USA Currency Exchange

[Jorge Manterola]

I am a mexican citizen living in Tijuana. If I buy lets say 5000 USD dollars in a Mexican Currency Exchange Office at 18 mexican pesos per dollar and then I sell those dollars in a currency exchange office in USA for 19 mexican pesos on a regular basis...

* can i do that operation on a daily basis to get advantage of the exchange rate difference?
* should i declare that profit to the IRS?
* can i have problems with irs thinking i am laundering money?
* How do i prove the money came from my bank account in Mexico and its legal money?
* is there a maximum amount i can exchange on a daily, monthly basis?
* Is there a minimum amount i can exchange without been taxed?

Thank you

 

[kirby]

can i do that operation on a daily basis to get advantage of the exchange rate difference?
I know of no laws against that

* should i declare that profit to the IRS?
Yes

* can i have problems with irs thinking i am laundering money?
Absolutely, read about the U.S. "Suspicious Activity Report"
Also, once locals in your area are aware you are carrying large amounts of cash you may have other more significant problems

* How do i prove the money came from my bank account in Mexico and its legal money?
Don't know your personal finances and situation

* is there a maximum amount i can exchange on a daily, monthly basis?
I know of no laws against that

* Is there a minimum amount i can exchange without been taxed?
Yes, but read about "smurfing" as it relates to money laundering

 

[Werner Reisacher]

There is actually a limit about ownership of foreign bank accounts and transactions. US tax payers must report foreign bank accounts and transaction exceeding $ 10,000 to the US Treasury and the IRS under FACTA and FBAR. Violation against these rules have severe consequences and penalties can exceed the actual amount of money owned or traded in.