There's no limit to how much cash you can legally have in hand in the USA, but there are reporting requirements for large sums when entering or leaving the country.
According to U.S. law, if you're traveling into or out of the United States, you must declare cash or monetary instruments totaling more than $10,000. This requirement is in place to help combat money laundering, terrorism financing, and other illicit activities (24-Sept-2024).
Here’s a breakdown:
- No Limit on Possession: You can possess any amount of cash within the U.S. without legal restrictions.
- Reporting Requirement: If you are transporting more than $10,000 in cash or monetary instruments (e.g., traveler's checks, money orders) across U.S. borders, you must declare it to U.S. Customs and Border Protection (CBP).
- Failure to Declare: Failing to declare amounts over $10,000 can result in seizure of the currency and potential civil and criminal penalties.
Example:
Let's say you are leaving the U.S. with $15,000 in cash. You must declare this amount to CBP before departure. If you don't, and CBP discovers the undeclared cash, they can seize it, and you might face fines or even legal charges.
