What constitutes as “Negotiable Monetary Instruments” for currency reporting requirements?
Negotiable monetary instruments that must be reported by travelers or persons sending or receiving them (other than by electronic means by a banking concern) are:
- Coin or currency from the U.S. and/or other countries, including gold coins*
- Travelers Checks
- Checks, promissory notes or money orders that can be cashed by the bearer. This includes checks or money orders made out to someone other than the bearer that are endorsed without restriction(i.e. for deposit only.), and incomplete checks, money orders, promissory notes that are signed but on which the name of the payee has been omitted (the “To” line is left blank)
- Securities or stocks in bearer form
You can obtain the currency reporting form FinCEN 105 for more information. Monetary instruments that are made payable to a named person, but are not endorsed or which bear restrictive endorsements are not subject to reporting requirements, nor are credit cards with credit lines of over $10,000.
Gold Bullion is not a monetary instrument for purposes of this requirement, but still must be declared upon entry.
*There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer.
A FinCEN 105 form must be completed at the time of entry for monetray instruments valued more than $10,000. This includes currency, ie. gold coins, valued over $10,000. The FINCEN definition of currency: The coin and paper money of the United States or any other country that is (1) designated as legal tender and that (2) circulates and (3) is customarily accepted as a medium of exchange in the country of issuance.