Korean Job Discussion Forums

[pocariboy73]

I've managed to save over 150,000,000 Won and would like to know what's the best method to get that back to Canada without having to pay massive amounts of service charges or tax on it. I'm a "non-resident" for tax purposes in Canada so I'm not too worried about declaring it there.

Is there a max. amount which Korean banks will permit to to send ?

Is it possible to wire that kind of amount from my Korean bank to my Canadian bank?

How about a bank draft (note)?

I'm not too keen on buying that amount of travellers checks unless I have to. And taking Won back to Canada is not a viable option.

So, what do you guys think is the best method? All intelligent advice is appreciated.
Thanks in advance

[Typhoon]

I'm trying to figure out the same thing. If you are married your wife should be able to take one lump sum up to 200 000 000 Won tax free from Korea. If you are not married it seems it is a lot more difficult. I am going to the bank this week to figure out more about this exact question. When I get answers I will post them here.

[TheBulimicFatGuy]

[Vicissitude]

You could get American Express Traveler's Cheques to avoid paying the taxes in Canada. Just use them up as you need them. You'll need quite a few but they come in $1,000 amounts.

Or you could open a bank account in Singapore and transfer funds as you need them to your Canadian bank account. But you still have to get the funds from Korea to Singapore. Perhaps a Standard Chartered bank account might not be a bad idea. They might be more willing to transfer funds from one international SC bank to another.

[Vicissitude]

[Major Kong]

Cigarette boat, fueled and oiled.

[fiveeagles]

[cangel]

1. Buy gold online
2. Get a secured credit card

[lastat06513]

I would have to second the idea of putting your money into travellers cheques, as they come in increments of $1000 and could be easily concealed in the travel pocket of your backpack.
Or from now until the time you leave, you can start transferring small amounts of your money from your Korean bank account to an account in your home country.
Another good idea is, if your money is in an account at KEB, keep it there and don't give people the impression you are leaving permanently and just withdraw the money from one of its branches overseas and then close the account (that might include you needing your ARC, all you have to do with that is to say that you handed it in to the immigration office when they gave you the 2-week notice when you notified them that you were leaving your job.....)

There are many ways to take your hard-earned savings with you, it just takes alot of prudent thinking...........

[Typhoon]

DO NOT TRY TO TAKE THAT MONEY ON A PLANE WITH YOU!!! My father in-law tried to take $40 000 USD with him to the USA and got caught. They let him keep $10 000 and "held" the rest for him to get upon his return. Let's just say the "holding" fee was very high and he lost a lot of money. Do'nt try to take it with you. Getting with that kind of money will hurt more than any fee or taxes you will have to pay at a bank. I'm off to the bank today and should have some answers. I hope.

[CeleryMan]

How does one get caught with 40k? Was it a stash of $20 bills?

[lastat06513]

I moved $50,000US> in travellers cheques with no problem........I guess the risks are different for different people.

[Juregen]

[Hanson]

What's wrong with a simple wire-transfer? If you can prove you've earned that much (150,000$) in your time here, why can't you just wire it home?

[Newbie]

Regarding a spouse taking $200,000: Does that have to be when you move, or can it be a few years down the line?