Korean Job Discussion Forums

declan · Joined: 25 Mar 2004

Hey all..

Well its about time Im thinking about getting my money home from Korea..

I think there are restrictions about how much money can be sent home at one time. Id rather not get into the whole wiring money from bank to bank if its possible..

I will have all my money in dollars and Im just curious about how much money can people take home through Incheon Airport.. I dont think the $100 bills will be too weighty and should be easy to get through the airport..

Im planning to have over 30,000$...Maybe 35 if all goes well!!
Will I be stopped for having so much money in my wallet or an envelope in my carry on bag?? Will they even see it? Anybody ever take a BIG amount of cash through there before..

Thanks in advance..

schwa · Joined: 18 Jan 2003 Location: Yap

You can carry up to $10,000 cash without having to declare it.

If you carry more than that, dont declare it, & they find it, its subject to confiscation. I'm not sure what documents you'd need to declare a large sum -- maybe an official letter of work history & pay statements?

declan · Joined: 25 Mar 2004

schwa · Joined: 18 Jan 2003 Location: Yap

Actually, it looks pretty simple. I dont know where youre from but I googled "bringing cash into canada" & up popped this site: http://www.settlement.org/sys/link_redirect.asp?doc_id=1003197 complete with downloadable declaration form. I expect other countries have a similar arrangement.

declan · Joined: 25 Mar 2004

So the problem may only arise when I get to my own country right??

Getting the money through Incheon will not be a problem..??
I think Id feel better as long as I know that!!

thegadfly · Joined: 01 Feb 2003

If it is more than $10,000 US, and you are going to the US, you need to declare it. If you declare it, you step to the side and fill out a form -- actually, a guy asks you a couple of questions, fills out the form, has you look at it and sign it. Took me about 5 minutes once my turn was up -- really quite easy...I had over 10k in TC when I went home at Christmas....

No fuss, no muss, and unless I bring in more than 70k in a year, there should be no US tax....

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

TheBulimicFatGuy · Joined: 03 Jan 2008

crsandus · Joined: 05 Oct 2004

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

First off, congratulations on saving that much money. Below is a copy of a post I wrote in November answering the same question:

I declared around $21,500 in monetary instruments to both Korean customs at Incheon and US customs at Chicago last Tuesday.

If you go the cash & carry route, do it in traveler's checks. Even though $10,000 in $100 bills is smaller than you would think, American Express has traveler's checks in $1000 denominations, so you can essentially carry $10,000 and it takes up the same amount of space as $10 in one dollar bills. Plus, if you lose your traveler's checks or they get stolen, you're still good. Just carry the checks and their serial numbers in seperate places, obviously.

And don't worry about customs. Just make sure you have your salary statements handy and show them your work visa in your passport. I even offered to let Korean and US customs copy the pages in my bankbooks since they actually showed the name of my hagwon depositing my income and had obviously normal pay/withdrawal cash flow patterns with the bottom line equalling what I was taking home. Each customs agent declined to copy my bankbooks, but Korean customs copied my salary statement. The customs agents at Incheon and Chicago are both cool and professional and won't waste more of your time than it takes for them to do their jobs. Expect to be delayed only ten minutes or so each time, which is better than paying $30 or whatever it takes to wire money home.

But to reiterate, carry it in traveler's checks and do like Scotticus and I and carry them inside the zipped pocket on the inside of your jacket. Don't put it in your luggage, especially checked baggage. My sister got her luggage from the baggage claim at one airport in the US a couple years ago and her makeup was gone. If there are TSA agents or baggage handlers who are willing to steal used makeup, the same ones would surely steal cash too.

Draz · Joined: 27 Jun 2007 Location: Land of Morning Clam

Rumple · Joined: 19 Sep 2007

Rumple · Joined: 19 Sep 2007

spamghod · Joined: 26 Dec 2007

I've been buying gold for years and do everything by mail, computer and credit card. Number one, on paydays I go to the bank and put about 70% of my salary into Travellers Checks. For the most part, any bills I have, I pay with them.

Usually, I charge things to my credit cards. If you send them EMS (Korean registered mail) they'll get to where they're going in (usually) 4 business days. So, the credit card company gets it's payment fast, and I've never had a problem sending them. I've sent as much as $7000. in Travelers Checks in one envelope and not worried about it. Just make sure you wrap them well and write out who they are for on the Check and mark it as "letter" on the form you have to fill out, etc... Don't mention Travellers Checks, there' too much mail to check and if it doesn't stand out, no one notices.

I've even sent gold and silver out on occasion by insured EMS. The most you can "insure" is $700, and when it gets to the USA, they'll have to sign for it. Recently, I sent out several thousands of $$ in old Chinese silver I bought a few years ago and some Korean gold as well. The gold was those 37.5 gram square hunks Koreans calll "geum don" (sp?) that literally means "gold money. " You can buy just about anywhere from jewelers in Korea (only buy from very reputable dealers, tho.--I got them years ago when they were still cheap).

Anyway, I wrapped them in plastic and marked the gold as "medallions" and sent a couple of small brass paperweights along with them as "gifts" via insured EMS mail. They got them 4 days later, no problems. But they did have to sign for them.

Another thing to consider about PM's in Korea is Koreans aren't much into gold coins. But they are into "bling and knick-knacks" that are gold. You can buy those chunky bling chains that are 24k as well as 24k golf balls, pigs, etc... Stick them in the same package as a few brass paperweight knick-knacks and they are usually overlooked as well.

One thing I learned long ago is that if you bring "gold religious icons/symbols" such as Buddhist symbols and Christian crosses, they don't usually look too closely at them. They don't like a stink raised about religious persecution, and all that. You could get carry ounces of gold in this form.

I wouldn't buy gold coins in Korea, I know first hand about fakes. I bought 2 fakes a few years ago from a jeweler in Namdaemun. The weight was nearly spot on and I would have sworn they were real. Fortunately, gold wasn't nearly as high as now. I imagine there are many more fakes floating around now.

Anyway, there's my 2 cents. If you have questions, PM me.

TheBulimicFatGuy · Joined: 03 Jan 2008