Help! If  a large amount of foreign money is converted to dollars, what tax is used, if any???
442043
You need to declare where the money is coming from (the bank will require this information from you anyway), but you should not have any problems. As far as taxes, I believe this would count as additional income for you and would have to be declared on your next income tax form. You could get more detailed info with a bank, the Treasury dept. and IRS. Good luck with your new house!
948875
Your bank will do it slowly\nA currency exchange will do it (at the airport)\nWestern Union will probably issue you an international money order
1045965
any gift, foreign or not, worth over 11,000 is taxable by the US government.  Most likely they wouldn't find out, but we all know what happened to the guy from survivor who avoided paying his taxes.
469460
You use a color printer and color copier and then you go to a foriegn country and find some hapless victem (because they are unlikely to know what the real currency looks like)to exchange your fake money with real money.  Then you go to the bank and exchange the money you have with the money you want.  For instance, you don't want to counterfiet dollars. You want to counterfiet yens, yauns and pesos for example.
222701
Go to www.oanda.com  It is a currency conversion website that will calculate rates at different dates and using different exchange rate types (e.g.interbank etc)
209912
Say you are going to price a currency forward dated one yr from now. Say the currency rate is 10% and the base currency rate (let it be US dollar)4%.\nThen you can either borrow money at 4% in dollars (and pay 1.04 at the end per each dollar), buy currency in the cash market , and invest it at 10%. You will have E0 x 1.1 units of the currency, where e0 is the spot exchange rate.\n\nThe forward price HAS TO BE Ef=e0 x 1.1/1.04. Otherwise, (say its more than that) you would be doing the described operation, then selling at Ef and getting a free lunch.\nThen price would adjust until there is no free lunch.
495233
...Absolutely!!! One must purchase the software and go through a learn mode with play money while the individual has invested at least $500.00 USD into the Foreign Exchange Market. After the folks that supervise your transactions they will allow you to apply your deposit to real world currency exchanges. Trade with the most stable currencies:\nUs dollar, Jap yen, Euro, and the UK pound.  Good luck!\n...In addition the transactions are tax free since conducted outside the U.S. Debit xfers are made to a Carribean account. Strictly above board that only existed to millionaires!\n...A Trillion dollars a day is currently being exchanged!
3919
If the amount is over $10000 the bank is required to file a currency transaction report which essentially starts a paper trail for the money. The bank can additionally file a suspicious activity report on any cash deposit that it deems to be suspicious.  For instance if you come in every day and deposit 9000 dollars, they are going to get suspicious.  The government won't ask you questions but you are required to disclose all income to the IRS, and if they do audit you and find through CTRs and SARs cash deposits you could be in trouble. \n\nHowever if this is an irregular deposit then it is not too much to be concerned about.  There are sections in the USA Patriot Act that detail the current guidelines on the filing of these forms.
287135
Well I know in CHina instead of alloweing a Foreigner to use regular Chinese money the Foreigners are given Foreign exchange currency to use but if a business does not have enough of the foreign exchange currency in change then they can give regular change to the Foreign Tourist.
947458
I heard you can from random sources. You just have to know the cost of everything and the exchange rates before you do something.
352771
Some US banks have international departments that will do it for you. The easiest way is to stop at a Bureau de Change in the Barcelona airport. You give them American dollars, they give you Euros or whatever currency you want.
913520
This is not difficult people...tell him to go to his local bank: CIBC, Royal, TD Trust, Bank of Montreal, or Scotiabank -- one of the big 5. They ALL deal in US dollars -- both cash exchange and maintaining US dollar accounts.\n\nThis is so straight forward. And...there shouldn't be a charge to change cash from Cdn. to US -- there are charges to cash a US dollar cheque, for example -- but cash is cash. Now...if he were dealing with Euros or something, there might be a charge as banks do not carry that on hand in the branch. But each branch has a stash of US cash in their vaults.\n\nDepending on the amount of money we're talking here, he may want to buy US dollar travellers cheques. At least if they're lost or stolen, they're replaceable. Cash of course is not. He can also use his Canadian-issued Visa or MasterCard in the US if he's old enuf to have one...
1098030
no, the currency is CNY (Chinese Yuan). \n1 USD = 7.99 CNY
316061
The US dollar is backed by the US Government, (not great but it works). The US government, thankfully, is back by its taxing power over the American people (which is VERY good). I don't think you'll have much to worry about. But I won't keep cash laying around not collect interest or working for you. Inflation is what will really eat away your money.
125306
Most banks in other than very rural areas are able to do this, but it may take them some time, if they don't do it regularly.  It may depend on which currency is being exchanged, too.
19637
If you're referring to the places you see in airports, here's what happens.  You go the them and tell them the amount of the foreign currency you need.  They have a computer with which they look up the exchange rate and do the calculations.  They will tell you how much you need to give them for the exchange.  There is also a reasonable service fee (I believe it was about $5.00 the last time I used one).  You then receive your foreign currency and a receipt.\n\nHope that helps.  :-)
290004
Trading in the currency of other countries.