Korean Job Discussion Forums

jstrain · Joined: 03 May 2006

I'm finishing up my fourth year in Korea. Is there a way to take my money when I leave? I've been sending some home every month but it kind of piled up on me. The Woori Bank wouldn't even let me buy any more travelers checks since I have already purchased over $10,000. They checked the stamps in my passport. Will they check how much money I have with me? Any options?

winterwawa · Joined: 06 May 2007

Tell the people at woori that they have broken the law buy stamping or writing in your passport. No one is allowed -- by law -- to write or stamp your passport except immigration. Then, move your money to another bank. I use Shinhan. Then wait a few days and walk in and tell them you want to transfer money to your account back home. They will ask for your passport, but all they will (should) do is copy the info page. It's your money, they cann't stop you from sending it where ever you want.

jstrain · Joined: 03 May 2006

Will Immigration at the airport check to see how much I'm carrying?

winterwawa · Joined: 06 May 2007

icicle · Joined: 09 Feb 2007 Location: Gyeonggi do Korea

So long as you can prove that the money is salary from your job ... You should have no problem in transfering more than 10,000,000 won overseas ... But some banks and some people in some branches do make it hard ... And I guess you have hit one of them ...

But on the other side you should not have any problem physically taking the money out of the country as cash ... Or in changing the cash into travellers cheques at another bank ... The reason for needing to declare money over a certain limit in leaving a country / going into another country is mainly to pick up on illegal (criminal) activity rather than to stop you from taking the money ... At the absolute worst you may need to simply show the bank book with your pay going in each month ... so they can see the source of you money ... But in most cases I would not expect any problem ... or even any need to show it ... All I would say is that if you do take more money physically out of the country or into another country than whatever the limits are .. Make sure that you do declare it ... If you don't AND they find it ... You may lose the money OR have to pay a fine ... And that is more of a risk than actually declaring the money.

Icicle

MarionG · Joined: 14 Sep 2006

When you LAND, not when you leave, you will be asked if you have over $10,000 US (usually they ask for this amount even if you are in Canada, Australia etc., I don't know why) with you. If you say yes, you'll have a hassle. If you say no, and they find it, they will assum you are up to no good.
Call immigration in the country in which you are landing and ask them about their guidelines, what you need to do to prove the money is yours, etc. In the US they will report to IRS that you brought the money in.

jstrain · Joined: 03 May 2006

Thanks all!

Zark · Posted: Tue Nov 27, 2007 5:17 pm Post subject:

Some countries do have requirements about how much CASH you can take out of the country - with Korea I don't know.

It is no problem reporting large amounts of cash when you arrive. Yes, it is reported on a form - no big deal - it's your money, you earned it. They are only trying to catch drug dealers and money launderers. You've got immigration and visa stamps in your passport showing you were working overseas. Not a problem.

There was a time when I was saving more than I was - ummmm (technically) earning. I usually went down near the base in Pusan, where I was living at the time, and just asked to trade won for $ at a few of the shops. Never a problem - they had cash they didn't want to take to the bank and have to declare. And, I usually got slightly better than the official exchange rate.

As far as I know/knew - nothing illegal about a simple currency exchange.

An option for TCs might be the currency exchange places in Itaewon.

icicle · Joined: 09 Feb 2007 Location: Gyeonggi do Korea

jellobean · Joined: 14 Mar 2006

Or you can always have a Korean friend go get you traveler's checks and mail them home or transfer the money to your American account from their Korean account..... It does mean having a good friend who won't steal your money....

RJjr · Joined: 17 Aug 2006 Location: Turning on a Lamp

A couple of weeks ago, I withdrew $20,850 from Kookmin Bank. They were okay with giving me $10,000 in traveler's checks, but I had to go back to the hotel to retrieve my salary records from my hotel for them to be able to give me the rest of my money in US dollars. I put the salary sheet from the whole year on the front, so the banker could see the month by month breakdown and subtotals, along with my boss's signature and pretty red stamp. For good measure, I also included a sheet for June 2006 through the end of the year with the signature and stamp, along with my Letter of Release. They gave me $19,000 in traveler's checks and the rest in cash since they had run out of checks.

At Incheon Airport the next day, I declared all the cash and traveler's checks, which amounted to something like $21,500 or so. The agent counted the travelers checks and cash (except for coins) and made copies of my statements and I kept the originals. It took around ten minutes. He gave me a very detailed receipt-like form and sent me on my way.

I would've declared the money anyway, but it was especially important for me since I always get selected for additional screening at US airports. In Chicago, it was no exception. I stood in line and everyone else went on their merry way to their connecting flights or the exits. Of course, I was told I needed to go to the enhanced security screening area. It was in a semi-private area, unlike Dallas (where you're made a spectacle/star right there in front of everyone). Anyway, the agent informed me, "You've been selected for a random and I also see here where you marked that you're declaring over $10,000." I showed him the same salary documents I showed Korean customs, along with the form Korean customs gave me showing I had declared it with them as well. I showed him the Korean work visa in my passport and asked him if he needed to make copies of the salary statements as well as the the pages inside my Kookmin Bank books. He declined to copy anything and didn't count the money. We proceded to fill out a form. I think it was the Financial Crimes Enforcement Network (FinCen) form mentioned on the back of the customs declaration form the flight attendants give passengers entering the United States. Then he proceded to check my bags and check me with the wand. Then I was sent on my merry way to go check in my luggage for the connecting flight and proceed to the regular security screening and then to the gate for my flight home. The first screening and customs declaration only delayed me around 15 minutes. I had a tight schedule and still made it.

Both the Seoul and Chicago customs agents were professional and were just doing their job and it wasn't a big deal. Just get to the Seoul airport early and make sure there's enough time if you have a connecting flight at the port of entry in your home country. And if you take over $10,000 into the US, declare it. Just because you earned the money legally doesn't mean they can't confiscate it if you don't declare it. They can.

I'm a tightwad, so I carried mine home, but if you don't want to deal with customs, sacrifice the $30 or so it takes to wire it home instead.

sojourner1 · Posted: Tue Nov 27, 2007 8:42 pm Post subject:

If you are carrying more than $10,000 and you don't report it upon landing and they find out, then they confiscate your money. Particularly so in the states.