Traveling with cash

[MikeyGMin]

You're overthinking this because you know what the money is intended for.

 

You have every right to carry as much cash as you like. The dull headed TSA has no real interest in it. If by some bizarre set of circumstances you got involved with the police, they might ask you why you are carrying so much cash. You just look them in the eye and say "I like to be prepared for any situation." Or really give them some attitude and say you consider that a trivial amount of cash! Attitude is everything.

[rvwnsd]

Around $3,500-$4,000

I don't think you will have a problem, other than the risk of losing the cash someplace. I'd suggest asking the escort if he takes credit cards if the fee is that high. If you want to use cash, get $100 bills. The x-ray machine isn't going to count the cash.

[+ purplekow]

I was stopped by the police for speeding as I was leaving town, after I had won about $5000 in Atlantic city. I had the money on the seat next to me The policeman asked why I had the money. I said: I like looking at it.

[MikeyGMin]

If you travel by air often, have you (or anyone else reading this response) considered Global Entry or TSA precheck?

 

I actually have TSA pre-check, but for some reason when my ticket is booked through my corporate travel agency, it's never printed my boarding pass. I'm really going to have to figure out what's wrong. I will be asking my travel guru when I see him next.

[+ Keith30309]

I could be mistaken but I believe that law enforcement, notably the DEA notified by the TSA , can immediately seize any large amount of cash it deems "suspect" with no due process. The burden of proof lies with the owner to retrieve their cash. I have heard some outrageous anecdotal reports of seizures.

 

http://www.usatoday.com/story/news/2016/08/10/dea-travel-record-airport-seizures/88474282/

 

If I were to travel with more than $2000 in cash I would be very careful to secure it in a very discrete place that never left my side, along with a ATM or teller receipt in that exact amount.

[+ sam.fitzpatrick]

And I have noticed bank tellers seem to sneer more now whenever I withdraw a few thousand in cash....like "what do you need this for, huh?" Damn nosy people!

 

Unfortunately, banks are being held more and more accountable for the cash transactions that their customers run through their accounts by the banking regulators.

[rvwnsd]

Unfortunately, banks are being held more and more accountable for the cash transactions that their customers run through their accounts by the banking regulators.

Banks are required to file a Currency Transaction Report for cash transactions that exceed $10,000. That includes a single transaction or multiple transactions that exceed $10K when aggregated. A $3,500 cash withdrawal will not be reported to FinCEN unless other transactions made by the same person aggregate to more than $10,000. However, if a $3,500 cash withdrawal is out of pattern for a particular customer the bank might ask additional questions to determine whether the withdrawal is legitimate vs fraudulent or voluntary vs coerced/forced. For example, the scam in which someone receives a call from a son/daughter/niece/nephew needing cash sent via Western Union or a thief forcing a person to withdraw a large amount of cash. I understand some will not believe this, but these measures are for the protection of the customer as well as for the protection of the bank.

[Reluctant Daddy]

If you travel by air often, have you (or anyone else reading this response) considered Global Entry or TSA precheck?

 

If you obtain membership in either of the two (or some others) programs, you can bypass the need to place currency (and other valuables) in your bag that goes through screening.

 

You leave your money in your pocket or in a money belt or any other place on your body. You will not be going through the "nude-o-scope" (body scanners) like passengers must do if they do not have Global Entry or TSA precheck. Instead, you go through the "old fashioned" metal detector.

 

The membership is valid for five years and costs - for Global Entry - $100.00 and for TSA precheck, $85.00. Again, this is for five years of membership.

 

Being able to keep your valuable with you when going through security is a form of comfort and security.

 

Here is a link to some basic information about TSA precheck - If interested, Google for Global Entry and more for TSA precheck:

 

https://www.cbp.gov/travel/trusted-traveler-programs/global-entry/tsa-precheck

 

-

 

Thank you for this! Just so happens that my airport and the airline I'm using both participate.

[jawjateck]

I tell the nosy tellers I'm going to the racetrack or Las Vegas...then they all say "lucky you!"

But yeah, keep my biz private and give me my money.

 

Uh huh.....whenever I'm asked, my immediate/default answer is "I'm going gambling", which of course, is very true. And my odds of getting lucky and hitting the jackpot have been mighty dang high!

[Reluctant Daddy]

Do you know if escorts accept S&H green stamps?

[jawjateck]

Do you know if escorts accept S&H green stamps?

 

My most unusual payment method: I put a provider's car in the shop and paid for a transmission repair. I got an insanely hot 3 day weekend for about 700.

[+ Truereview]

If you travel by air often, have you (or anyone else reading this response) considered Global Entry or TSA precheck?-

Good suggestion. I wasn't sure how much Clocker travels. I travel all the time so I have a Global Entry card but not all airports participate in Global Entry. Also, as far as I understand, you could get an X ticket at the kiosk bc you've been randomly selected for an inspection. It has never happened to me, but that's why I take the extra precautions of packing my cash as I mentioned. Im sure KW, our global entry expert and traveler extraordinaire, will chime in soon on this thread to provide deeper insight on the topic.

 

I do wonder what traveling escorts do these days with the masses of cash they collect. Do they deposit it right away or travel with it?

[+ bashful]

When I had to travel for work, I got into the habit taking the $5.00 and $1.00 bills out of my wallet each night, and setting them aside to use as tip money later when traveling. I'd put a stack of 40 or 50 of those bills in a small toiletry bag with my meds. Never once was I questioned about the stack of money. On the rare occasions they checked the contents of my carry-on, they never looked to see what denominations they were.

[UpDownUnder]

I actually have TSA pre-check, but for some reason when my ticket is booked through my corporate travel agency, it's never printed my boarding pass. I'm really going to have to figure out what's wrong. I will be asking my travel guru when I see him next.

Make sure your **NINE-DIGIT** TSA-Pre "known traveler number" is included in the personal info section of each of your frequent flyer accounts. Then make sure your corporate travel agency includes your frequent flyer number in every booking they make for you. Unless your TSA-Pre membership info is linked to your reservation BEFORE you check-in for your flight, "TSA-Pre" will not be shown on your printed or mobile boarding passes.

 

The reason I highlighted **NINE-DIGIT** is because when I received my TSA-Pre acceptance letter, the letter also contained another account number that was close to, but not exactly, nine digits (I think it was 10 or 12 digits). In any case, I mistakenly entered that other account number in my frequent flyer profile (the airline website asked only for my "known traveler number" - it didn't indicate that it was a nine-digit number - and the box where I entered that info accepted more than nine digits). The result was that TSA-Pre would NEVER print up on my boarding passes. Took me a while to figure out and correct the error, but since I have (~7 years ago), I have never *not* had TSA-Pre print on my boarding pass.

 

The TSA agents are clueless about this issue. Their standard response to any question about why "TSA-Pre" didn't print on your boarding pass is to tell you that the system sometimes randomly does not give you TSA-Pre clearance even if you're a TSA-Pre member. Personally, I think that's a big lie intended to make the person asking the question to just go away, because since I entered the correct number into my frequent flyer profile, I have never *not* gotten TSA-Pre clearance and I typically fly about 150 segments a year, so that's over a thousand times in a row that I've gotten TSA-Pre clearance since adding the correct number to my profile.

[coriolis888]

 

I travel all the time so I have a Global Entry card but not all airports participate in Global Entry. Also, as far as I understand, you could get an X ticket at the kiosk bc you've been randomly selected for an inspection. It has never happened to me, but that's why I take the extra precautions of packing my cash as I mentioned. Im sure KW, our global entry expert and traveler extraordinaire, will chime in soon on this thread to provide deeper insight on the topic.

 

 

If you check in on-line (possible 24 hours prior to flight time), you can see your boarding pass on your screen and you can print your boarding pass or leave it in your smart phone for use when going through security, entering a lounge and for boarding your flight. On the boarding pass that you see 24 hours prior to flight time, you can determine if you are selected for "random screening" as there will be XXX on your boarding pass. That has happened to some of my travel companions. In that case, any money you have on your person will probably be detected during the additional screening.

 

The TSA precheck should show on the boarding pass that you print or view on screen before going to the airport. If you don't have the TSA precheck on your boarding pass that you see before going to the airport, you can plan ahead to handle your cash differently.

[UpDownUnder]

I've also never had anybody at US or foreign customs ask to see how much money I was carrying with me - and I travel internationally 10-15 times a year and have done so for the past 15 years. ONE TIME, about two years ago, while boarding a flight from JFK to Hong Kong, I was asked by a US customs agent - who was standing in the airplane jetbridge - if I was carrying more than USD $10,000 with me. I said "No" and he asked me some questions about where I was going and why, but didn't ask to inspect anything. No clue what that was all about becuase I've never seen a customs agent in the jet bridge before - I assume they may have been acting on a tip or otherwise had reason to believe someone on the flight was carrying a large amount of US currency.

[coriolis888]

 

I actually have TSA pre-check, but for some reason when my ticket is booked through my corporate travel agency, it's never printed my boarding pass. I'm really going to have to figure out what's wrong. I will be asking my travel guru when I see him next.

 

Your travel agent cannot help you with this. You must access your personal profile with each airline you use. In your personal profile is a place to enter your "Known Traveler number" which will become part of your profile with each airline.

 

When your travel agent books a flight for you, the travel agent needs to enter only your personal frequent flier number in the reservation.

 

With your Known Traveler number in your profile, together with your frequent flier number on your flight ticket, the

"system" is programmed to verify your current status and then assign TSA precheck if you are authorized. If you don't want to give your travel agent your frequent flier number, you can go online and enter your frequent flier number in the reservation record locator.

[Jbdesc]

I'm doing this over a weekend, and my arrival is timed such that I think most banks will be closed. To complicate matters, my bank doesn't have a branch in the state I'm traveling to. I considered checks/money orders but frequently read in comments that large check deposits sometimes raise eyebrows for the depositor. I don't want him to have any problems with this type of thing.

 

There are no flags raised on checks as long as their amounts are less than 10,000. If it is even a penny over banks are required to file a report for the government.

 

-Bank Secrecy Act of 1970

[jimboivyo]

Cash retrieval and carry for this hobby is a pain. I would not leave home on a trip without the necessary cash to complete the adventure. While I have numerous cash advance/withdrawal opportunities wherever I travel, I don't depend on any of them. And I have noticed bank tellers seem to sneer more now whenever I withdraw a few thousand in cash....like "what do you need this for, huh?" Damn nosy people! The most I ever paid for a single adventure was 4500, but 2-3k is common.

 

Fortunately, I have a few guys with whom I have developed mutual trust, and they will accept an electronic payment from me. Unless you know the guy really well and have discussed payment terms/options, you should be prepared to pay it all in cash.

 

if a teller sneers at you for any reason, you're at the wrong bank

 

I'd pull everything out and close an account if my folks did that to me

[jimboivyo]

There are no flags raised on checks as long as their amounts are less than 10,000. If it is even a penny over banks are required to file a report for the government.

 

-Bank Secrecy Act of 1970

 

there's a lot more to worry about now than a $10,000.01 transaction

 

http://peopleof.oureverydaylife.com/deposits-reported-irs-7557.html

[marylander1940]

How do you guys handle traveling with larger amounts of cash?

 

Even at my top ATM daily withdrawal limit, I can't withdraw at enough to cover an escort's fee plus daily pocket money. I had planned on taking the fee in cash, but it's a bit substantial. Walking around with that much and removing and placing my wallet through airport security makes me nervous - I'm afraid of one of those "Oops, where's my wallet?" moments. I get distracted by shiny things easily these days.

 

Put the money on an envelope in one of the pockets of your laptop/tablet bag, that's what I do.

 

http://targus.com/content/images/thumbs/0003396_15-citylite-laptop-case.jpeg

[+ Keith30309]

Wow - that's allot of cash to carry!

$5,000 is less than a half inch thick... $50,000 is about 2 1/4 inches thick... (new hundreds)

I've never had the problem of sherpa'ing this much loot around.

[+ Truereview]

I'd be happy to carry anyone's extra load of cash if they are nervous about it.

[rvwnsd]

There are no flags raised on checks as long as their amounts are less than 10,000. If it is even a penny over banks are required to file a report for the government.

 

-Bank Secrecy Act of 1970

 

That is incorrect. A Currency Transaction Report (CTR) is required for transactions involving cash. Cashing a check for $10,000.01 would require a CTR. Depositing a check for $10,000.01 into an account would not require a CTR because the instrument (the check) is not cash. However, if the depositor turned around and withdrew the $10,000.01 in cash a CTR would be filed. If the depositor attempted to structure the transaction by withdrawing $5,000.00 at branch "A" and $5,000.01 at branch "B" the institution would be required to aggregate the transactions and file a CTR.

there's a lot more to worry about now than a $10,000.01 transaction

 

http://peopleof.oureverydaylife.com/deposits-reported-irs-7557.html

 

The information regarding IRS Form 8300 is incorrect. Here is the guide to Form 8300 from the IRS:

 

https://www.irs.gov/businesses/small-businesses-self-employed/irs-form-8300-reference-guide

 

Here are a few highlights from the guide:

 

"Type of Payments to Report

Trades and businesses must report cash payments received if all of the following criteria is met:

1. The amount of cash is more than $10,000
   
2. The business receives the cash as:
   

• One lump sum of more than $10,000, or
  
• Installment payments that cause the total cash received within one year of the initial payment to total more than $10,000, or
  
• Previously unreported payments that cause the total cash received within a 12-month period to total more than $10,000
  

1. The establishment receives the cash in the ordinary course of a trade or business
   
2. The same agent or buyer provides the cash
   
3. The business receives the cash in a single transaction or in related transactions"
   

Note the trade or business, not that bank, is required to file form 8300. In addition, the form is required when a business executes one transaction for more than $10,000 in cash in a lump sum or in installments and/or multiple related cash transactions totalling more than $10,000 occur in one 24-hour period. It does not require the form if a business receives more than $10,000 in cash in multiple, unrelated transactions. For example, the business makes four unrelated sales of $3,000 and is paid in cash for each of them. Because they are unrelated, Form 8300 is not required. Also, individuals who are not engaged in a business do not have to file Form 8300.

"Example: Dave bought a new car and sold his old one for $11,000. The buyer paid Dave in cash. Since Dave is not in the trade or business of selling cars, he would not be required to report the receipt of cash exceeding $10,000 from the sale of the car."

If you want information about banking transactions, search for the information on the website of the agency that regulates banking transactions such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Department of the Treasury, the Federal trade Commission, or the Consumer Financial Protection Bureau. You can also google the transaction ("cash transaction exceeding $10,000") and find the government agency that regulates the transaction. Stay away from websites that purport to provide information as they are often misleading or outright incorrect.

[Jbdesc]

That is incorrect. A Currency Transaction Report (CTR) is required for transactions involving cash. Cashing a check for $10,000.01 would require a CTR. Depositing a check for $10,000.01 into an account would not require a CTR because the instrument (the check) is not cash. However, if the depositor turned around and withdrew the $10,000.01 in cash a CTR would be filed. If the depositor attempted to structure the transaction by withdrawing $5,000.00 at branch "A" and $5,000.01 at branch "B" the institution would be required to aggregate the transactions and file a CTR.

 

While I certainly can't fit all the relevant information into a quick paragraph as I was trying to do, the information when referencing cash transactions is accurate. If the individual I was referring to was going to get a money order, or bank check it would certainly flag the transaction. These require that you withdraw the cash from your account to generate the check. These monetary instruments are considered, for all intents and purposes, cash.

 

You're absolutely correct, if anyone is curious about the regulations and tracking of their monetary transactions they should reference any of the departments you listed. As always, never believe everything you read online, go straight to the source.

 

Cheers!