Sep 29, 2006, 10:18 AM
Post #26 of 30
Re: [Bubba] Bank Accounts, Lloyds, and International Credit Cards
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Statutes in the United States require that cash transactions in excess if $10,000USD be reported and this has to do money laundering.
Since 9/11 things have changed in the US. 10k used to be the logging rate in the United States. It is now a definitive 3k period. There is no misleading nor sham about this, it is fact. Checks deposited into your account have not bearing on this rule.
If you have a brisk business account, a check cashed for green may go un-logged but if the clerk doesn’t know you, and it’s 3k or better logging is required.
I realize you’ve been out of the United States for 5 years or more and I don’t like getting into this right/wrong scenario, but you’re welcome to currently explore other avenues for confirmation.
If Oscar is getting the same rate at Banamex that he is getting at Lloyd then he is getting shafted.
Since you’re a Lloyd account holder and we’re exchanging helpful information, I checked the current rate at http://www.oanda.com/convert/classic and yes, based on their current exchange rate of 11.02992 per US dollar, as opposed to Lloyd 10.80 per. 1 usd, difference being .22992 centavos per 1 usd.
If you multiply 50k usd by .22992 centavos equals 11,496.00 peso profit ($1042.25 usd) gained by Mexican banks based on current exchange rates. My math maybe incorrect but if correct, yes, a shafting can be taking place.
Your findings are sound, the only issue here is, who and where is this current peek exchange rate of 11.02992 per usd going to be found without some institution making some kind of profit for shafting distribution rights?
(This post was edited by Oscar2 on Sep 29, 2006, 11:42 AM)