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Home >> Special Situations >> Foreign Customers
What to do with 'Leftover Cash' from Visit?
I don't live in the USA, but I am frequently here. I opened a bank account using my passport. Any cash I have left over at the end of my visits I've been putting into this bank account. I recently put in about $15,000, and the banker asked me all sorts of questions, social security number (which I don't have), job etc. He said as it was over $10,000, it has to be reported, (since 9-11 apparently). I had planned on wiring most of what's in this account to my bank in England. Now I'm worried they'll think I'm a terrorist, or laundering cash, as I didn't provide a paper trail. To defuse any suspicion, should I just withdraw the $15,000 and pay it back in using two checks so they're both under $10,000? Other than the IRS, who else is notified anyway?
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 U.S. banks have been required to report large currency transactions (anything over $10,000 in cash) since the 1970s. Those reports require information about the individual benefiting from them and the individual making the transaction (if different).
We absolutely do not recommend that you withdraw the cash (which would require another report) and put it back in check form. Those transactions would appear suspicious and could do you more harm than good, to be candid. The funds are now in your account in the U.S. Go ahead and wire them to your UK bank when you wish.
Published on BankingQuestions.com 11/03/10
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