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Pspazzboy
Joined: 19 May 2003
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 Posted: Thu Mar 31, 2005 10:28 pm Post subject: Dollars: Carry-on or Send 1st? |
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I've never travelled with large amounts of cash...finishing the contract and I'm wondering if it's better to go to the bank and transfer the money home (with that little stamp they always want to put in my passport saying how much I sent) or carry it on the plane with me. If I'm carrying about $5000 on the plane, is that an issue? Would it be easier for the bank if I give them 5 mil. won and it show up in my bank account in the US, or I give them 5 mil. won and they give me $5000 back? Which way avoids tax/customs the best and/or gives me the best exchange rate? Basically, how will I get the most money possible and have to give away the smallest amount possible?
SO - what do you think:
carry the cash on the plane
or
transfer it before I go? |
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Pspazzboy
Joined: 19 May 2003
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| Posted: Thu Mar 31, 2005 10:32 pm Post subject: |
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| Ah - or another option: carry the $5000 on the plane, but in VISA traveller's checks or the like? |
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JacktheCat
Joined: 08 May 2004
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| Posted: Thu Mar 31, 2005 10:42 pm Post subject: |
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You won't have to pay anything when you bring money home. Just need some documentation (ie paystubs) to prove you earned the money legally. At the moment, I believe US Citizens are allowed to carry $10,000 (cash, travellers cheques, etc) into the country.
Myself, I won't want to be carrying around that amount of money. With my luck, I'd probably lose it or get robbed. Best bet is to just do a bank transfer to your American bank account (the fees aren't that much). And flash your ARC if you don't want them to stamp your passport. I've had no problem transferring over money with just an ARC. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Sun Apr 03, 2005 9:28 pm Post subject: |
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| you can carry as much cash into the USA as you want. if it is 10,000 bucks or more, then you have to declare it. That's what I did: $12,000 in T/Cs. Put the checks in a money belt, recepits in baggage. Figured i wouldn't lose both. you get questioned if you declare, but better having them search you and finding the money w/out you declaring it. |
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hirsute
Joined: 15 Nov 2004
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| Posted: Sun Apr 03, 2005 11:14 pm Post subject: |
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| Do you get taxed on money over 10,000? |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Sun Apr 03, 2005 11:26 pm Post subject: |
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| Take traveler's cheques. |
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trevorcollins
Joined: 02 Jul 2004
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| Posted: Mon Apr 04, 2005 7:02 am Post subject: Re: Dollars: Carry-on or Send 1st? |
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| Pspazzboy wrote: |
I've never travelled with large amounts of cash...finishing the contract and I'm wondering if it's better to go to the bank and transfer the money home (with that little stamp they always want to put in my passport saying how much I sent) or carry it on the plane with me. If I'm carrying about $5000 on the plane, is that an issue? Would it be easier for the bank if I give them 5 mil. won and it show up in my bank account in the US, or I give them 5 mil. won and they give me $5000 back? Which way avoids tax/customs the best and/or gives me the best exchange rate? Basically, how will I get the most money possible and have to give away the smallest amount possible?
SO - what do you think:
carry the cash on the plane
or
transfer it before I go? |
Are you American....???
You can buy US travellers checks here cheaper than cash.
Say for example it's $1 to 1040 to buy $ cash, it's something like $ to $1025 to buy TCs. Which is a significant difference if you are changing 5000 bucks or whatever. Once you get back to the US you can change those TCs over to US cash at a 1-1 rate which will save you money.
You are legally required to declare amounts over 10,000US in cash or TCs. Less than that no one even looks or cares. Amounts over that are really just to stop untraceble transfers of money. Theoretically there's no penalty or difficulties in having say 15000 bucks on you, as long as you declare it. You may be asked a few questions about where you got it but that's about it. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Mon Apr 04, 2005 5:38 pm Post subject: |
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| hirsute wrote: |
| Do you get taxed on money over 10,000? |
Nope. |
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gi66y
Joined: 15 Aug 2003
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| Posted: Mon Apr 04, 2005 5:41 pm Post subject: Re: Dollars: Carry-on or Send 1st? |
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| trevorcollins wrote: |
Are you American....???
You can buy US travellers checks here cheaper than cash.
Say for example it's $1 to 1040 to buy $ cash, it's something like $ to $1025 to buy TCs. |
This is very true, but you don't have to be American. Traveler's cheques are cheaper for all currencies than buying the cash equivalent. However, for anything other than American traveler's cheques you may have to order them before you go because the bank may not have them on hand.
Another important thing to remember is that if you wire the money home which is cheaper, safer, faster, but you do get that stamp in your passport, the rate is even better than traveler's cheques.
For example the rates as of yesterday for USD are:
Cash -1031.03
T/C - 1025.45
Wiring - 1023.20
http://eib.keb.co.kr/EIB/eib
But when you wire the money you have to pay cable fees here and in your country which for me (a Canadian) add up to about 36,000. So I have to be sending a wad of money (I think I once figured it to be about 6 million) to have the better rate make up for the fees. I see here the rate isn't very different for USDs so you'd probably be better off with T/C, but for other currencies the difference between the T/C rate and the sending rate is bigger. |
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