Hi y’all… so topic says most of it. Just wondering if anyone here has ever sent over $10k USD to a bank in the US from a bank in Taiwan. Wondering if it’s worth it, or just to do two separate transactions instead. I know that sending over $10k can incur some extra paperwork and we all know how great banks here are with stuff like that…
So just wondering if it’s worth it to do as one transaction or if I should break it up into two and save myself the hassle, even if it does cost more money. Worth it? For the record, I am just transferring money to my own bank account in the US and of course it’s all legitimate money that I made from working here. It’s higher than usual since I just got a bonus and because I deposited a lot of cash in my US account the last time I visited home. Anyway, curious to know what people’s experiences have been and I was not able to find another topic on this, so if it’s already been discussed, my apologies to the mods and please send the link. Cheers!
I remember hearing that they would only get suspicious if you did something like send several transactions of $9999 in a very short time frame. I’m thinking more like sending two $5000~ transactions in a relatively short time frame, perhaps less than a month apart, only if the paperwork for a $10k transactions is that onerous, which is what I’m trying to figure out.
I’m saying I got no idea if they only look for something like $9999 or $9995 or anything.
I’d send the whole amount and do the paperwork. If the money is legit then there’s nothing to worry about. Trying to space them out makes it look like you’re trying to fly under the radar, and makes you look bad. I’m sure nothing will come of it, but why take that chance?
Or have your account frozen while you try to explain to them that you were just trying to avoid paperwork. It could take a while too.
Talk to your bank, ask them what paperwork they require for this. They will work with you on this. Consequence of trying to game the system is account frozen, or any sum over 10,000 dollars seized, or worse.
okay, point taken. but still, I fear the retardedness of the banks here and their incompetent ineptitude when trying to deal with situations like these. if it only takes a few minutes (anything less than an hour) to do the paperwork, fine, but I have been through far too many ordeals with banks here and just don’t trust them to handle it properly or in anything resembling efficiency or competency whatsoever.
but you’re probably right about it not being worth the risk, especially if it’s all legit, which it is. I am really just wondering about how retarded the bank people will be with all the paperwork.
A bank is unlikely going to bother you about 10k from your own account. Banks see transactions over that regularly and it’s coming from your account with the same name. It’s also coming from the US.
If it was coming somewhere like Pakistan, yeah they might flag it. But same name from the US isn’t irregular
If sending money from YourName in Taiwan bank to YourName in U.S. bank, then stop worrying. I’ve done much more than your amount and many times over the decades.
U.S. authorities typically looking for XYZ entity (like trading company, etc ) in some country sending to PersonName in U.S. bank.
OP, I’ve done multiple wires in a single week under 10k many times. Everything went fine and I’ve never been audited or had any hassles of any kind. I’ve also done over 10k, same, no issues.
Structuring in money laundering is when criminals make transactions intentionally splitting larger amounts into a series of smaller sums to avoid scrutiny from law enforcement or compliance obligations. In other words, criminals strategically structure deposits just under the threshold to prevent unwanted attention.
In these cases, the individual or entity typically conducts smaller transactions without requiring the financial institution to file a report with a government agency. For instance, in the United States, a report must be submitted for all cash transactions exceeding $10,000 processed by a financial institution.
Such transactions are harder to notice as they do not trigger automated reporting systems. This enables criminals to continuously make regular deposits under the reporting threshold, as they don’t have an obvious pattern for the trigger to be made.
Examples of Structuring
Structuring is relatively simple because all the funds typically go into the same account or a small number of accounts under the same name. Despite that, it can backfire if a bank detects a trend of deposits that are all under the reporting limit:
For example, John starts by dividing the total amount of cash, let’s say $250,000, into smaller portions.
Instead of depositing the entire cash at once, he decides to deposit $10,000 at a time over multiple days. By doing so, John aims to prevent getting caught by the bank and regulatory authorities who monitor such transactions.
To further complicate the trail of illicit funds, John decides to withdraw the money in a structured manner.
Instead of withdrawing the entire amount in one transaction, he makes numerous withdrawals of $2,000 each from various bank branches. By repeatedly making smaller withdrawals, John wants to strategically avoid mandatory reporting thresholds and prevent raising suspicion on his end.
Is Structuring a Crime?
Even if the person obtained the funds for structuring legally, structuring is still illegal and is considered a criminal offense.
My advice: send it all at once. US banks are getting increasingly squeamish about international transactions and are closing customer accounts without explanation or warning.
Yea but somehow I get accused of alarmism. Just because someone done it before doesn’t mean nothing will happen if you try.
If authorities see you split transactions up like this, it looks suspicious as hell as they will think “why does he want to avoid reporting?”
Of course they won’t notice every single transactions but if you want to avoid the small possibility of trouble, just send it all at once. Money is legit and it’s just answering a couple of extra questions, and no one bats an eye.
In the US structuring is punishable by up to 5 years. Don’t do it.
