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schwa
Joined: 18 Jan 2003
Location: Yap
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 Posted: Wed Jul 02, 2014 2:14 am Post subject: carrying money out of korea questions |
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Money doofus here. Anyone with experience or knowledge, kindly advise.
I want to take a largeish sum of money to Canada with me when I visit next month, well over the $10k undeclared limit. I'll declare it.
I imagine it will be in the form of a bank draft from Nonghyup, who I've dealt with for years. Something like that is feasible to obtain isnt it? What will I need to show at the airport to prove the money was legally earned & properly taxed?
Is there an upper limit?
Transferring the funds instead isnt an option. I have no account back there (I plan to start one) & no other suitable recipient.
Or can someone steer me to an authoritative source for information about this? Thanks. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Jul 02, 2014 2:50 am Post subject: Re: carrying money out of korea questions |
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| schwa wrote: |
Money doofus here. Anyone with experience or knowledge, kindly advise.
I want to take a largeish sum of money to Canada with me when I visit next month, well over the $10k undeclared limit. I'll declare it.
I imagine it will be in the form of a bank draft from Nonghyup, who I've dealt with for years. Something like that is feasible to obtain isnt it? What will I need to show at the airport to prove the money was legally earned & properly taxed?
Is there an upper limit?
Transferring the funds instead isnt an option. I have no account back there (I plan to start one) & no other suitable recipient.
Or can someone steer me to an authoritative source for information about this? Thanks. |
In the US at least the $10,000 limit for cash is for cash, not for a check, bank draft, money order or traveler's checks. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Jul 02, 2014 3:34 am Post subject: Re: carrying money out of korea questions |
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| ontheway wrote: |
| In the US at least the $10,000 limit for cash is for cash, not for a check, bank draft, money order or traveler's checks. |
I've read otherwise. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Jul 02, 2014 3:55 am Post subject: Re: carrying money out of korea questions |
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| schwa wrote: |
| ontheway wrote: |
| In the US at least the $10,000 limit for cash is for cash, not for a check, bank draft, money order or traveler's checks. |
I've read otherwise. |
Oops, sorry, I was wrong about the traveler's checks (they are considered bearer instruments) and forgot about personal checks (been in Korea too long). What they are looking for are cash and cash equivalents that can circumvent the banking system. Wire transfers and bank drafts go through the system and are reported by the banks.
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Travel to or from the United States
If you are on an international flight that is departing or arriving the US, there are no limits as to the amount of money a passenger can carry. However, passengers who are carrying currency, endorsed personal checks, travelers checks, gold coins, securities or stocks in bearer form that are valued at $10,000 or more must report the amount that they are carrying to US customs officials. |
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Overture1928
Joined: 12 Jan 2014
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| Posted: Wed Jul 02, 2014 4:09 am Post subject: Re: carrying money out of korea questions |
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| schwa wrote: |
| ontheway wrote: |
| In the US at least the $10,000 limit for cash is for cash, not for a check, bank draft, money order or traveler's checks. |
I've read otherwise. |
pmd |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jul 02, 2014 4:11 am Post subject: Re: carrying money out of korea questions |
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| ontheway wrote: |
| In the US at least the $10,000 limit for cash is for cash, not for a check, bank draft, money order or traveler's checks. |
$10k CAD in negotiable instruments - cash, bearer bonds, money orders, bullion, etc. when returning to Canada.
http://travel.gc.ca/returning/customs/bringing-to-canada#+10000more
| Canada Customs wrote: |
| Under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act, there are no restrictions on the amount of money that you can bring into or take out of Canada. You must, however, report amounts of currency equal to or greater than CAN $10,000 or its equivalent in a foreign currency to the Canada Border Services Agency. These rules apply whether you are bringing the money into, or taking it out of Canada, or carrying the money with you or sending it by mail or by courier. |
ALSO, if you are repatriating after MORE THAN 1 year away you have an extra $10k duty free entitlement (with some restrictions).
http://www.cbsa-asfc.gc.ca/publications/pub/bsf5087-eng.html
If you have been out more than 5 years then most of the restrictions are lifted but there is some paperwork.
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Last edited by ttompatz on Wed Jul 02, 2014 4:22 am; edited 3 times in total |
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Lazio
Joined: 15 Dec 2010
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| Posted: Wed Jul 02, 2014 4:13 am Post subject: |
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Why would you carry a large sum of cash in 2014? Unless you want to hide it , which you don't.
If you really want to take cash than bring 10,000 on you, open a bank account and when you return to Korea you can wire the rest. You are returning to Korea aren't you?
Last edited by Lazio on Wed Jul 02, 2014 2:25 pm; edited 1 time in total |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Wed Jul 02, 2014 4:16 am Post subject: |
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Isn't the wording on those airplane custom cards usually, $10,000 of monetary 'instruments'?
So anything easily exchangeable for cash. So if the customs officer was having a really pissy day, he can nail you for your $10,001 Rolex watch. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Jul 02, 2014 4:50 am Post subject: |
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| All these rules are antiquated and will only snare the innocent in any case. If you have a reason to hide your money when traveling, you can use a variety of methods including Bitcoin. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Thu Jul 03, 2014 2:22 am Post subject: Re: carrying money out of korea questions |
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Thanks all. I tried to make my OP simple & clear.
To reiterate, I have nothing to hide -- every dollar was legally earned. I'm wondering how I would go about proving that to some official once I declare the surplus money on the customs card?
Lazio, I didnt say anything about carrying it in cash. It would be in the form of a bank draft or some equivalent I'd get from my bank here. Your suggestion of carrying under $10k, setting up an account in Canada & then transferring the rest, has merit. But I've heard of Korean banks imposing annual transfer limits. Maybe that wouldnt apply to me as my bank knows the history of my work status well.
| ttompatz wrote: |
If you have been out more than 5 years then most of the restrictions are lifted but there is some paperwork. |
Thanks ttom. Can you tell me anything more about this "paperwork"? I'm guessing I need some official document to show but not sure who to ask or what to ask for.
Sorry for so many questions. I'd love to just talk this out in detail with my local bank but there are language & international knowledge barriers. Thats a key reason I'd like to deposit the bulk of my savings in Canada before moving to a 3rd (underdeveloped) country next year.
Bitcoin, lol. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jul 03, 2014 3:35 am Post subject: |
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Just read the links in the post. It will all become clear.
http://www.cbsa-asfc.gc.ca/publications/pub/bsf5087-eng.html
http://www.cbsa-asfc.gc.ca/publications/pub/bsf5113-eng.html#s6
$10,000 CAD additional duty/tax free import:
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Ownership, possession and use requirements
To import goods duty- and tax-free, Settlers must have owned, possessed and used the goods prior to their arrival in Canada and Former Residents must have owned, possessed and used the goods for at least six months before returning to resume residence.
It is important that you meet these three requirements. For example, if you owned and possessed the goods without using them, the goods will be subject to duty and taxes. Please note that leased goods are subject to duty and taxes because the CBSA does not consider that you own them. If you have bills of sale and registration documents, they can help you prove that you meet these requirements.
Even if your goods meet the ownership, possession and use requirements, they must still meet other government department requirements. For information on other restrictions and/or requirements for goods being imported into Canada, see the section called “Restrictions”.
Return to Top of Page
Exceptions to ownership, possession and use requirements
If you are a former resident, the six-month stipulation will be waived if you have been absent from Canada for five years or more. Therefore, you only need to have owned, possessed and used your personal and household effects (for a period of time) before you return. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Thu Jul 03, 2014 4:40 am Post subject: |
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Thanks again ttom.
But I own nothing of value & I'm not concerned about stuff in the least. The only link I see there of pertinence to me about money is form E667 http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e667-eng.html which suggests I just fill it in with who I am, where I live, & show up smiling saying I've been an english teacher in Korea for X number of years & I've got $X0,000 with me. Do you suppose its that simple? |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Thu Jul 03, 2014 5:20 am Post subject: |
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| schwa wrote: |
Thanks again ttom.
But I own nothing of value & I'm not concerned about stuff in the least. The only link I see there of pertinence to me about money is form E667 http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e667-eng.html which suggests I just fill it in with who I am, where I live, & show up smiling saying I've been an english teacher in Korea for X number of years & I've got $X0,000 with me. Do you suppose its that simple? |
Is there any problem getting out of Korea with the money? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jul 03, 2014 3:02 pm Post subject: |
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| schwa wrote: |
Thanks again ttom.
But I own nothing of value & I'm not concerned about stuff in the least. The only link I see there of pertinence to me about money is form E667 http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e667-eng.html which suggests I just fill it in with who I am, where I live, & show up smiling saying I've been an english teacher in Korea for X number of years & I've got $X0,000 with me. Do you suppose its that simple? |
To import money into Canada, yes.
You also need clearance to export money from Korea. (not sure about negotiable instruments). I think the limit was $100,000. Same kind of thing.
There was a counter at the airport along the back wall.
Alternatively, if you are using a bank draft or other similar instruments you can send them back by courier (documents) or EMS as first class letter mail. They are secured by the bank if lost or stolen.
If you need a place to receive them, contact a bank branch where you are going to receive them prior to opening an account.
Also, be aware that such instruments will be be held pending clearance before you can cash them or withdraw them as cash from a bank. There may be services charges as well (depending on what account you open and the bank you are dealing with).
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Fri Jul 04, 2014 1:44 am Post subject: |
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Thanks again. Okay it looks fairly simple. Guess I was overthinking it.
cheers |
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