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Taking cash out of here

 
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Ralph



Joined: 27 Jan 2003

PostPosted: Thu Mar 06, 2003 2:59 am    Post subject: Taking cash out of here Reply with quote

So how much can we take out of Korea? I heard that we could take out 10 thousand yankee dollars. Is this true? If not, then what is, and is there, a limit? How much can Korean nationals take out of the country? How much could my korean girlfriend, soon to be wife, take out of Korea?
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rasta man
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PostPosted: Thu Mar 06, 2003 3:28 am    Post subject: Reply with quote

Will the moderators post this as a sticky since we will see this question again and again as we saw on the other board.

There is NO LIMIT on the amount of money you can take in and out of Korea. The only requirement is if you are taking more than US$ 10,000 out in cash, negoitable instruments (bonds, stock certificates. travelers cheques) etc you have to declare it and fill out a written form. Likewise if you enter the US with the same amount you have to declare it. If you don't declare it and Korean or US Customs finds out they will confiscate it even if you can prove its from legit means.

Its not a limit rather a way (albeit a very bad way) to try and control money from drug running, terrorist activities etc.
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Ralph



Joined: 27 Jan 2003

PostPosted: Thu Mar 06, 2003 3:34 am    Post subject: Reply with quote

rasta man wrote:
Will the moderators post this as a sticky since we will see this question again and again as we saw on the other board.

There is NO LIMIT on the amount of money you can take in and out of Korea. The only requirement is if you are taking more than US$ 10,000 out in cash, negoitable instruments (bonds, stock certificates. travelers cheques) etc you have to declare it and fill out a written form. Likewise if you enter the US with the same amount you have to declare it. If you don't declare it and Korean or US Customs finds out they will confiscate it even if you can prove its from legit means.

Its not a limit rather a way (albeit a very bad way) to try and control money from drug running, terrorist activities etc.


Does the same "limit" on declarations apply to Korean nationals. Could I take out say 9 grand, while my wife takes out 21 grand, without having to declare? Have you taken more than 10 grand out? Other than a form, is there anything else involved? Reason why Im asking is that in September im done my contract, and if the situation continues to be like this,Im taking her and about 30 grand out of here to wait it out away from this mess.
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rasta man
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PostPosted: Thu Mar 06, 2003 4:38 am    Post subject: Reply with quote

Ralph you can take out the whole $30 grand yourself, are you worried about giving info to the government? There are no extra taxes or fees if you declare more than $10,000 its more of a record keeping thing just like if you whipped out $100 bills to pay for that new Toyota in the US. The car dealer would have to report that to the government.

Unless you have done something illegal like privates or not declaring income you don't have a problem.

Not sure about Korean nationals from the signs I've seen at IAA, that declaration applies to everybody leaving Korean. Then again given the stories you hear about the government cracking down on taking money out by Koreans they might become interested in Koreans taking large sums of cash out of here
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