Do I need to speak with an attorney if I want to cash foreign currency? How? 11 Answers as of June 17, 2015

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?

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Ronald K. Nims LLC | Ronald K. Nims
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.
Answer Applies to: Ohio
Replied: 6/17/2015
Law Ofices of Edwin K. Niles | Edwin K. Niles
Any major bank can convert currency to U.S. dollars.
Answer Applies to: California
Replied: 6/17/2015
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
If the value is less than US$10,000, just take it to your bank.
Answer Applies to: California
Replied: 6/17/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
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.)
Answer Applies to: Wisconsin
Replied: 6/17/2015
Adler Law Group, LLC
Adler Law Group, LLC | Lawrence Adler
you should go to a bank that handles international monetary exchange
Answer Applies to: Connecticut
Replied: 6/17/2015
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