On a trip to Las Vegas from London,Dan Morris once saw professional poker players from London carrying for a $40,000-fee tournament.
Me? I wouldn’t even wear my wedding ring anywhere for fear it would be stolen, never mind when traveling.
Imagine the customs-declaration forms for those gamblers -- 10 grand is the minimum amount for having to declare your cash with customs. If you're carrying $10,000 or more, your money is tracked to see if you're involved in an illicit activity.
Every time I travel outside of the country, I look at the U.S. customs declaration form and wonder who's carrying $10,000 or more in U.S. currency or the foreign equivalent.
And it always makes me wonder if someone could make money off exchanging $9,900 in currency outside of the U.S. and then exchanging foreign currency when they return, thus making a profit.
But Morris warns thatin currency while overseas can be a risky venture. Here's why.
It's Hard To Keep Secure
Let's face it. Carrying a credit card most of the time.of is risky. As an alternative, it's only $1 or so to use your ATM card to withdraw from an ATM machine. You can also use your
You Have To Have A Paper Trail
You may save money on currency exchange, or even make money, by getting currency exchanged at a place outside of a bank in some foreign countries. However, the government may ask for paperwork when you leave that shows where you got the funds. If you can't provide it on the you exchanged, you may get accused of counterfeiting cash or doing other criminal activities. Morris says it always seems when he arrives in Europe that it costs $1.40 per Euro on the way in and $1.30 per Euro on the way out. He'd lose money exchanging too much currency on the way in. But if he sees a great exchange rate, he may up just enough for cab fares for his next visit.
Transactions Add Up
If you're bringing back $8,000 on a regular, any reputable place exchanging the money for you track it and send your info to the local government. If you do this several times per year, you're going to look awfully suspicious. The only exception is if you have a home overseas.
The investing in the Forex foreign exchange , you can safely and without suspicion of criminal activity profit off the highs and lows of the difference between the price of one currency versus another. Forex investments are very common, but it's always best to talk an who follows currency differences so they can help you figure out when it's best to invest in specific foreign currencies.Answer: There are two times when in foreign currency makes sense. By simply
The other time is when you're a frequent traveler and notice a really great exchange rate. Put aside $1,000 or so and deposit it in your bank so you have money for taxis, dinners out, etc., at a nicer rate.