Hi Guys,
I'm curious to know what happens if you declare at the airport that you are travelling with over $100k. I presume there would be some paperwork involved but would the amount be taxed and what sort of documentation, if any, would you need?
The reason I ask is because if you wire a sum like that to say, a euro account, the bank will change it first to USD and then to Euro so you are paying two exchange commissions and expose your hard earned dinero to additional currency risk. The bank will also take a fee of about $150 and charge a small commission capped at $100.
The way I see it, the alternative is to take the cash and exchange it at your destination at the best available rate! That's perfectly legal, right?
I've never travelled with this kind of money but don't want to pay the tax man or the fat banker (no offense to either) unless I must! Any thoughts?...
Cheers,
Fraz