Traveling with cash can seem like a real grey area, but exactly how much money can you take abroad? If you leave the US with over $10,000, you will need to declare it on departure — and sometimes again on arrival in your destination.
There are two primary issues here, which are also the main reasons why most people avoid traveling with large amounts of cash:
- Security: If you have your entire travel budget with you in hard cash, it cannot be traced if stolen, potentially making you a target for criminals.
- Efficiency: Declarations at customs are usually required at both ends of your journey and can mean lengthy additional inspections.
One of the most common reasons for taking a large amount of cash abroad is that you might not want to pay banking charges to withdraw your money overseas or you aren’t confident that your debit card will work internationally. Fortunately, there are fee-free account transfer services and app-based multi-currency wallets, such as Cashero, that work seamlessly worldwide and are a far safer option.
Why is There a Limit on How Much Cash I Can Travel With?
Simply put, it’s about money laundering. Declaring any amount of cash valued at over $10,000 is a legal requirement. Failure to declare can be a severe criminal offense and carry steep penalties, so it’s vital you report any cash on your person.
While it makes sense to check how much money you can take abroad before traveling, these limits are non-negotiable. They are there to prevent travelers from using money illegally and to deter money laundering. The limits for entry into the US are the same as for departures. Anything above $10,000 or the equivalent in another currency must be reported to customs officials.
It’s also important to recognize that this limit applies to all individuals in a group. Say you’re heading off on vacation with a few friends. If your combined spending and travel budget together amounts to more than the $10,000 limit, you could be in very hot water if you fail to declare this on departure and arrival. In the worst case scenario, that cash could even be seized by border control, with prison terms up to 10 years, and potential fines up to $500,000.
How Can I Bring Cash Abroad Without Being Stopped at Customs?
Customs officers are there to inspect what you have on your person, and you must declare correctly anything you bring with you — including cash over $10,000. The rigid rules mean that bringing cash above this amount will likely cause delays and additional paperwork at departure, along with further declarations and more checks on arrival.
Travelers who belong to a larger group, such as a organized tour group, or who need to bring a substantial amount of funds to cover living costs, accommodation, or business expenses will usually opt for a money transfer service. This option is fast, far safer, won’t require any border control checks, and means your cash is protected and ready for you at your destination.
While you will need to declare transfers over $10,000 for the same reasons as carrying cash, this is a much simpler process. Most payments require a form to be completed stating the reason for the transfer and nothing more. These are easily completed in just a few seconds.
It’s also critical to consider the safety factor, especially if traveling to a country where you haven’t been before or where there are high instances of theft. Emerging from the border inspections office after the rest of the flight has dispersed is a key indicator that you may be carrying high-value goods, which can make you a target for theft.
Can I Bring Travelers Checks on Vacation to Avoid Delays at Customs?
Many travelers fall foul of the border control regulations due to a misunderstanding about whether the limits on the money you can take abroad apply to other forms of currency. Any cash value, including the below, requires a declaration:
- Notes and coins in any currency, including US dollars
- Gold coins
- Banker’s drafts and money orders
- Checks and traveler’s checks
Customs officials refer to cash in the broader sense, so if you have anything on your person that falls into this list, it’s classified as cash, and subject to the same declarations and inspection rules before you will be permitted to pass through border control.
Is It Cheaper to Carry Cash When Traveling Overseas?
In short, no. Another common mistake is assuming that bank fees or exchange rates will mean it’s cheaper to travel with cash rather than withdraw funds from your account in the local currency on arrival.
The opposite is true. Added to the safety factor, any dollars you carry will need to be exchanged in person at your destination. This process itself can have heightened risks, with currency exchange bureaus often being a target for thieves.
Suppose you’re concerned about significant changes anticipated to the exchange rate. In that case, a safer option is to look at a multi-currency account, where you can access your funds through your regular account when overseas without needing to worry about the costs. Cashero’s multi-currency account is a great option for this and allows you to hold USD, GBP and EUR all in one account.
Many travelers carrying cash will visit an exchange desk at a hotel or the airport, but almost always, these services will add on high service charges and offer uncompetitive exchange rates. Unfortunately, unless you know the local area well, it usually isn’t very easy to find a better option, and you could end up with a lot less cash than you started with.
Transferring your funds ahead of travel or using an online accounting service accessible overseas is a safer bet. It means you can convert your cash in advance, compare exchange rates at your leisure, and know precisely what your spending budget will be.
What is a Multi-Currency Account?
Multi-currency accounts are excellent options for frequent travelers or for trips where you know you will need a decent budget and want to bring enough funds with you. These options mean you can access favorable exchange rates and keep control over the account charges without eating into your savings. Cashero offers a multi-currency account, which allows you to keep up to three active currencies at a time.
Another excellent service often used to transfer funds to family and friends abroad is an international money transfer. Transfers can reach their destination in just an hour or two, as well as making sure the cash arrives safely in your recipient’s account. When using Cashero for your transfers to other Cashero users, they happen instantly, and without any fees. We also use the latest in digital security measures to ensure your money gets exactly where it needs to go.
Content Disclaimer:
As of the date of publication, the information contained on this page is deemed to be factually accurate for all terms of conditions, features, and fees. Changes made to Cashero’s terms of conditions, features, or fees after the publication of this content may not be accounted for.
App Disclaimer:
The Cashero App is now available for download in both the Apple App Store and Google Play Store, though not all features are currently functional. Cashero has not yet officially launched.
