 'alliance' stops at ATM use. See

    To access the other services you'll need as part of life in your new 'home' country, you'll absolutely need to establish a local bank branch based 'checking' account which allows you to make deposits and pay bills in the currency of your new 'home' country. And, at some point, you're also probably going to want to talk to a local bank branch about loans ... which a bank having zero presence in your 'new' country of residence will never approve. If that local bank branch just happens to be part of the same international bank where you already have a US based US dollar denominated account, so much the better.

    Down here 'way south of the border', I'm lucky in that the US dollar is freely accepted everywhere as it is the de-facto currency of my 'adopted' country ... which means that I can operate in US dollars at 'both ends' and thus avoid the 3% ( or whatever ) currency exchange fees being imposed by the bank. But ( as a HSBC expat posted ... see below ) in the UK, where only Sterling is accepted, the ability to avoid currency exchange fees when depositing future 'paychecks' and paying future bills, via a local bank branch account denominated in Sterling, will be an important consideration.

    The concensus among my ex-pat acquaintances is that HSBC is the 'least of the evils' bank for availability of branch offices and ATM's on a 'global' basis, and also the least difficult to work with regarding multiple accounts in multiple countries ( and currencies ). HSBC even has an online forum of 'ex-pats' discussing banking issues ... see ... with one recent discussion involving ""Don't continue to convert the £ back to your home currency. If you're getting paid in pounds, live in pounds.""

    Also, if you're talking about Scotland you can add Scotia Bank to the list since they have recently taken over Royal Bank of Scotland. I actually use Scotia Bank myself since they are one of the VERY few international banks that has branches in my 'adopted' country way south of the border, plus a solid presence in New York ( and Los Angeles ).
    Last edited by Melonie; 01-18-2014 at 09:33 AM.

  27. #24
    God/dess audrey_k's Avatar
    Joined
    May 2009
    Location
    London
    Posts
    3,542
    Thanks
    1,043
    Thanked 3,893 Times in 1,568 Posts

    Default Re: declaring cash when traveling?

    Well here's reason NOT to store money in your room.. I just knocked over a bowl of cereal and spilt milk all over about 2,500€... I really hope they don't start to smell!

    I looked up HSBC and even though there aren't that many branches in LA they actually have one very close to where I live so I'm going to pop over there and see about creating an account. I'm also getting a little nervous/paranoid about the idea of leaving $10-15,000$ in my apartment, since I will be short-letting one for the first two weeks to a month and therefore am not the only one with keys to it. Not that anyone would go into my apartment, but the 1% chance that I could lose my money makes me stomach drop, considering I have been hustling myself to bone-- and will be continuing to hustle myself to the bone to save up the other $8,000 I need-- to save up this money. I know that I can't deposit $15,000 into my bank account without declaring some kind of taxes, but it would be nice to have some of it in there anyway.

    Melonie-- are you saying I would be better to just deposit dollars into my account and not pounds? And then use my debit card from HSBC when I get to London to spend? I am getting a 1.72 exchange rate which is higher than the official exchange rate-- it's 1.6something in actuality-- but I know is the best I can get for ordering/exchanging currency. I had like 600€ left when I came back from England last time and found out that I was not going to be scheduled at the office I was working at for another 30 days the day I got back, therefore that money had to last me a while so I remember researching exchange rates everywhere and that was the lowest, but they are charging me some kind of fee.

  28. #25
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: declaring cash when traveling?

    ^^^ check out the HSBC local branch ... talk to the branch manager about your dual citizenship and desire to 'visit' the UK for a 'semester' ( i.e. let the bank branch manager draw the conclusion that you intend to return to the US after several months ) ... and find out the details of linking a US checking account to a ( future ) UK based checking account, about using a US checking account debit card in the UK, about 'depositing' possible future UK earnings ( college cafeteria job LOL ! ) back to a US based bank account, etc..

    The dollar thing was referring to deposits made to a US checking account prior to leaving. They're probably not going to allow a UK pound denominated account to be based in the US, and the they're probably not going to allow you to open a UK pound denominated account based in the UK until you actually arrive and establish 'residence' there.

    You can make $3000 deposits to a US bank account without the bank being required to generate a 'cash transaction' report to the IRS. You can also make up to a $10,000 initial deposit to a newly established account ( I think ) without a 'cash transaction' report to the IRS being generated ( although in California the $3,000 state cash limit may apply ). And you can carry US$10,000 = L 6,000 with you on your trip to the UK without a US customs declaration.

    I would definitely hesitate about leaving $15,000+ 'laying around' an unoccupied apartment !! Much better to cut your cash holdings down below the US $10,000 = L 6,000 US customs trigger level by depositing the surplus ( gradually, in < $ 3,000 increments ) in a US based HSBC checking account ... as long as that account's debit card can be used in the UK without ridiculous fees or exchange rate losses.

    If the local HSBC branch manager indicates that funds transfers between a US based account and a ( future ) UK based account are also possible without ridiculous fees or exchange rate losses, you may want to reduce your cash holdings to even lower levels by making even more gradual deposits to a US based account. But I'd be a bit leery of doing this if there are any unresolved questions ... and thus plan to hand carry the US$ 10,000 = L 6.000 max US customs limit of cash with you during your trip to the UK. Carrying the max US customs limit of cash would also potentially aid you when opening a UK based bank account after you arrive.

    Another option while you're visiting HSBC is to check on the cost of a safety deposit box rental. That would give you a 'theft proof' means of storing your cash pile until you leave, without having to deposit the cash in a bank account. Also, cash stashed in a bank safety deposit box in the form of UK Pound notes ( or Euros ) that you'll later hand carry to the UK would avoid getting 'clipped' on 2 currency exchange transactions, versus converting to US dollars when depositing into a US bank account, and converting back to UK Pounds when using your US account's debit card in the UK.
    Last edited by Melonie; 01-21-2014 at 09:15 AM.

Similar Threads

  1. Where da cash at
    By Keke103 in forum Club Chat
    Replies: 3
    Last Post: 09-12-2012, 12:40 AM
  2. Where da cash at
    By Keke103 in forum Stripping (was Stripping General)
    Replies: 0
    Last Post: 09-07-2012, 11:22 AM
  3. The next bubble: CASH
    By Adelina in forum Dollar Den
    Replies: 4
    Last Post: 01-27-2010, 09:40 AM
  4. Declaring SW Thread Bankruptcy
    By Lunarobverse in forum The Lounge
    Replies: 6
    Last Post: 03-09-2008, 02:01 AM
  5. Declaring taxes?
    By angelina in forum Dollar Den
    Replies: 9
    Last Post: 06-11-2003, 04:31 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •