Korean Job Discussion Forums

[Hieronymous]

Hi

Another pissed off guy with plummeting salary as the won devalues against all the main currencies. I was going to stay and do another year teaching, but no way now, salary is 30% down...

Question: Can I legally take cash out of the country (to UK), and if so how much...Ill happily keep it under my bed at home, and convert it into real money at a later date...

Thanks

[kasain]

I am pretty sure you can take your money with you. They may make you declare you are taking that much with you on the airplane. Its not like you can't go to an airport in yoru country at a later date and excange it to your money. Also many banks can convert it anyway.

[Sleepy in Seoul]

It'll make a very nice wallpaper. Just make sure that you have enough for a whole house.

[sojourner1]

I want to know this too, but also know it's not commonly done in the computer age, except with US dollars. I find America to be the least equipped for special travelers services like this while SE Asia and Europe are well accustomed and equipped. I.e. You can buy and sell various currencies cash easily in Bangkok, but not St. Louis.


Anyone know if a minor foreign currency cash like the Won can be sold in the USA b depositing it into a bank account? OP asks for UK so you can answer that one too. Seems like it would be a cinch in Europe as they are more equipped with cash currencies exchange booths and have them set up just like you'd find them on Khao San Road in Bangkok. In America, you don't see these booths, but they are check cashing and short term loan places instead. I'm sure you could easily sell in New York or LA at a currency exchange booth as they would be more equipped to handle these sorts of cash transactions.

[TheUrbanMyth]

I've taken my won home (4 million) and traded it in for traveler's checks (in Canada). You do need to have a bank account back home though and do it at that bank.

Not sure about the U.S or the U.K. but don't see why not.

[blissfullyignorant]

I believe the maximum to take out of the country as hard cash is 10 mill...I don't remember how I know this, but I'm almost positive.

[jkelly80]

[mindmetoo]

You can take out any amount but over 10 mil you'll need to report it on both ends. (Well, over 10 mil won and over US$10K.) If you do keep it in bills, you risk losing it, having it stolen, it not collecting any interest for lord knows how long.

[Murph]

You can take it home with you, however I would be careful because depending on where you are in the world buying Korean won may be such a hastle for banks that they will only do so at a terrible rate for you.

I know a woman who took a fat stack of cash back to Canada with her ( I have no idea why she didn't just exchange it in Korea), and she only received about 50 or 60 cents for every 1000 won. That might not sounds too bad these days, but this occurred during the days of $1.20 for every 1000 won. Apparently there wasn't a large demand for Korean currency in eastern New Brunswick at that time (who knew) and the bank knew that it would have to pay to send the paper somewhere else so they didn't want to give her much for it.

In short yes you can do it, but remember that if you are not in a metropolitan area, banks may not be willing to purchase your won at the going rate thereby foiling your plan of waiting for the value of the won to increase.

[kiknkorea]

[mistermasan]

oh...st.louis. st.louis, st.louis, st.louis. once the nation's third largest city and able to host international events like the olympics is now just a joke.

st.louis' "lambert international airport" is pretty much "international" in name only. it has one international flight a day (to canada).

i am from "the loo" and as a matter of fact...last time i was home i tried to change korean won at lambert airport. simply stated, there are NO currency exchange booths anywhere in the place. i found the quest both irritating as well as enjoyable: an international airport where there is no currency exchange.

how do they roll in the 'loo? like this. first do a visual inspection. no exchange kiosks to be seen. ask around. get shrugs. go to the airport directors office. be told that services are not "in the purview of the airport". huh? ask around a bit more. there are multiple bank branches set up in the airport. but only one of these does currency exchange. BINGO! right? wrong. to exchange currency with them you need to set up an account with them. no posting of rates, etc.

st.louis, as evinced by the airport, is a dead city. if it wasn't home...i'd never go there ago. banks therre CAN'T exchange won for US$ (nor Chinese RMB) as such is (for them) termed an "exotic" currency. what the heck, they are like #'s 3 and 10 in world economies and they are exotic? ojne banker suggested that i go to the federal reserve in st.louis but upon calling them i was not surprised that they do not do such exotic exchanges other.

final words, do you research. each nation (both your host and nome nations) have limits on how much money caqn be moved around. exceed the limit and face the penalties. lotsa places that say they do currency exchanges in the yellow pages ad in reality'll only exchange pesos or whichever but not exotics.

best wishes. this very issue burnt me.

[kiknkorea]

Wow, I guess we can't classify the 'loo as even a mid-major anymore. That's why I said it's best to call around and see first. I am surprised the fed bldg couldn't help as well.

[sojourner1]

Yep, MisterMasan, St. Louis is dead for sure even though it used to be the center of aviation and is sorta half Detroit/half New Orleans. There're hardly any services there anymore unlike back when grandpa worked for McDonnell Douglas which is now Boeing there NE of the airport. I tried to buy a money order in Candadian dollars and none of the banks nor post offices could do it, even though they are supposed to have this capability and do in most places around the country. I tried to sell coins to the banks and none would accept them in St. Louis City. I used to live downtown in the loft district near the tall buildings while I was attending the university. We didn't even have a grocery store in St. Louis city nor as much as anything that small towns have, but I would take a 1 hour bus ride to get to a large super market out in the county. A small town will have a supercenter, a super market, a line of fast food places, and all the basic services, but the big city of St. Louis severly lacks. There's no jobs, the pay is low, and it's simply the remaining hull of what once was a huge success. When you use the airport, you're treated like a guilty criminal by the employees who are very unhappy campers. No one is building a fortune or making money these days, but those with money are inheritors due to having parents or grand parents having done so well in a strong local industrial economy of the past. This city, like Detroit and others, sucks big wankers in the 21st century.

[bassexpander]

Ditto to the guy who said you'll get a crappy rate overseas.

This is true.

Keep it in a bank here, or cash it here.

[bossface]