QUESTION
Do I need to speak with an attorney if I want to cash foreign currency? How?
Asked on Jun 11th, 2015 on Litigation - California
More details to this question:
Do I need to speak with a lawyer about cashing Iraqi Dinar? What forms do I need to fill out so that my money is not considered illegal money for tax purposes?
8 ANSWERS
Ronald A. Steinberg
I think that you only have to go to a bank.
Answered on Jun 17th, 2015 at 2:12 PM
James Eugene Hasser
It never hurts to talk to a lawyer, but I would think a bank and/or an accountant could answer that for you. Good luck.
Answered on Jun 17th, 2015 at 2:12 PM
Plaintiff Animal Bites Attorney serving Missoula, MT
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Bulman Law Associates PLLC
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If you smuggled into the country, then you should consult with an attorney before you violate any Treasury rules.
Answered on Jun 17th, 2015 at 2:12 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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No, you need to speak with a banker.
Answered on Jun 17th, 2015 at 2:12 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, you don't need a lawyer for exchanging foreign currency. Exchanging up to $10,000 of foreign currency has no paper work requirements. If you need to exchange more than $10,000 worth, you're required to give you identifying information and social security number. If you have a legitimate reason to hold a lot of cash, you'll have no problems. Warning: don't get cute and do a lot of transactions for $9,500. That sets off huge alarms and then you'll need a lawyer.
Answered on Jun 17th, 2015 at 2:11 PM
Edwin K. Niles
Any major bank can convert currency to U.S. dollars.
Answered on Jun 17th, 2015 at 2:11 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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It depends on how much money is involved. Very few banks in this areaif anywill purchase Iraqi currency, so you'd probably have to check with a bank in New York, or perhaps Chicago. If the Iraqi State Bank has a branch in one of those cities, they would be the likeliest place to start. Ordinarily you do not need a lawyer to exchange foreign currencyat least most foreign currencies. If the amount is worth more than $10,000, then the bank will likely have to report the transaction to the IRS. Since you are (quite reasonably) concerned about possible suspicions regarding the source of the money, have documentation ready to prove, if necessary, that the money has come to you legitimately. (If it has not, then you really must consult an experienced criminal defence lawyer.)
Answered on Jun 17th, 2015 at 2:11 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If the value is less than US$10,000, just take it to your bank.
Answered on Jun 17th, 2015 at 2:11 PM