Leaving with more than 10k

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Mikep
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Leaving with more than 10k

Post by Mikep »

I will be leaving Cambodia soon and need to take a larger amount of cash than the 10k allowed in the customs regulations- is there a process before hand you need to follow to facilitate this as I need to take cash not a bank check, the last time I did this for legitimate reasons - the customs at the airport on departure wanted to charge me tax on the amounts I had

Any helpful info would be appreciated

Thanks
Cambo Dear
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Re: Leaving with more than 10k

Post by Cambo Dear »

You can transfer 9,999 USD by bank without any questions asked. Above that, you have to declare. However, there are no limits on number of transactions.

*That information is correct as of 2015 so things may have changed but the bank staff are generally very au fait with the procedures for transfers.
Chad Sexington
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Re: Leaving with more than 10k

Post by Chad Sexington »

As I understand it there is not a 10k limit on how much cash you can travel with, however anything over 10k must be declared, and as long as, if challenged (which is not automatic) you can prove you came by it legitimately and have a legitimate reason for carrying it there is no problem.
I have traveled earlier with over 10k, declared it, and was not even questioned about it.
Bubble T
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Re: Leaving with more than 10k

Post by Bubble T »

Cambo Dear wrote: Tue Sep 28, 2021 4:24 pm You can transfer 9,999 USD by bank without any questions asked. Above that, you have to declare. However, there are no limits on number of transactions.

*That information is correct as of 2015 so things may have changed but the bank staff are generally very au fait with the procedures for transfers.
This isn't correct in many situations. There is a crime which in most countries is called "Structuring" or "parceling" which is basically the act of deliberately splitting up transactions to avoid triggering alerts and questions. A transaction of "almost $10k" is highly likely to draw suspicion of precicely that offence. Cambodia is highly unlikely to care, but the country you're transferring the money to might. You'd raise much less suspicion by doing it all in one go and coming up with a legitimate explanation for it.

https://en.wikipedia.org/wiki/Structuring
Cambo Dear
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Re: Leaving with more than 10k

Post by Cambo Dear »

Bubble T wrote: Tue Sep 28, 2021 5:00 pm
Cambo Dear wrote: Tue Sep 28, 2021 4:24 pm You can transfer 9,999 USD by bank without any questions asked. Above that, you have to declare. However, there are no limits on number of transactions.

*That information is correct as of 2015 so things may have changed but the bank staff are generally very au fait with the procedures for transfers.
This isn't correct in many situations. There is a crime which in most countries is called "Structuring" or "parceling" which is basically the act of deliberately splitting up transactions to avoid triggering alerts and questions. A transaction of "almost $10k" is highly likely to draw suspicion of precicely that offence. Cambodia is highly unlikely to care, but the country you're transferring the money to might. You'd raise much less suspicion by doing it all in one go and coming up with a legitimate explanation for it.

https://en.wikipedia.org/wiki/Structuring
I understand your point and it is valid. However, I did this from Cambodia to the UK when we sold a property there and there were no flags raised either end. I guess we felt secure as we were able to show a legitimate source for these funds and so if flags had been raised and questions were asked, we would have been able to answer them. We saw this as less of a risk than making a declaration to the Ministry of Finance and then letting them look into it. Also less of a risk than being stopped at the airport or in transit with a large amount of cash. As with almost everything, it depends on an individual's situation and circumstances. I was just regaling what we did and it worked out fine for us.
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Freightdog
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Re: Leaving with more than 10k

Post by Freightdog »

Amounts over the 9999 threshold should be declared. I don’t know what the penalty is for not doing so.
Amounts below do not need to be declared. That doesn’t necessarily mean that they won’t need to be explained if discovered. If the explanation doesn’t satisfy the officials, then what?
TWY
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Re: Leaving with more than 10k

Post by TWY »

Mikep wrote: Tue Sep 28, 2021 9:57 am I will be leaving Cambodia soon and need to take a larger amount of cash than the 10k allowed in the customs regulations- is there a process before hand you need to follow to facilitate this as I need to take cash not a bank check, the last time I did this for legitimate reasons - the customs at the airport on departure wanted to charge me tax on the amounts I had

Any helpful info would be appreciated

Thanks
1. Each country has their own requirements.

2. Each country has its own forms

3. I cannot speak to Cambodia but the UK has all the legal information and online forms at https://www.gov.uk/bringing-cash-into-uk

4. I believe that both Acleda and ABA offer Swift international transfers. No real reason to travel with huge amounts of cash.

Good Luck
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ali baba
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Re: Leaving with more than 10k

Post by ali baba »

Declare it and carry proof that it was acquired legitimately. Money is considered guilty until proven innocent and the authorities can confiscate it on a whim. This is called civil asset forfeiture.
Scarier than malaria.
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John Bingham
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Re: Leaving with more than 10k

Post by John Bingham »

Mikep wrote: Tue Sep 28, 2021 9:57 am I will be leaving Cambodia soon and need to take a larger amount of cash than the 10k allowed in the customs regulations- is there a process before hand you need to follow to facilitate this as I need to take cash not a bank check, the last time I did this for legitimate reasons - the customs at the airport on departure wanted to charge me tax on the amounts I had

Any helpful info would be appreciated

Thanks
I can handle this for you. Just PM me your address and flight schedule. 8)
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Clutch Cargo
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Re: Leaving with more than 10k

Post by Clutch Cargo »

proof that it was acquired legitimately
What would be constituted as proof? Not trying to be smart and a genuine question.

I guess you could show a local bank statement with a recent withdrawal amounting to that. But what if your money in that account was originally swift transferred in from your home country bank account? How do they know that money is legit? So, would a bank statement cut it?

What else would they want to see that it is legit?
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