Traveling with monetary instruments, currency, checks etc. – Do I have to pay duty?
Customs does not collect duty on currency. However, travelers leaving or entering the U.S. are required to report monetary instruments (i.e. currency or checks) valued at $10,000 or more on a “Report of International Transportation of Currency or Monetary Instruments” form FinCEN 105. You can obtain the form in advance and download it from here FinCEN 105, or a CBP officer can give it to you upon your departure or return to the U.S. Failure to declare currency in amounts of over $10,000 can result in its seizure.Information on the FinCEN 105 is provided to the IRS, and they determine whether or not the importation of monies constitutes income subject to taxation. The requirement to import currency on a FinCEN 105 does not apply to imports of gold bullion.
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- Traveling with monetary instruments, currency, checks etc. - Do I have to pay duty?
