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Importing and Exporting Money To/From USA
America has no currency restrictions and there’s no limit to the amount of money you may bring in or take out of the country. However, any amount over $ 10,000 in ‘monetary instruments’, including American or foreign currency, travellers’ cheques (cheques), money orders, bonds or securities, must be declared to customs on arrival in, or departure from, America. The importation of gold must also be declared on arrival. US Customs Form 4790 must be completed by the person who directly or
indirectly imports the funds and financial institutions must keep records and file reports for any cash transactions above $10,000. Disclosure forms are usually completed by the professional doing the transaction, although a property buyer has ultimate responsibility for meeting the filing requirements. There are fines and penalties for failure to comply. The importation of gold coins or small amounts of gold must be declared on arrival.
Note that most stores and businesses in America don't accept foreign currency or travellers’ cheques in foreign currencies, and it’s best to avoid bringing them to America. It can even be difficult to find a bank or other financial institution that will exchange foreign currency or travelers’ cheques in foreign currencies, particularly in small towns. You usually receive an unfavorable exchange rate or pay a high commission when changing money at a hotel or a bureau de change. When changing foreign money or travelers’ cheques in foreign currencies, you should try to do it in large cities, where increased competition usually ensures a better exchange rate (although still worse than you would obtain abroad). You may be asked for ID when changing foreign bills at a bank. US dollars can be used in Canada, although Canadian dollars aren’t accepted in America.
The most widely recognized and accepted travelers’ cheques are issued by American Express, followed by those of Visa and Thomas Cook (which, if lost, can be replaced at any Hertz car rental office). The normal fee charged when buying travelers’ cheques world-wide is 1 per cent of their value, although this may be waived when travel arrangements are made with the company issuing the cheques (e.g. American Express or Thomas Cook). The commission on American Express cheques is usually higher when they aren’t bought directly from an American Express office. Some US organizations such as the American Automobile Association provide members with fee-free travelers’ cheques. Travelers’ cheques can be cashed at most banks, although some levy a fee (ask first).
Almost all businesses and retailers (exceptions usually include taxi drivers and some small businesses) in America readily accept $US travelers‘ cheques and will give you change as if you had paid in cash. Cheques with values of $10 or $20 are accepted almost everywhere, while larger denominations may be accepted only for expensive purchases (so don’t try to pay for a coffee with a $50 cheque). You may be asked for identification (ID) when cashing travelers’ cheques at a bank, e.g. a driver’s license or credit card, and may also be asked for identification in stores. The sign ‘No Checks’ applies only to personal cheques and not to travelers’ cheques. Many hotels will change travellers’ cheques for residents, as will some stores, although they usually offer a poor exchange rate.
Keep a record of cheque numbers and note where and when they were cashed. American Express provides a free, three-hour replacement service for lost or stolen travellers’ cheques at any of their offices world-wide, provided you know the serial numbers of the lost cheques. Without the serial numbers, replacement can take up to three days. Most companies provide toll-free numbers for reporting lost or stolen travelers’ cheques in America including American Express (1-800-221-7282), Citicorp (1-800-645-6556), MasterCard (1-800-223-9920), Thomas Cook (1-800-223-7373) and Visa (1-800-227-6811).
If you have money transferred to America by banker’s draft or a letter of credit, bear in mind that it may take up to two weeks to be cleared. You can also have money sent to you in America by international money order (via a post office or a bank), a cashier’s cheque or a telegraphic transfer, e.g. via Western Union (1-800-325-4176 or 1-800-CALL-CASH) which is the quickest and safest but also the most expensive method. A telegraphic or cable transfer to America from overseas takes 24 to 48 hours and costs around $20. Within America, a cash wire transfer via Western Union costs a minimum of $12 (depending on the amount) and takes as little as 15 minutes. You can send money by telephone, in person at any Western Union agent, or via the Internet. To send $1,000 by Western Union’s online service costs $75! It costs $2.95 to collect transferred funds from any of Western Union’s 9,000 American offices and for an additional $2.95 they will notify you by telephone when it arrives. Western Union has over 100,000 agents in almost 200 countries. Up to $2,000 can be sent from a MasterCard or Visa account via Western Union. (1-800-325-4176).
American Express card-holders can transfer up to $ 10,000 (depending on the cardholder’s credit limit) by ‘Moneygram’, both within America and internationally. A less expensive way to transfer funds to America from some countries is by purchasing an international money order from a bank, for which there’s a standard charge. The money order is made payable to yourself at the receiving American bank at face value. Transfers can also be made by airmail letter, which although it takes longer, e.g. around eight days to Europe, is much cheaper. You can have money sent to you in America in the form of a certified cheque (cashable at any bank) and send money within America via a post office money order, which can be purchased or cashed at any US post office (American Express also provide money orders). You need your passport or other ID to collect money transferred from abroad or to cash a banker’s draft (or other credit note). If you plan to transfer a large amount of money to America, for example to buy a business or property, shop around for the best deal. One specialist company that claims to offer the best deal in the UK is Currencies Direct, 6th Floor, Hanover House, 73/74 High Holborn, London WC1V 6LR, UK (020-7813-0332).
If you’re sending money abroad, it’s best to send it in the local currency so that the recipient doesn’t have to pay conversion charges. You can send money direct from your bank to another bank via an inter-bank transfer. Most banks have a minimum service charge for international transfers, generally making it expensive, particularly for small sums. Overseas banks also take a cut, usually a percentage (e.g. 1 or 2 per cent) of the amount transferred.
One thing to bear in mind when traveling in America (or anywhere) is never to rely on only one source of funds. Find More information about importing and exporting money >>
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