What are the steps necessary to exchange large amounts of foreign currency for US Dollars?
What steps take place when you are exchanging large amounts of foreign currency for US Dollars? Do you have to have documentation for how the currency was acquired? (Yes, it was acquired legally) If it's exchanged at a bank, how long does it have to stay there until it can be changed?
Public Comments
- You just take it to the bank and get new money. Large amounts of foreign money tend to be very little in american money. I would think twice about exchanging it! You may get less than you think!
- I just wire it to my financial consultant
- Define large amounts ? if it's over $5,000 USD. The bank is required by law to report it to the IRS. All you have to do is take it to a currency exchange and pay there exchnage fee's. To avoid being reported and flagged for large amounts. Just do $1,000 here and a $1,000 there. Due to 9/11 and the war on terror. All large amounts of currency exchange raises red flags .
- Open on line account at http://www.tinyurl.com/eplss and keep it there for taking time to transfer anywhere in the world as per your requirement. There is no problem in it and it is only just time. Further you can have advice from nandiajit@yahoo.com
- Find a currency wholesaler and trade the money through them. It saves about 6-7% per dollar in exchange fees that banks charge. They hold the money in an account and after exchange deposit it in any bank in the world. I've done this before exchanging USD into AUD. Minimum to exchange is about 3K -5K USD, depending on who you're dealing with. It can be done in any currency combination.
