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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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 Posted: Tue Jan 15, 2008 7:54 pm Post subject: |
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| I've carried $21,500 in mostly travelers checks and checked it in at customs, but for $150,000 I think I would wire it. |
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Suwoner10
Joined: 10 Dec 2007
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| Posted: Tue Jan 15, 2008 8:42 pm Post subject: |
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| cangel wrote: |
1. Buy gold online
2. Get a secured credit card |
You have to quallify as the anti-ttompatz. You give the worst possible advice regarding everything.
Gold is at an all-time high as of yesterday. Think it's really a good time to jump in the game?
What would a secured CC have to do with the price of ice-cream in Belgium? |
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Suwoner10
Joined: 10 Dec 2007
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| Posted: Tue Jan 15, 2008 8:45 pm Post subject: |
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| lastat06513 wrote: |
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........... |
Leave 50 won in your Korean bank account in case you should ever come back to teach in Korea. Maybe they relax the visa rules, but I doubt they relax the banking one that prevents foreigners from opening bank accounts for 3 months. This way you'll be covered. |
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Vicissitude
Joined: 27 Feb 2007
Location: Chef School
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| Posted: Tue Jan 15, 2008 9:16 pm Post subject: |
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| If you take that many Traveler's Cheques to Canada on a plane don't put them in your backpack because the scanner xray machine can see them clearly and you stand a good chance that they will require you to go to customs and declare them. They might even file charges against you for trying to avoid paying the taxes and fees. So you are better off keeping them on your person (i.e. pockets). BUT, if they decide to pad you down, they might very well ask you to empty your pockets. It's 150 bills. Maybe put some in the backpack, some in your coat, some in your check-in bags and some in your wallet. |
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cangel
Joined: 19 Jun 2003
Location: Jeonju, S. Korea
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| Posted: Tue Jan 15, 2008 9:25 pm Post subject: |
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| And again Suwoner10, you dish out criticism but offer little in explanations. I find my suggestions to be fine suggestions. So you disagree, fine. How about backing up your criticism for once. Again, touch�. |
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Justin Hale
Joined: 24 Nov 2007
Location: the Straight Talk Express
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| Posted: Tue Jan 15, 2008 9:36 pm Post subject: |
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| cangel wrote: |
| And again Suwoner10, you dish out criticism but offer little in explanations. I find my suggestions to be fine suggestions. So you disagree, fine. How about backing up your criticism for once. Again, touch�. |
You got schooled buddy.  |
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Vicissitude
Joined: 27 Feb 2007
Location: Chef School
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| Posted: Tue Jan 15, 2008 9:55 pm Post subject: |
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| Hanson wrote: |
| 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? |
What a bonehead! The wire transfer fees are very expensive and the OP is trying to avoid the highest fees.
Congrats to the OP and I hope he gets his money out of Korea in the BEST possibly way without paying the highest fees. |
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Vicissitude
Joined: 27 Feb 2007
Location: Chef School
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| Posted: Tue Jan 15, 2008 10:02 pm Post subject: |
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| Suwoner10 wrote: |
| Leave 50 won in your Korean bank account in case you should ever come back to teach in Korea. Maybe they relax the visa rules, but I doubt they relax the banking one that prevents foreigners from opening bank accounts for 3 months. This way you'll be covered. |
I don't see your point here. If a person decides to come back, they can always open another account. Why leave any money in Korea? Once you leave and the account becomes inactive, the bank will automatically close out your account anyway. |
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marlow
Joined: 06 Feb 2005
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| Posted: Tue Jan 15, 2008 10:04 pm Post subject: |
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| Won't it look a little stupid depositing $150,000 in traveler's checks into your home bank? |
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Hanson
Joined: 20 Oct 2004
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| Posted: Tue Jan 15, 2008 10:13 pm Post subject: |
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| Vicissitude wrote: |
| If you take that many Traveler's Cheques to Canada on a plane don't put them in your backpack because the scanner xray machine can see them clearly and you stand a good chance that they will require you to go to customs and declare them. They might even file charges against you for trying to avoid paying the taxes and fees. So you are better off keeping them on your person (i.e. pockets). BUT, if they decide to pad you down, they might very well ask you to empty your pockets. It's 150 bills. Maybe put some in the backpack, some in your coat, some in your check-in bags and some in your wallet. |
What "fees" and "taxes" are you talking about? If you earned the money legally, and you can prove you did, what's the problem???
And, what exactly do you think the bank back home will think/say/do when you suddenly deposit 150,000$ (whether in Trav. Ch. or not) in a bank account?
Well, genius? |
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Hanson
Joined: 20 Oct 2004
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| Posted: Tue Jan 15, 2008 10:26 pm Post subject: |
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The silence is deafening.
Remember everyone - Vicissitude is pure evil. She enjoys kicking people when they're down. If only I could still put a sig at the bottom of my posts... |
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Vicissitude
Joined: 27 Feb 2007
Location: Chef School
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| Posted: Tue Jan 15, 2008 10:54 pm Post subject: |
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Hanson is a complete fool! He obviously doesn't know what he's talking about or he wouldn't be asking ME those questions.
The fees depend on the banks and the countries for which a transfer is being made.
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| The price of bank wire transfers vary widely depending on the bank and its location, and in some countries the fee associated with the service can be costly. |
http://www.answers.com/topic/wire-transfer?cat=biz-fin
All international transfer are done through SWIFT. The last time I used this method to transfer my money out of Korea, I was charged a percent and a fee to the tune of about 10-11%. I think that is high.
And if you hold on to those TCs, deposit some and spend some gradually, then there should be no questions being asked. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Tue Jan 15, 2008 10:55 pm Post subject: |
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| Hanson wrote: |
| And, what exactly do you think the bank back home will think/say/do when you suddenly deposit 150,000$ (whether in Trav. Ch. or not) in a bank account? |
I don't know if Canada has become as crazy as America, but in the USA, there would be a Suspicious Activity Report filed.
My father sold one of his farms to a hospital for $2,000,000 and a gold dealer told him that if he purchased more than $10,000 of boullion a Suspicious Activity Report would have to be filed with some federal agency. It's so stupid that a citizen can't invest one half of one percent of the revenue from a farm sold to to a hospital without it being labled "suspicious." I guess someone like Hugh Hefner who "suspiciously" throws around $10,000 like it's fifty cents must have to have their own personal Suspicious Activity Report staff to fill them all out.
I'm hoping for the OP that Canada isn't as crazy as the US in this regard. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Tue Jan 15, 2008 10:59 pm Post subject: |
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| Vicissitude wrote: |
| I don't see your point here. If a person decides to come back, they can always open another account. Why leave any money in Korea? Once you leave and the account becomes inactive, the bank will automatically close out your account anyway. |
Not true. I left one of my accounts for 3 years. Had just over 20,000 won in it. Came back and just for fun tried it out with my old card, it spit out two 10,000 bills. Haven't used it since, 2 years. I'm just curious how long I can keep it inactive until they actually shut it down. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Tue Jan 15, 2008 11:05 pm Post subject: |
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| KB said I could leave mine open with a zero balance indefinitely and it would remain open. |
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