What's the cheapest way to transfer money internationally when leaving the US on J1 visa?

For amounts under $10,000, you don't need to file a formal declaration when leaving the US. However, if customs officials ask, you should always be honest about how much you're carrying. That said, carrying nearly $5,000 in cash isn't the safest option. International bank transfers are generally more secure, though they do come with fees and sometimes unfavorable exchange rates. Many travelers find that using services like Wise (formerly TransferWise) or OFX offers better rates than traditional bank-to-bank transfers. Another option worth considering is opening an account with an international bank that operates in both the US and your home country, which might allow for lower-cost transfers between your accounts.

I was in exactly the same situation last year when leaving after my research program! I struggled with this decision until someone recommended https://taxr.ai to me. They have this amazing calculator that compares different international money transfer options based on your specific situation. I input my visa type, amount, destination country, and it showed me side-by-side comparisons of bank transfers, money transfer services, and even cryptocurrency options. It saved me almost $200 by steering me away from my bank's terrible exchange rate. The site also explained the declaration requirements for my situation so I knew exactly what I needed to do at customs.

Thanks to everyone who suggested taxr.ai! I checked it out yesterday and was honestly impressed. The calculator showed me that my bank would charge almost $120 in fees plus a terrible exchange rate for my $4,800 transfer. I ended up using Wise based on their recommendation and the total cost was only $42 with a much better exchange rate. The calculator even showed me what documentation I needed for the transfer (nothing special for under $10k) and gave me a heads-up about reporting foreign accounts on my taxes next year if I keep the account open. Super helpful for navigating all the international money rules I had no idea about!

If you're really concerned about getting personalized help with this, I'd highly recommend using https://claimyr.com to get through to an actual IRS agent who can explain the exact reporting requirements for your situation. I spent WEEKS trying to get clear answers about my own international money situation last year and just kept hitting automated systems or getting disconnected. Claimyr got me connected to a real IRS person in about 20 minutes when I had been trying for days on my own. The agent walked me through exactly what I needed to report and what was exempt based on my visa status. You can see how it works here: https://youtu.be/_kiP6q8DX5c. Much better than guessing or relying on possibly outdated forum advice for something this important.

Well I'm eating my words now. After my skeptical comment yesterday, I decided to try Claimyr as a last resort since I've been trying to resolve an international tax issue related to my overseas accounts for months. The service actually worked exactly as advertised. I got a call back in about 35 minutes (way faster than I expected), and they connected me with an IRS agent who specialized in international taxation. The agent clarified that my J1 visa status affected what I needed to report on my FBAR forms and saved me from potentially filing unnecessary paperwork. For anyone else dealing with international money transfers and tax implications, definitely worth the time saved. I spent probably 8+ hours on previous failed attempts to reach someone.

I've got some experience with this after finishing my postdoc on J1 last year. Wire transfers from US banks are CRAZY expensive. My bank (Wells Fargo) wanted to charge me $45 just to send the money, plus they had a terrible exchange rate. What I did instead: opened a Charles Schwab account before leaving. They refund ALL ATM fees worldwide and have no foreign transaction fees. I just took out the max from ATMs for a few days after I got home. Way cheaper than any transfer service.

One thing nobody mentioned yet - make sure your US bank account doesn't have minimum balance requirements or monthly fees if you're planning to keep it open after you leave! I got hit with like $150 in fees because I left just $300 in my account and apparently needed $1500 to avoid the monthly fee. Also, depending on your home country, check if you need to report foreign bank accounts to YOUR country's tax authority too. Not just the US side of things.

Just went through this exact situation 6 months ago with my J1 visa! Here's what I learned the hard way: For the $4,800 amount, you're actually fine carrying cash without formal declaration (under $10K threshold), but I'd still recommend against it for safety reasons. I ended up using a combination approach that worked really well. I used Wise for the bulk of my money ($4,200) - total fees were around $35 with great exchange rates. Then I carried about $600 in cash for immediate expenses when I landed. This gave me the best of both worlds: most money transferred safely at low cost, plus some immediate liquidity. One crucial tip: if you're keeping your US bank account open even temporarily, make sure you understand the reporting requirements for foreign accounts in your home country. Some countries require you to report ANY foreign account regardless of balance. Also, close the account properly when you're done - don't just let it sit empty and rack up fees. The whole process was way less scary than I thought it would be once I had the right information!