At 02:20 PM 7/27/96 -0700, Timothy C. May wrote:
Who said it had to be in one day? I didn't. Most vacations to Europe last a couple of weeks, e.g., "If this is Tuesday, I need to make a withdrawal in Milano."
The original definition of multiple transactions (structuring) said the transactions had to occur within one day. There is now a separate rule that says that the bank has to report *any* suspicious transactions even if they don't fall under specific regulations. Keep the population guessing as to what's reportable.
I think a lot of ATMs will now dispense big chunks of cash--I've never checked on limits, but I notice that some CRT screens now have chunks up to $600 or so listed.
New York money center banks allow $1000 a day or so. Credit cards (which are also bank accounts although most don't think of them as such) let more get out and one can always over pay one's credit card to get a credit balance of any amount. They take the money. Usually in those cases, you can withdraw the credit limit each day and then when the account settles overnight it draws down the credit balance you've built up and your available credit is back. Some may do this "live" one would have to experiment. ATM and credit cards may also have different limits for point-of-sale transactions than for cash withdrawals.
Thanks. Still not sure if it applies, but I'd forgotten that it's up to the banks to do the reports; good to know it's not up to me.
You have to report taking cash (currency or monetary instruments) into or out of the country but you don't have to rat on yourself for cash transactions with a bank here. DCF