Korean Job Discussion Forums

iksanboy · Joined: 08 Jun 2008

I don't want to wire it to my bank can I set up a bank in Canada from here even though I am from the USA?

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

I don't understand your problem ... There is no limit on what money you can take home.... There is a requirement that if you take more than $10,000 home that you must simply declare it to Customs ... The main reason that you could lose all the money (or face a fine) is if you do not declare it AND customs finds that out ....

Zenas · Joined: 17 May 2008

Convert to Swiss Francs - 1000 bills face value - put them in your pocket - realize that it is your money and no one else has the right to tell you what to do with it or know you have it and get on the plane.
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jackson7 · Joined: 01 Aug 2006 Location: Kim Jong Il's Future Fireball

There is legislation that will allow up to 50,000 USD from July or August. Then there's no worries unless you're banking a poop-load of coin like me Smile

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

But there is no limit NOW on what you can legally transfer out of Korea as a foreigner as long as it is not more than you have earned ...

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

Col.Brandon · Joined: 09 Aug 2004 Location: Seoul

Get traveller's cheques, photocopy them, and mail the originals home to yourself. Use an international outlet, not a local Korean bank.

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

What's the point of the customs declaration? So they can tax you silly later? To tip-off the IRS that you need to be audited?

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

The point of the declaration is not to do with trying to tax you or to take the money off you ... And everything to do with catching people who are carrying money through to try and avoid being identified for things like money laundering and selling drugs and things like that ... You have more chance of being picked up for not declaring it and potentially having it taken from you .. than you have for declaring it ... Especially now that many baggage scanners etc are set up to find currency inside bags ...

A one off transaction is not likely to raise any red flags for them .... but a pattern of taking money in or out of the country ... or being caught with money you have not declared ... is more likely to ...

Unless the amount of money you are declaring is more than what you have legally earnt here ... even if you were picked up ... You would have no problem in being able to prove that you have earnt the money ... So there would be no problem ...

genezorm · Joined: 01 Jul 2007 Location: Mokpo

from my experience the people working customs are often pricks, so i don't even think i would want to try bringing cash in and declaring it....

hellofaniceguy · Joined: 10 Jan 2003 Location: On your computer screen!

Here's the facts....
you can take whatever amount you want out or in...just declare it! If not...and you are pulled for a search...you lose it.
I have taken 50K on a few trips back to the U.S.....I always declare it....was stopped once before boarding a flight at Incheon and twice...on seperate trips..... when I landed in the U.S...if I did not declare it...U.S. customs would have taken it.
They DO..they DO...they DO...report it to the IRS....via computer along with your SS number.
They always ask me where I got the money and I always tell them ..........I work for a living, and save my money.