OK guys I need some advice...
I have a friend who has some money he wants to take down to the DR and deposit in a bank account (More than $10,000 USD). The issue is that with the current devaluation of the peso, he does not want to wire the money down, because he's afraid that the exchange rate the bank will give him is going to be the "official" rate of 19 pesos per 1 USD or whatever that is now, while if he takes it as cash he could get 22 pesos per 1 USD or higher. The difference could represent a nice chunk of money. In other words wiring the money could prevent him from getting quite a few extra thousands of pesos. He asked me whether I thought that he should just take the cash with him. I didn't think this was a good idea...because (and here's where I'm not sure), I didn't think you could take more than 10,000 USD in cash with you without declaring it. My questions are: What happens if you take it with you and declare it? Do you have to declare it just as you come into the DR or do you need to do it as you leave the US too? Can you guys think of any other way to transfer the money in USD to the DR without having to physically carry it with you? The only way I know is through Western Union, but they charge an exorbitant amount to send cash down to The DR. Any input would be greatly appreciated.
I have a friend who has some money he wants to take down to the DR and deposit in a bank account (More than $10,000 USD). The issue is that with the current devaluation of the peso, he does not want to wire the money down, because he's afraid that the exchange rate the bank will give him is going to be the "official" rate of 19 pesos per 1 USD or whatever that is now, while if he takes it as cash he could get 22 pesos per 1 USD or higher. The difference could represent a nice chunk of money. In other words wiring the money could prevent him from getting quite a few extra thousands of pesos. He asked me whether I thought that he should just take the cash with him. I didn't think this was a good idea...because (and here's where I'm not sure), I didn't think you could take more than 10,000 USD in cash with you without declaring it. My questions are: What happens if you take it with you and declare it? Do you have to declare it just as you come into the DR or do you need to do it as you leave the US too? Can you guys think of any other way to transfer the money in USD to the DR without having to physically carry it with you? The only way I know is through Western Union, but they charge an exorbitant amount to send cash down to The DR. Any input would be greatly appreciated.