Larry Summers want the $100 bill eliminated

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21 February 2016, 23:22

AnotherAZWriter

Larry Summers want the $100 bill eliminated

In 1969 the US stopped printing bill over $100 in an effort to stop the undetected transfer of large amounts of cash.

Now Larry Summers proposes we eliminate the $100 bill for the same reason. A million in $100's will fit in a brief case, but a million in 20s weighs over 100 lbs.

If this happens, it will obviously make taking large amounts of cash to Africa difficult.

21 February 2016, 23:32

tomahawker

Big brother has a big nose

21 February 2016, 23:36

Grenadier

Then a million in $50 will fill two briefcases that weight 20 pounds each. Hardly much to bother about either way.

21 February 2016, 23:37

bwana cecil

quote:
Big brother has a big nose

Amen!

22 February 2016, 04:44

lavaca

How hard would it be to open a bank account in Dar, or whatever location your outfitter chooses to bank. Transfer money ahead of time and then just move the money from one account to another in the same bank? I've been thinking about doing that lately.

There are reasons to carry cash even in substantial amounts to tip the staff, for example. But, I've never liked carrying it. And, while you can carry a lot of it in 100's, when you have to break down the tips among a couple of dozen people, smaller denominations are going to be necessary as well, increasing your volume.

22 February 2016, 05:20

Gatogordo

quote:

How hard would it be to open a bank account in Dar, or whatever location your outfitter chooses to bank. Transfer money ahead of time and then just move the money from one account to another in the same bank? I've been thinking about doing that lately.

I would STRONGLY suggest you run this idea by your accountant BEFORE you do it. You might find that the tax consequences and flagging of your returns might make it a very bad idea.

However, if the outfitter would use a major US/international bank such as Citibank, then you can easily transfer money from your US Citi account to his overseas, I'm told (but haven't tried it, don't have a Citi account but do have several Citi credit cards).

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22 February 2016, 07:15

larryshores

Yup. Foreign bank accounts and some new laws make a foreign account something one had really better understand. Large fines and criminal conduct are not hard to find to the unsuspecting. Cost of compliance can be substantial.