Korean Job Discussion Forums

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

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

rudyflyer · Joined: 26 Feb 2003 Location: pacing the cage

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

desultude · Posted: Tue Mar 25, 2003 3:41 pm Post subject:

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.

rudyflyer · Joined: 26 Feb 2003 Location: pacing the cage

desultude · Posted: Wed Mar 26, 2003 1:01 am Post subject:

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.

Anda · Joined: 16 Jan 2003 Location: South Korea

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.

gajackson1 · Posted: Thu Apr 10, 2003 6:45 pm Post subject:

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.

Blue Flower · Posted: Thu Apr 10, 2003 7:23 pm Post subject:

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

gajackson1 · Posted: Fri Apr 11, 2003 1:47 am Post subject:

ummm, by having 2 cards??? Rolling Eyes

G.

Blue Flower · Posted: Fri Apr 11, 2003 8:08 pm Post subject:

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.

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

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.

gajackson1 · Posted: Sat Apr 26, 2003 6:45 pm Post subject:

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.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

jenna80ss · Joined: 25 Mar 2003 Location: Incheon

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!

rudyflyer · Joined: 26 Feb 2003 Location: pacing the cage

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