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Sending and Buying Currency
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BTM



Joined: 20 Jan 2003
Location: Back in the saddle.

PostPosted: Tue Mar 25, 2003 3:19 pm    Post subject: Sending and Buying Currency Reply with quote

It's been years since I messed around with the money changers here in Korea, mostly as my wife takes care of all that stuff now, and we spent a few intervening years in Oz. Back in the bad old days, circa 95/96, there were major limitations on how much money you could legally change and/or send out of the country.

I recall that every time I sent money to Canada, it was marked in my passport, and I seem to remember $10K US being the max that one was allowed to (again, legally) carry out.

Does anyone have newer information about restrictions and gotchas with changing won to $$$, and sending or taking it abroad?

sticky by kimcheeking
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rudyflyer



Joined: 26 Feb 2003
Location: pacing the cage

PostPosted: Tue Mar 25, 2003 3:36 pm    Post subject: Reply with quote

I will try and make this a sticky or put it where it can be seen by all since we will get this question again and again.

There is NO LIMIT on how much money you can take out of Korea. Yes if you physically taking more than US$ 10,000 ON THE PLANE in cash, t/cs, stock certificates etc you will have to declare it and thats all. You do not have to pay any sort of tax etc on it. Its just a declaration not a limit. Likewise when you enter the US (I don't know about Canada I'm a yank sorry) you will have to declare it on arrival. This has been done so the governments can keep track of large cash transactions which they feel are linked to drug trafficing, terrorism, gun running etc. If they find you with more than US$10,000 and you haven't declared it, they will confiscate it and you won't get it back. I've heard stories about teachers doing this so be careful
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desultude



Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf

PostPosted: Tue Mar 25, 2003 3:41 pm    Post subject: Reply with quote

Last week I went with a fellow teacher to the bank to get cashiers checks for the United States. The other guy needed about $1000 U.S.. He had transferred money before from a previous account and that amount had been noted on his passport, even though it had been months ago. He had a very hard time getting the check.

I took out $800 U.S. in a cashiers check, and it went very smoothly, and it was not noted in my passpost. $1000 U.S. seems to be a threshold. Also, I was told that if you present a zerox copy of your passport you will not risk having withdrawals noted in you hard copy.

The other thing that you can do is withdraw your won in cash, and get your cashiers check or money orders from an international banK. I haven't done this yet, so I don't know how well it works.
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rudyflyer



Joined: 26 Feb 2003
Location: pacing the cage

PostPosted: Tue Mar 25, 2003 9:30 pm    Post subject: Reply with quote

desultude wrote:
Last week I went with a fellow teacher to the bank to get cashiers checks for the United States. The other guy needed about $1000 U.S.. He had transferred money before from a previous account and that amount had been noted on his passport, even though it had been months ago. He had a very hard time getting the check


Wierd, that should not of happened. In my nearly 7 years here I've had something written in my passport only once that was in Itaewon in 1997 when there were restrictions still in place. I've exchanged/transferred money every month I've been here in maybe 8 or 9 different banks and airport currency exchange. Those rules were tossed out as part of the IMF reforms.

If it happens again ask for a manager if they still give you a hard time find another bank. Clerk sounds like he didn't want to deal with way-gooks
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desultude



Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf

PostPosted: Wed Mar 26, 2003 1:01 am    Post subject: Reply with quote

Rudyflyer-

I don't think it was a matter of policy- just a matter of making sending large sums out of the country difficult. As I said, I have been told by others that the $1000 (U.S.) threshold rings bells. I guess I believe in taking the path of least resistance and send less money more often, by discrete means.

I don't think that it was the wae gook thing either- I had no problem with getting my check from the same clerk. I am in Daegu, and have never had what I consider to be an anti-American or anti-western problem. Besides, the bank is the one the university I work for deals with, and it was the campus branch- they have to deal with us all of the time, and they are usually quite gracious.

I don't think that they could refuse him the check, but they wanted to make it inconvenient. Shipping money out of the country may be what we do, but it is not really the best thing for the Korean economy.
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Anda



Joined: 16 Jan 2003
Location: South Korea

PostPosted: Thu Mar 27, 2003 6:30 pm    Post subject: Um Reply with quote

A little story to send you crazy. I changed won into Australian Dollars a week ago and got the correct but a poor exchange. The exchange rate was okay but for U.S. dollars. Here is the funny things if I had bought U.S. dollars and exchanged them on the same day in Australia I would have got a better exchange rate by far for Australian dollars.
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Thu Apr 10, 2003 6:45 pm    Post subject: Reply with quote

What we came up with on our end:

this requires a TRUSTED accomplice (family member, spouse, etc.) and the right kind of ATM card.

You will need a bank that issues an INTERNATIONAL (i.e. - Cirrus/Plus network) ATM card. (this costs usually around 1,500 won)

Send it to whoever by insured/registered mail.

After they give you word that they have got it, then you can follow along with the PIN number.

Viola! problem solved - you just contact the person for when & how much to take out, and what to do with it. Just remember that you have to follow Korean banking hours.

Regards!

G.
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Thu Apr 10, 2003 7:23 pm    Post subject: Reply with quote

That sounds good - but how do you have access to your money here, when your eftpos card is back home? Confused
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Fri Apr 11, 2003 1:47 am    Post subject: Reply with quote

ummm, by having 2 cards??? Rolling Eyes

G. Cool
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Fri Apr 11, 2003 8:08 pm    Post subject: Reply with quote

Ok, I admit that was rather a stupid question,but I didn't know you could get two cards. The more I think about it, your idea is sheer brilliance, and I am definately going to take that route. Not only would it be pretty much hassle free, but it would also save on fees as well. Thank you for sharing.
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mishlert



Joined: 13 Mar 2003
Location: On the 3rd rock from the sun

PostPosted: Wed Apr 23, 2003 6:50 am    Post subject: Reply with quote

I've had an account with Kookmin Bank and I have to say it's very cool Cool
They gave me an international ATM card at no charge, internet banking is a breeze, never a hassle, and they have never marked my passport when sending money home. But then again, I've heard that it's not evn done anymore.
So, my advice is to go with Kookmin.
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Sat Apr 26, 2003 6:45 pm    Post subject: Reply with quote

I'm with mishlert on this one!

And BF, your question was NOT stupid. Sharing is caring. And I am a very caring kinda guy!

Embarassed

G.
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TheUrbanMyth



Joined: 28 Jan 2003
Location: It's not a superiority complex when you really are superior

PostPosted: Sat May 10, 2003 7:07 am    Post subject: Reply with quote

desultude wrote:
.

I don't think that they could refuse him the check, but they wanted to make it inconvenient. Shipping money out of the country may be what we do, but it is not really the best thing for the Korean economy.


I send home about $1500 CND a month and have never had a problem.

As for being the "best thing" foreign teachers make up a tiny percentage of the Korea population, less than 1%. The money that we sent is basically chump change. I doubt they are worried about that. If they really wanted foreign money, they would change a lot of their laws and practises. Foreign companies when looking at Asia, have consistently rated Korea last or close to last when compared with China, Hong Kong, Japan or Singapore.
Even 5000 teachers sending home a thousand dollars is only about 5 million dollars. To the average Joe Blow, that sounds like a lot. Compared against the backdrop of the Korean economy, it's barely noticeable.
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jenna80ss



Joined: 25 Mar 2003
Location: Incheon

PostPosted: Mon May 26, 2003 3:40 pm    Post subject: The ATM Route Reply with quote

Okay,
About the ATM route. Why does it have to be during Korean Banking hours? IF my "helper" doesn't do it what happens? (Just curious).
My second question is: Is there any way the bank is going to trace or find out that the money was taken from another country and then input that amount into the database that says how much I have already sent? I am curious if anyone has sent over $10,000 US already and exactly what means they used. I am really nervous about sending red flags up everywhere, but I need to get the money home!
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rudyflyer



Joined: 26 Feb 2003
Location: pacing the cage

PostPosted: Mon May 26, 2003 3:48 pm    Post subject: Reply with quote

In the past year plus I have sent back close to $20k not even a second glance. I send back US$1500/month no questions from here or my bank in the US. That means in my years here I've sent over US$100k again no problems

Think people are getting overtly paranoid. Then again with Ashcroft and TIA that may be justifiable but not from this end. This $10k/year limit is as much of a myth as fan death
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