Reporting 10k or more to the customs border in USA and Ecuador

43POSTS

6 years ago

So I know you’re supposed to report to the customs border both leaving the United States and entering into Ecuador if you have $10,000 or more in your possession My question is does anyone have any experience with reporting that you have more than $10,000? In other words what should I bring with me other than of course the cash in case they stop and asked me questions? do I need to bring a copy of my bank statement showing I withdrew it? Is there any fines or penalties or taxes I need to pay on the cash above $10,000? What should I expect in both leaving the US and entering Ecuador? Also does that law apply per family or per individual can I have $9000 and my wife have $9000 and we don’t have to declare anything or does that mean we need to declare $18,000? Any help would be appreciated

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rriiccaarrddoo Active member

43POSTS

6 years ago

Well I’m not sure what you’re doing or what part of town’s you’re going into when you’re there but I’ve been to Ecuador five times and have been treated with nothing but respect and kindness so I’m certainly not concerned about anyone seeing my fresh fresh gringo walking around. Not to mention we’re landing in Guayaquil getting in her friends car and going straight to Salinas to our house that we purchase so we try not to do any silly things in any country we go into. 😜

rriiccaarrddoo Active member

43POSTS

6 years ago

So I had another person DM me and scold me for the same thing (bringing so much cash into the country) so Maybe I should’ve added in my post even though I’m not sure how that’s relevant to the actual question but, I was born in Argentina grew up in Venezuela and speak perfect Spanish (I just look like I’m from Oklahoma.

. And as I mentioned in my last reply we have been to Ecuador on five different times in the last five years (two of which we rented motorcycles) and traveled all over that country and have never been treated with anything but respect and kindness from every person we’ve met Grant you we were not throwing our money around and exposing it to everyone and we were being smart about every place we went and everything that we did And finally the reason why were bringing so much cash as were moving there we purchased a hotel and we are officially moving there and we have lots of things that we need to buy for the hotel so that’s the reason why we’re bringing so much cash So thanks anybody and everybody for your concern duly noted and if someone could actually help me out with the actual question that would be awesome. 😁 gracias

user159 Contributor

165POSTS

6 years ago

Still, I'd rather take the money out from the bank here. Just go to the bank, with your passport and you can take out large sums as required without needing to use the ATM and their tiny withdraw limit.

Well I’m not sure what you’re doing or what part of town’s you’re going into when you’re there but I’ve been to Ecuador five times and have been treated with nothing but respect and kindness

Everyone is until they aren't. Chances are you will be fine, but...

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Fred Indonesia Expert

30549POSTS

6 years ago

I would suspect they'll assume you're a drug dealer or some other criminal until you can show otherwise. Another issue could be corrupt agents that demand a fee or fine before passing.
Not declaring could mean a forfeit, so closely following any rules you're aware of would be advisable.

I have no experience of this, so just offering food for thought.

As already mentioned, it would be far better to arrange a cash transfer with a local bank or, as I did, load cards up and transport larger amounts of money that way. Immigration and customs won't even look, and it's far safer.

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EcBound New member

6POSTS

6 years ago

Hi, just reading your post, where did you buy your property? Did you use a broker or FSBO? Thanks

Emigrayo68 Active member

81POSTS

6 years ago

Hey, rriiccaarrddoo. I have no experience with bringing money into Ecuador other than paying by check (photocopy and email) to the visa facilitator, and wiring a month's rent for an apartment (which cost me 20% the value of the bill).

I hesitate to suggest something stupid, however, you might consider getting a temporary 2 year visa which gets you a cedula with which you can open an Ecuadorean bank account (Banco de Guayaquil, Banco de Pichincha, etc). Then you can apply for the "Investor's Visa" which I understand allows you and your family to travel as you wish. A lawyer could prob give you better advice on the details of money transfers and buying properties.

Best of luck with your hotel!

Emigrayo68 (Buster)

parrotsrest Active member

83POSTS

6 years ago

when we moved here 6 months ago, we brought $9999 in cash, i had heard it was difficult to get significant amounts of cash from ATM's, and that getting small bills was a hassle. We came here to retire so did not need more than that. From previous life i know the treasury department is flagged by cash transactions over 10,000, and in case i had someone question me i kept it under that. I use a money belt when traveling, which accommodated about 5000 in hundreds, and the rest(a lot of 5's) i made a brick about the shape of a book and wrapped in cellophane tightly. And we were very aware of who 'had the brick' for the trip here. And the shape was never questioned when scanned at airports. Not a specific answer to your question, but I would not hesitate to do it again if I had a need to.

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rriiccaarrddoo Active member

43POSTS

6 years ago

#10

Thanks yes we are already hired a lawyer and we’re coming in on an investor visa. We just need the borders to open up so we can get there we have already had three different flights canceled on us so now we’re hoping end of May early June but who knows at this point

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rriiccaarrddoo Active member

43POSTS

6 years ago

#11

Fyi. So we spoke with our lawyer about the money and this is the gist of it you’re allowed to bring in as much as you want in fact they love money coming in she does suggest that we print out our bank statement for the last three months and have it with us because they might and probably will have questions on how we came up with that money it’s getting the money out of Ecuador that can cause some problems and you have to pay taxes over a certain amount and lastly we also found out that it’s $10,000 total even if there’s my wife myself and my brother it isn’t like we can each have $9999 and not claim it. It would be $10,000 total between the three of us now again we can bring in as much as we want we just have to clean it and then be prepared to show where we got it and there won’t be an issue And we’ve already bought a house there and we’re bringing in a really nice heavy duty safe so once we get to our house and get the container dropped off everything will be very safe and are safe and there’s nothing they can penetrate it so we’re good we just need the stinking border to open up so we can get there !!!

Emigrayo68 Active member

81POSTS

6 years ago

#12

I just saw an article in Cuenca High Life today, the 4th of May they're opening up and relaxing some restrictions. The President is speaking more tonight, and this week the details will be rolled out. So, something is gonna give soon.

Good luck with your adventure to Ecuador, and with your business.

Emigrayo68 (Buster)

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EcBound New member

6POSTS

6 years ago

#13

My experience is 98% positive in EC, a few times some minor issues, sometimes with language, and 1-2 rude people.
I find being friendly, patient and trying at least to speak Spanish best I can goes a long way.

Any country there are rude people or people just having a bad day/week.

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Bigbrad2008 Serial expat

258POSTS

6 years ago

#14

That still, IMO, is alot of cash. So what you want, but consider this. Normally, the withdrawal limit for an ATM is 500 a day but with 3 having separate accounts, you can withdraw 1500 a day. What I have done to get around the 500 a day limit is have accounts at various banks in the US. I am able to withdraw the max on my 2 separate debit cards from 2 banks m so that is 3 grand a day. In 3 days, you are there. This may not work but why don't you send me all three of your debit cards from 3 banks, a total of 9 cards and I will see if it works. Please send me your PIN number too so I can redeposit the money I stole, I mean borrowed short term LOL

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Emigrayo68 Active member

81POSTS

6 years ago

#15

If each of you got the investor visa, could you each bring in or take out $10,000--you, your wife, and your brother each with your own visa?

Emiigrayo68 (Buster)

B.Bindon Active member

46POSTS

6 years ago

#16

It really isn't as simple as going to the Bank and taking out cash. For one thing these are Ecuadorian Banks, which have no relationship to most world Banks. Second, it is very expensive to move money from and American or other Bank to Ecuadorian Banks.

What I did was fly to Canada, go to my Bank and have the money wired to Pinichinca at a cost of only $110. Some of these money transfer businesses charge %7.

But, I never brought any back, although I was going to put $100,000 in my pocket and bring it back.
When I got the money here the Bank held the funds until I could prove the source of funds. Actually, I got some money on the first day, but after 5 days they froze my money. (~$100k). In my case there was no problem getting it released.

I would not hesitate to bring it back now, if not for money wiring. Safety, to me, was not a considering factor.

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B.Bindon Active member

46POSTS

6 years ago

#17

You don't need any investor visa. Most Countries allow $10K. In Canada it is the same, and you don't have to account for the source of the $10,000, just if it's over.

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rriiccaarrddoo Active member

43POSTS

6 years ago

#18

As a gentleman said below me you can bring in as much as you want to million dollars if you want to you just better be able to prove where you got the money from if it’s over 10,000. What I wasn’t sure of but I am now after speaking to my lawyer is is it 10,000 each person another words my wife and I can each have 10,000 or is it 10,000 total and it turns out it’s 10,000 total but like I mentioned you can bring in as much as you want you just better have proof of where you got it from
And right now all I wanna worry about is getting myself to Ecuador I am now working on my fourth attempt because the last three got canceled due to the coronavirus I’ve heard rumors sometime in June and I’ve heard other rumors in September so it this point we are just hunkering down and waiting until I hear confirmation that someone is actually flown there and then we’re going to be on a plane the very next day LOL

rriiccaarrddoo Active member

43POSTS

6 years ago

#19

And that same gentleman is also correct it’s not that easy to just walk into any bank and withdraw money we’ve tried that on a couple occasions while we were there on vacation and scouting properties not to mention the penalties and fees you have to pay so I’m not sure where you guys are banking or how much you’re trying to withdraw but it’s not as easy as just walking into any bank I know that for a fact but thanks for everyone’s opinion and help and hopefully if anybody else is got the same questions or concerns that I did regarding the amount to bring in and they are now clear on what is possible

Emigrayo68 Active member

81POSTS

6 years ago

#20

With the bottom out of Ecuador's economy, you would think they would be happy to get lots of money deposited, regardless of the source. Just sayin'

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Bigbrad2008 Serial expat

258POSTS

6 years ago

#21

Correct me if I am wrong, yiu are not coming now?

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Emigrayo68 Active member

81POSTS

6 years ago

#22

Big Brad 2008, about every other day I change my mind. Found a great apt. Cheap and in a good area. But the news and events in the U.S. are awful. Daily I find myself wondering "Why the f*ck am I still living here?" Of course, the answer is the planes aren't flying and the borders aren't open. I fell in love with Ecuador. It's serious, man.

user159 Contributor

165POSTS

6 years ago

#23

rriiccaarrddoo wrote:
And that same gentleman is also correct it’s not that easy to just walk into any bank and withdraw money we’ve tried that on a couple occasions while we were there on vacation and scouting properties not to mention the penalties and fees you have to pay so I’m not sure where you guys are banking or how much you’re trying to withdraw but it’s not as easy as just walking into any bank I know that for a fact but thanks for everyone’s opinion and help and hopefully if anybody else is got the same questions or concerns that I did regarding the amount to bring in and they are now clear on what is possible

You also need to factor in, that in Ecuador, you need to ask the right question. You can ask the question 9 times and get a no, but ask it slightly differently and the answer becomes a yes. Don't expect people to figure out what you mean, or to go the extra mile (or extra step).

Do not expect people to go out of their way to be useful and help you solve your issue, which if my experiences of visiting the US are correct, is how things are done in the US. Perseverance. a smile and the patience of a saint are all required. If it is still a no. Then ask at a different kiosk and you may get a different answer

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rriiccaarrddoo Active member

43POSTS

6 years ago

#24

I’m sure everyone has heard but they are officially opening up the airports in Ecuador starting June 1 with mandatory 14 day quarantine in the city you land in with the option of taking a COVID-19 test on the seventh day and if you get a negative result then you’re allowed to go to whatever city you’re ultimately going to and finish your 14 day quarantine there !!!

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