When entering the United States, a traveler may bring money in one of a number of forms: cash, money orders, traveler's checks and a number of financial instruments. Although there is no limitation on the amount a person can bring in, travelers must declare sums exceeding $10,000 in advance, reports USA Today.Continue Reading
Upon arrival in the United States, you must report all monies you have brought into the country with a customs declaration. Even if you have obtained the money lawfully, failure to declare amounts in excess of $10,000 can carry severe penalties, including fines and confiscation of the money, according to the University of Michigan International Center.
As of 2015, the list of monetary items you must declare covers the currency of all countries and includes gold coins, notes USA Today. Any traveler's, personal or business checks or money orders endorsed with a signature, indicating that they are ready for deposit, require declaration. If two or more travelers accompany each other, the amount that may require declaration covers the total held by all travelers, rather than individually held sums.
The Internal Revenue Service receives all of the information provided at customs, explains USA Today. Although you pay no duties on monies when you bring them into the country, they may eventually be subject to income tax.Learn more about Currency & Conversions