<p>I have a wealthy foreign friend who is not US citizen or PR who intended to travel into US with $600,000 in Cash or Traveler’s Check. Obviously, he will declare to the fullest and he had a legitimate reason to do so. </p>
<p>Question is, other than declaration, will he need to explain any thing to the custom the source and the use of the fund? If so what line of questions the custom may ask?</p>
<p>Isn’t there some other way to get that money here…like a wire transfer. </p>
<p>That is definitely going to raise lots of red flags at the immigration check point, no matter how ironclad his explanation. Immigration will assume it’s drug money and he may be detained for quite a while. After a long international flight, does he really want to go through that? I strongly suggest a wire transfer, which is what most people do. Immigration will also wonder why he didn’t use a bank (which goes back to why they will try to determine if the money is illegal).</p>
<p>He is coming to buy antiques, and cash is the king in that business.</p>
<p>Sounds fishy to me. I personally wouldn’t want to try to travel with that much money across international borders even if it is legal. If, in fact, the friend wants to buy antiques to the tune of $600,000 there’s got to be a better way than crossing border with that much cash. Good luck to your friend. </p>
<p>I can’t imagine that he will not have issues getting into the country. Immigration is likely to be concerned that he intends to remain in the country with that amount of money in his possession, and the explanation that he’s going to buy antiques? That will definitely alert the AML people.</p>
<p>Also, I disagree that cash is king in the antiques world. All reputable antique dealers accept checks and always have. I have close family members who have been in the biz for decades and it would be unusual for someone to come into their shop or their booth at a show and want to pay in cash.</p>
<p>Artloversplus…that is absurd. All reputable antique dealers I know take checks, bank checks, pay pal, credit cards. Honestly, if someone came in and wanted to pay cash for a very exoensive antique, the folks I know would wonder if it was laundered money.</p>
<p>If your friend really intends to buy over half a million dollars in antiques, he needs a better way to get the money here, and a better way to pay for his purchases.</p>
<p>Is he going to take the antiques out of the country? He might run into problems on the way back since it sounds like the dealer might not provide any receipts…</p>
<p>Sounds fishy, if antique dealers typically handle hundreds of thousands of dollars in cash frequently, do they then have a cadre of armed bodyguards?</p>
<p>Yes, cash is preferred for antiques but NOT anything on that scale. I don’t know of any reputable dealer that would deal in cash for that large a sum of money and I don’t know any reputable buyer that would travel with that much cash oh him/her.
If things sound “fishy” to us, they’re going to raise huge flags to agents. </p>
<p>First of all, 600K seems a big number to most of us, but in antiques, it is not a big deal. 600k probably can buy only one or two items, in some cases, it is only a down payment. Secondly, how do you know he has to buy from a dealer? There are plenty wealthy individuals who holds a lot of antiques worth millions. Thirdly, without cash, your bargaining power is way down, in other words, you have to pay more.</p>
<p>“600k probably can buy only one or two items, in some cases, it is only a down payment.”
Oh REALLY?? an antique or 2 in THIS county is NOT worth THAT MUCH! Unless they are an illegally stolen ancient relic from overseas…
You sound like you are being duped by this person, or worse… …</p>
<p>I know just a little bit about the antiques market. You friend sounds misguided and naive. There are other ways to handle payment. I vote with all those saying “no way” This will probably not end well. Who advised him to proceed in this way? The sellers?</p>
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<p>This… really isn’t true. </p>
<p>If your friend plans on purchasing antiques of this value - a piece costing $300K is considered high end, then any reputable dealer will take a wire transfer. Period. No suitcases full of cash need to be involved. If your friend’s transaction MUST be a cash deal, then the antiques may be undocumented or acquired nefariously and the whole thing is below board and he should be fully aware of what he is getting into. </p>
<p>As long as you declare the funds, the money by itself isn’t a reason to deny entry to the US. </p>
<p>Be careful. Be really careful.</p>
<p>Is there cocaine stuffed in the lining of some of these antiques?</p>
<p>I have no idea but it seems like it would be more problematic to leave the country with that much than enter it. </p>
<p>I doubt many of us have deep-pocketed antique hunter international friends, so maybe this isn’t the most useful forum to ask on. </p>