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runthegauntlet
Joined: 07 Nov 2009
Posts: 92
Location: the Southlands of Korea
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 Posted: Tue Jan 19, 2010 1:18 am Post subject: Re: foreign bank not the same as sending $$$ home |
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| rogerwallace wrote: |
| Unless you have a valid work visa you can't send monies home to the usa and then only a %(in china it's 70%) |
I imagine that would vary quite a bit from country to country.
In Korea you can send home every cent you make. |
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runthegauntlet
Joined: 07 Nov 2009
Posts: 92
Location: the Southlands of Korea
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| Posted: Tue Jan 19, 2010 1:20 am Post subject: |
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| JZer wrote: |
If you are living in a small town I would advise bringing more than 100US. Maybe things have changed but when I live in small town Korea you could not use a foreign bank card to withdraw money.
I worked in Yesan, South Korea and just arrived with $200 US and my ATM card. That ATM card did not do me much good. |
Yeah, that's probably a bit better advice. Who knows where you could wind up. |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Tue Jan 19, 2010 3:41 am Post subject: Re: foreign bank not the same as sending $$$ home |
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| runthegauntlet wrote: |
| rogerwallace wrote: |
| Unless you have a valid work visa you can't send monies home to the usa and then only a %(in china it's 70%) |
I imagine that would vary quite a bit from country to country.
In Korea you can send home every cent you make. |
In Korea the bank never even asked me to prove how much I earned. But I believe it would be more difficult to transfer money out of the country if you don't have an ARC. |
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Molson
Joined: 01 May 2009
Posts: 137
Location: China
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| Posted: Tue Jan 19, 2010 3:49 am Post subject: Re: foreign bank not the same as sending $$$ home |
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| rogerwallace wrote: |
| Unless you have a valid work visa you can't send monies home to the usa and then only a %(in china it's 70%) |
I typically on send 50% of my money home and I am in China.
In Korea you can send 100% of what you earn, you just might need a paper from your work confirming you earned it.
It is surprising to someone who can do any type of transaction in their home country, but you get used to it. |
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cangel
Joined: 12 May 2003
Posts: 74
Location: Jeonju, South Korea
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| Posted: Fri Jan 22, 2010 1:52 pm Post subject: |
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I have used Paytrust for the last 10 years. This online bill paying service receives your bills, scans them, sends you alerts and allows you to pay them, as well as pay anyone, simply, from anywhere there is internet access.
http://www.paytrust.com |
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Gerund
Joined: 09 Feb 2003
Posts: 80
Location: Amerika
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| Posted: Sun Jan 24, 2010 6:21 am Post subject: |
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This is a good question and something I'm surprised doesn't come up more often. I see people say that it's easy to open up bank account and get credit cards overseas. Yes, it is, and I did that too, but I think it's a big mistake to use either of those for more than day to day expenses. Having you life savings or even just a significant amount of money in a Chinese or Saudi bank seems like a huge mistake.
I had my father take care of a lot of things for me when I was overseas. Not everyone knows of someone who is competent and honest and doesn't mind the hassle, so I was lucky. |
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tomstone
Joined: 09 Dec 2009
Posts: 293
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| Posted: Sun Jan 24, 2010 6:46 am Post subject: |
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| I'm glad you mentioned that, Gerund, because I have all of my money in China now and I'm wondering if any other expats have any suggestions for when one leaves China after a significant period, how do you get your money out of the country? I have three bank accounts in China and I know Bank of China is pretty much worldwide, but their ATM (UnionPay) card says "Valid only in China". I have pretty much severed all ties with my native land, no one I trust enough to handle huge (for me) sums of cash. If I decided to go somewhere else when my current contract expires what's my best course of action? |
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Gerund
Joined: 09 Feb 2003
Posts: 80
Location: Amerika
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| Posted: Sun Jan 24, 2010 8:45 am Post subject: |
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| tomstone wrote: |
| I'm glad you mentioned that, Gerund, because I have all of my money in China now and I'm wondering if any other expats have any suggestions for when one leaves China after a significant period, how do you get your money out of the country? I have three bank accounts in China and I know Bank of China is pretty much worldwide, but their ATM (UnionPay) card says "Valid only in China". I have pretty much severed all ties with my native land, no one I trust enough to handle huge (for me) sums of cash. If I decided to go somewhere else when my current contract expires what's my best course of action? |
Thanks for asking, but I can't really say because all my experience was in the Middle East. Maybe someone with experience in China can offer advice. I was just speaking hypothetically. When you have your money in a bank in a country that you're not a citizen of, what rights do you have if you get into some sort of legal trouble or a dispute with your employer? What protection do you have in case of economic instability? In the Middle East the government can freeze your account just like that. They can cancel your exit visa just like that. They basically have you by the huevos and can demand that you hand over whatever is in your account if you want your exit visa back. |
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tomstone
Joined: 09 Dec 2009
Posts: 293
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| Posted: Sun Jan 24, 2010 8:47 am Post subject: |
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| Boy, that's pretty scary! Anybody with financial horror stories specifically about China? |
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runthegauntlet
Joined: 07 Nov 2009
Posts: 92
Location: the Southlands of Korea
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| Posted: Tue Jan 26, 2010 1:34 am Post subject: |
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| tomstone wrote: |
| I'm glad you mentioned that, Gerund, because I have all of my money in China now and I'm wondering if any other expats have any suggestions for when one leaves China after a significant period, how do you get your money out of the country? I have three bank accounts in China and I know Bank of China is pretty much worldwide, but their ATM (UnionPay) card says "Valid only in China". I have pretty much severed all ties with my native land, no one I trust enough to handle huge (for me) sums of cash. If I decided to go somewhere else when my current contract expires what's my best course of action? |
My details are sketchy, so this is merely to point you in a direction to find out more info. for yourself, but I've heard of quite a few people going to Singapore and opening either a Citigroup or HSBC account there and putting all of their money in that. International company, stable country, etc. |
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