What is a TIB or Temporary Importation Under Bond?

Importers purchase and secure the TIB from a custom house broker at the time of entry into the foreign country. Often the deposit and payment has to be made in cash in the currency of the country being entered. Occasionally, they will accept credit cards. The purchase of a TIB is required for each country visited on every trip and the cash deposits securing TIB's often take many months to get returned once the goods have been exported. Fees for TIB's vary widely country to country and also depend upon they type of merchandise being imported.