Travelers who don't follow reporting rules risk having their money confiscated.
Most people don't travel with more than $10,000 in cash all too often, but there are exceptions. You might need a large amount of money on your trip and figure the convenient option is to take it with you. Or, if you've been working internationally, you may want to bring back the money you've saved to the United States. Whatever the reason, if you're traveling with this much money, here's what you should know first.
You need to declare it when traveling internationally
It's legal to travel with more than $10,000 in the United States and abroad. You have the right to travel with as much money as you want.
However, during international travel, you need to report currency and monetary instruments in excess of $10,000. When entering or departing the United States with this much money, you're required to file FinCen Form 105 with the U.S. Customs and Border Protection. You can file this form in advance online or while traveling by asking a CBP officer for a paper copy.
Many other countries have similar reporting requirements. For example, the European Union requires you to make a cash declaration if you're carrying 10,000 euros or more, or its cash equivalent. Make sure to review the laws for any country you're planning to visit.
There are some important details to remember here. The ones below apply to entering and departing the United States with over $10,000, but other countries may have similar rules:
- It's the combined value of all your currency and monetary instruments that matters. For example, if you have $7,000 and 5,000 euros, you would need to report that, because that's over $10,000 in value. The same is true if you have $5,000 and a $6,000 money order.
- Members of a family residing in one household must declare if the members are collectively carrying over $10,000. If you and your wife are each carrying $6,000, you'd need to report that.
- Pocket change matters if you're close to the limit. Let's say you have exactly $10,000 in your carryon. That's not more than $10,000, so you wouldn't need to report it -- unless you also have any other money on you, like $5 in your wallet.
If you don't report it, your money could be confiscated
Federal law on importing and exporting money is strict. If you break the law, whether knowingly or unknowingly, your money could be confiscated and forfeited. Even if the source of that money is completely legal, it may still be extremely difficult to get back.
The reason why is the controversial subject of civil forfeiture. Civil forfeiture allows law enforcement to seize and keep any money or property they suspect is involved in illegal activity. The owner doesn't need to be convicted of a crime or even arrested for law enforcement to do this.
But does this actually happen to people while traveling? Absolutely. From 2000 to 2016, U.S. law enforcement conducted over 30,000 seizures and took over $2 billion, according to the Institute for Justice. The most common reason for seizures was traveling internationally with more than $10,000 and failing to report it.
You can hire a lawyer and fight to get your money back. But lawyers aren't cheap, and fighting civil forfeiture is often a lengthy battle.
There are always risks to traveling with large amounts of cash
The most common scenario where traveling with over $10,000 could get you into trouble is if you don't declare it during international travel. That isn't the only risk, though.
While it's technically legal to travel domestically with this kind of money, it can arouse suspicion from law enforcement. And to reiterate, if law enforcement suspects your money is tied to illegal activity, they can seize it. People have had this happen to them, even while flying domestically within the United States.
Carrying lots of cash is also very risky from a personal finance perspective. Unfortunately, robberies can happen at any time. Even if it's unlikely, all it takes is one worst-case scenario, and you'll lose a significant amount of money.
Given the risks involved, and the reporting requirements when traveling internationally, it's better not to travel with over $10,000 or anywhere near it. It's much safer to just bring along a good travel credit card and use that for your travel spending. If you need cash in the local currency, you can likely get it at an ATM with your debit card. Or you can wire money to yourself from your bank account. Try to avoid carrying too much cash, and you'll save yourself a lot of stress.
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FAQs
You're required to file a form with U.S. Customs and Border Protection when entering or departing the United States with more than $10,000. Failure to report this could lead to legal penalties, including seizure of your money.
Will TSA stop you if you have a lot of cash? ›
Additionally, TSA has no rules limiting the amount of money you can bring through a security checkpoint at the airport. Although you can bring any amount of money to the airport, it increases the chance it will be seized for a civil asset forfeiture. Are these searches and detentions to seize cash at the airport legal?
What happens if you carry more than $10,000? ›
If you are stopped by a U.S. Customs and Border Protection officer and more than $10,000 are found on your person or in your belongings, and this money was not declared, you run the very real risk of CBP taking all of the money you were carrying and keeping it.
How much cash is illegal to travel with? ›
However, if the value of the money exceeds $10,000 USD, passengers must declare the amount they are carrying at customs and fill out all required forms and documentation. This applies to individual travellers, group travellers and business travellers.
What happens if you don't declare cash at customs? ›
The criminal consequences of failing to report cash are severe. Failing to make a report or making an inaccurate report by omitting or misstating a material fact in a report includes not only forfeiture of the money, but a fine ranging from $250,000 to $500,000 and jail time from 5 to 10 years.
Can airport scanners detect money? ›
A good X-ray scanner will always detect money. Airport scanners can detect even the smallest amount of metal and can detect paper. The scanners will always look after things that look different to the norm. In this case, if the currency is arranged in bundles, it will be more easily detected.
Can I fly with 20k cash? ›
It's legal to travel with more than $10,000 in the United States and abroad. You have the right to travel with as much money as you want. However, during international travel, you need to report currency and monetary instruments in excess of $10,000.
How much cash can you keep at home legally in the US? ›
The government has no regulations on the amount of money you can legally keep in your house or even the amount of money you can legally own overall. Just, the problem with keeping so much money in one place (likely in the form of cash) — it's very vulnerable to being lost.
Do I need to declare cash at the airport? ›
You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form (FinCen 105).
Is $10,000 cash limit per person or family? ›
Most localities in the United States have a $10,000 per person restriction. However, if numerous people are travelling together, they are not allowed to have more than this amount without disclosing the cash or things that total more than this amount to customs.
Yes, there are no laws restricting the amount of cash you can travel with as long as you declare any amount over $10,000 when leaving or entering the United States. Domestically, you do not have to declare money. The $10,000 limit applies to all monetary instruments including cash, checks, money orders, stocks, etc.
Can TSA seize cash? ›
However, the TSA may ask a passenger who is carrying a large sum of cash to account for the money. If the TSA suspects that the money is related to some kind of criminal activity such as drug trafficking or money laundering, they may turn the issue over to a law enforcement agency (TSA has no law enforcement powers).
How much cash is too much cash to carry? ›
In addition to keeping funds in a bank account, you should also keep between $100 and $300 cash in your wallet and about $1,000 in a safe at home for unexpected expenses. Everything starts with your budget. If you don't budget correctly, you don't know how much you need to keep in your bank account.
Why declare $10,000 or more when travelling? ›
The point of the U.S. customs cash limit is to catch criminals and prevent money from being used to fund illegal activity like money laundering or drug trafficking. Unfortunately, travelers who are otherwise law-abiding citizens sometimes get caught illegally traveling with too much cash.
What happens if you forget to declare something at customs? ›
The law states that “any article which is not included in the passenger's declaration and is not mentioned [by the passenger] before examination of the baggage begins” then the article “shall be subject to forfeiture and [the] person shall be liable for a penalty . . . equal to the value of the article.” A list of what ...
Do you ever have anything to declare when you go through customs? ›
What to declare. As a general rule of thumb, anything you obtained abroad needs to be declared. Some examples include: Purchases made abroad, including gifts for friends and family or something you will use or sell in your business.
Is there a limit on cash at TSA? ›
Yes, there are no laws restricting the amount of cash you can travel with as long as you declare any amount over $10,000 when leaving or entering the United States. Domestically, you do not have to declare money. The $10,000 limit applies to all monetary instruments including cash, checks, money orders, stocks, etc.
Is $10,000 cash limit per person or family in the USA? ›
Members of a family dwelling in the same home who enter the United States on a joint or family declaration must report on their Customs Declaration Form if they carry money or monetary instruments totalling more than $10,000. Individual members carrying more than $10,000 must then complete a Members FinCEN Form 105.
How much cash can you have at home? ›
While it is legal to keep as much as money as you want at home, the standard limit for cash that is covered under a standard home insurance policy is $200, according to the American Property Casualty Insurance Association.
