Getting money to vegas.
Quote: QuadDeucesTrue, but we're not talking about a teen turning 18. We're talking about someone flying to Vegas with a modest bankroll.
The OP mentioned ATM fees, though. They wouldn't open an account with fees if they were trying to avoid fees! Plus they didn't want to pay for a cab to access a bank-run ATM. I personally wouldn't walk to an ATM, withdraw a large sum of cash, then walk back to the casino. The options seem to be carry the cash or use a casino ATM with the lowest possible fee. I say carry the cash.
I keep working bankroll in a bank with no fees and branches/ATMs everywhere. If it was going to be difficult to hit a teller window I would just carry it too. It's only $3K. Probably in an envelope in my carry on until through the TSA checkpoint then on my person somewhere.
Flying Safely With Your Bankroll from bj21.com
I followed the advice here the last two times I flew to Vegas with a large amount of cash (between $10K and $20K each time). Money goes in a money belt, pouch, or envelope. Belt/pouch/envelope goes into a locked briefcase. Briefcase goes through the X-Ray machine. Yes you do have to physically part with it for a few seconds, but it's easy enough to maintain visual contact with it (don't push it through the machine until you are ready to go through the metal detector/etc.) If the TSA wants to inspect your briefcase, you have to open it for them so you will be right there. The money is in a totally appropriate vessel (belt/pouch/envelope). Print out a copy of the TSA's policy on cash and keep it in the briefcase, along with some gambling/AP books or some printouts from the WoO webpage. ATM receipts are great too. Essentially, you want to look like a pro to the TSA. Of course you want to look like a n00b to the casinos, which is an entirely different subject :).
Quote: LonesomeGambler... is there any reason it can't be put in carry-on luggage? TSA won't stop you for money in your bag, and they won't open your bag without you being present......
yeah they will. I've gotten home before to find my checked bag had been opened and the lock destroyed, and a nice TSA note inside saying basically "We went through your bag without your consent...deal with it."
Quote: zippyboyQuote: LonesomeGambler... is there any reason it can't be put in carry-on luggage? TSA won't stop you for money in your bag, and they won't open your bag without you being present......
yeah they will. I've gotten home before to find my checked bag had been opened and the lock destroyed, and a nice TSA note inside saying basically "We went through your bag without your consent...deal with it."
You watch them go through a carry-on, though.
Checked baggage? All bets are off: Baggage handlers go through everything.
Zippyboy you are talking about checked luggage,lonesome gambler is talking about carry on luggage.Quote: zippyboyQuote: LonesomeGambler... is there any reason it can't be put in carry-on luggage? TSA won't stop you for money in your bag, and they won't open your bag without you being present......
yeah they will. I've gotten home before to find my checked bag had been opened and the lock destroyed, and a nice TSA note inside saying basically "We went through your bag without your consent...deal with it."
If they want to look in carry on they will take you aside and open it in front of you.
Quote: teddysI had a digital camera stolen out of checked baggage on a flight from Vietnam to South Korea. I didn't even bother pursuing it further. It's not a good idea to put valuables in checked luggage at any time.
On flights within South America and the Caribbean, there is often an option to have your luggage securely shrink-wrapped to prevent this sort of thing. It's been at least a decade since I've been to East Asia, though, so I don't know if this option exists there. I would strongly recommend taking advantage of it any time that the service is offered, though.
I was travelling this week and missed some of this thread. Are we still debating whether or not travellers with large amounts of cash can or will have their cash seized by US authorities simply by virtue of their carrying it? Because I've posted some info on that exact subject on here before as regards air travel. Short answer is, yes, absolutely, and I've met people who it's happened to.
is still alive and well as far as the Feds are concerned.
Quote: kulinIf you are flying to or from Vegas, shouldn't it be fairly obvious why you have a significant amount of cash on you? What need is there to pad your credentials with books about gambling?
Yes, it should be obvious. But it never hurts to CYA (cover your ass). TSA employees aren't the brightest of the bunch.
Cashiers Check - Don't do this. Many casinos simply won't accept them due to fraud. Travelers checks are fine, but I've never seen decent sizes of these and they are harder to get. Do NOT do the travelers ATM cards or whatever they are called. These have a massive fee on them when used in an ATM.
ATMs - This would be my suggestion if he absolutely refuses to take cash with him. Have him ask his bank to increase his daily withdrawel limit. I'd suggest $1000 and then do 3ish withdrawals. Yes, there will be fees. This is his $15 tax for not wanting to carry the money with him.
Wiring money would work, but it will cost more than 3-4 ATM withdrawals.
Line of Credit is possible, but they will be looking for a 3-6 month average balance. Most people don't keep this kind of balance in their checking account.
I wouldn't try to convince him to just carry the $3k. Clearly there is some hesitation, so even if you get him to carry it, he is going to be nervous. I just feel that won't make for a very good trip. Many people don't understand that is small potatoes in Vegas. Most people never carry around more than a few $100 in their every day life so 10x+ that is just not going to be comfortable to them.
Quote: FarFromVegasSome BoA accounts charge for using a teller, though. I get all sorts of freebies from them since we have all of our mortgages there, but when my son changed over from a custodial account after he turned 18 the only fee-free accounts make you use ATMs and online banking, or you pay per use.
I've been going through this issue over the past several years, so let me just clarify:
You are correct, BoA will traditionally charge you for a "normal" account while making a purely electronic account free. On the other hand, they have a few things around this. When I started college I got a CampusEdge account, basically teller service for free for 5 years. I know they have changed this, but when I started mine they allowed you to keep it the entire time you're in school. After you graduate, you're allowed to keep said college account for some time (I started my campusedge account three years into school, so I got to keep it for four years after). It's perfectly within the rules doing it that way. After that, if you have a regular direct deposit into your account (salary), then you don't pay for teller service and aren't forced onto the electronic account without a fee.
Quote: ahiromuI've been going through this issue over the past several years, so let me just clarify:
You are correct, BoA will traditionally charge you for a "normal" account while making a purely electronic account free. On the other hand, they have a few things around this. When I started college I got a CampusEdge account, basically teller service for free for 5 years. I know they have changed this, but when I started mine they allowed you to keep it the entire time you're in school. After you graduate, you're allowed to keep said college account for some time (I started my campusedge account three years into school, so I got to keep it for four years after). It's perfectly within the rules doing it that way. After that, if you have a regular direct deposit into your account (salary), then you don't pay for teller service and aren't forced onto the electronic account without a fee.
I'll have to look into this--he just started college last week!
Of course, he won't be going to Vegas for two more years, but it would be nice to have the teller option anyway.
Thanks for the heads up!
Quote: kulinIf you are flying to or from Vegas, shouldn't it be fairly obvious why you have a significant amount of cash on you?
Some people might think it's "a little too obvious." That's one of the reasons it's called "money laundering."
Quote: ThatDonGuySome people might think it's "a little too obvious." That's one of the reasons it's called "money laundering."
I guess you could have 100 guys bringing $3000 apiece, but that wouldn't be terribly efficient.
It's annoying to only be able to buy one month's worth of Claritin-D at a time for my son since he's away and he only uses the 12-hour dose. You'd have to be a pretty stupid meth maker to buy the low-dose stuff, but I guess meth heads aren't known for their brains.
Quote: teddysSign up for a check-cashing service like Certegy or VIP at the cage at one of the casinos. MGM uses Certegy. Bring a voided check with you. It takes about 3 minutes to sign up and after that you don't need to show a check, just ID. Hopefully they will approve you for a large limit and you can draw down a couple thou a day for free. Some people have said they've had problems being approved but I never have and am usually approved for $200-$1000 a day and I am by no means a jumbo customer.
I've always wonder what having a line of credit at a casino does to your credit rating. Anyone know?
Using a store's promotional "No interest if paid by Whenever 2014" will knock you down for years afterward. You're better off using your credit card and paying the interest in the long run if you can't pay off the dining room set in one shot.
I think the important thing is not to default, or miss a payment. I've done a bunch of those "no interest" cards and haven't seen a dent in my credit. That said, I don't put much stock in credit scores; the important thing is your overall credit RECORD. (I used to check credit reports). If someone is approving me for a loan, they damn well better be thorough enough to look at the whole record and not just a number. If not, I don't want to be dealing with them.Quote: FarFromVegasI've always wonder what having a line of credit at a casino does to your credit rating. Anyone know?
Using a store's promotional "No interest if paid by Whenever 2014" will knock you down for years afterward. You're better off using your credit card and paying the interest in the long run if you can't pay off the dining room set in one shot.
Quote: teddysI think the important thing is not to default, or miss a payment. I've done a bunch of those "no interest" cards and haven't seen a dent in my credit. That said, I don't put much stock in credit scores; the important thing is your overall credit RECORD. (I used to check credit reports). If someone is approving me for a loan, they damn well better be thorough enough to look at the whole record and not just a number. If not, I don't want to be dealing with them.
I just thought it was ironic that my credit score was higher than my husband's even though he is well paid and I haven't worked in 18 years (staying home with the kids.) He lost like 30 points because when we bought furniture he used a promotion and had only put it in his name because it was like free money. We paid it off on schedule, but it still cost him points almost a decade later.
I mean, we're both pushing 800 so it wasn't a major thing, but if you're in the habit of buying a bunch of houses like we were doing, those little things can make a difference when it comes time to find a mortgage. I wouldn't want to risk it just for convenience when I'm out having fun.
Quote: teddysI think the important thing is not to default, or miss a payment. I've done a bunch of those "no interest" cards and haven't seen a dent in my credit. That said, I don't put much stock in credit scores; the important thing is your overall credit RECORD. (I used to check credit reports). If someone is approving me for a loan, they damn well better be thorough enough to look at the whole record and not just a number. If not, I don't want to be dealing with them.
I used to think the same way teddy, but then I had a mild wake up call. Your credit score is as important as your credit record. If you have a bad record, you may or may not qualify for the loan. But if the lender decides to give you the loan, they will then use your credit score to decide what your interest rate is going to be. The higher your credit score, the lower the interest rate you are going to receive. If you do much in the way of borrowing, the credit score can save you in interest payments.
