Korean Job Discussion Forums

Curious George · Joined: 06 Apr 2004 Location: Seoul, Korea

Hello everyone,

Well for various reasons I will probably be leaving Korea in the next few weeks.

I have close to 18 million won saved here which I do not want to exchange right now due to the very poor exchange rate.

When I leave Korea I will never be coming back so I will close my bank account here.

I do not want to wire the money again to the poor exchange rate.

So what is the best way to take this cash out of Korea and hold onto for 6 months and then exchange it in another country?

Last time I tried to get travellers cheques a few years ago here I went to several of the big Korean banks and they had no clue what a travellers cheque was.

If I do just walk out with Korea with 15 million won in my bag will they give me any hassle at the airport? Do I have to declare any or all of it? And if I do will they try to tax me on it?

And after I leave Korea with Korean money how hard is it to exchange in a few months in other countries? Say Thailand or America?

A few years ago I took a small amount Korean money to Thailand and I had a very hard time getting any bank to exchange it. I don't even remember if you can exchange won at the Thai airport?

Can anyone give me advice?

Thanks.

poet13 · Posted: Wed Nov 26, 2008 5:33 pm Post subject:

I wouldn't advise carrying around that much cash ever.
You could probably open a forex account with a bank here that has branches overseas. Citibank....uh, ok, maybe not citibank. But there are international banks here.

frankly speaking · Joined: 23 Oct 2005

Don't carry Korean Won out of the country. It has a very low exchange rate outside of Korea. You might get 50% of its value. Exchange rates are not constant from country to country or even bank to bank. You will get different rates. Korean banks give the best exchange rate for wire transfer. Even though the Won is down, you will be better off transferring it now. You do not want to carry that much cash on you and yes, you will need to declare any money above 10,000 dollars or whatever the rate is for your country, it is pretty much a customs standard.

If you don't need your money right now, I would leave it in the Korean bank for a year or longer. Exchange in the future. You can set up before you leave to get online access to your account, then you can just wire transfer it when the exchange rate is more favorable. If you need the money within the next year or so, exchange out now.

I will state again: Do not carry Won out of the country, it doesn't exchange well at all.

Curious George · Joined: 06 Apr 2004 Location: Seoul, Korea

Thanks for the advice Frank.

The problem I have with leaving it in a Korean Bank is that there is no way to get access to it to transfer it in a year. As previously stated, I am leaving Korea for good and never coming back.

I have account with KB Star and they wont even give me an atm card that works outside of Korea.

I asked them about the supposedly new way to transfer money to a US bank using the atm and they told me they had no clue what this was.

I asked these questions at several banks not just one and got the same "You foreigner bad! No take money out of Korea attitude" from all of them.

People say these things can be done but in reality when you try to do them you get the brush off or they totally don't understand what you are asking for.

Maybe if I went to the big head office of KB Star they would have a clue there do you think? As I really, really dont want to take a 40% loss on all the money I have worked hard so save here over the past 2.5 years.

Otherside · Joined: 06 Sep 2007

Transfer the money to me. When the rate improves I'll wire it to you.

Savvy?

yuria · Joined: 03 Jun 2003 Location: seoul

Why don't you just sign up for on-line banking?
This way you can do any transactions you want from wherever you are..

blurgalurgalurga · Joined: 18 Oct 2007

I was thinking about getting some really bad ass Mr. T chains made.
However, as I only have enough money to get a few ounces of the stuff, maybe I'll buy two ingots, drive a nail through them, and wear them on a thong around my neck.
I am serious actually.
I don't know how much gold you can carry on a plane, but I bet it's something like a total of ten grand worth, minus the cash you have. I think it's usually up to ten grand you can travel with cash, if I remember correctly. I never paid much attention though as I never intended to travel with that much cash.

jkelly80 · Joined: 13 Jun 2007 Location: you boys like mexico?

I'm pretty sure gold prices are tied to dollars. Maybe jewelry would be a better idea. of course, there's really no way to tell if you're getting screwed (at least I can't).

seosan08 · Joined: 10 Oct 2008 Location: Korea

Buy travelers checks and mail them to yourself.

Dukey77777 · Joined: 28 Jun 2007 Location: Chungcheongbuk-do

I just opened an account with HSBC...I'm fairly sure their international-ness allows me to access my funds from anywhere in the world.

vdowd · Joined: 11 Feb 2003 Location: Iksan

Are you sure Dukey77777 - are there additonal fees because they are based in the UK?

I ask because I am in the same situation and am thinking I should open a KEBCO - Korean Exchange Bank Canada account. I am going to explore if I can 1) open a Korean Won account in Canada with KEBCO 2) transfer/ withdraw from my Korean KEB account to my KEBCO account from Canada. 3) What is the service/exchange charge?

Am waiting for these answers from KEBCO - but am also thinking I should explore your bank - not Citibank.

As I understand it NOW, if I leave my KEB account open, I only have these options: 1) transfer to Canada, only initiated from Korea 2) close CD and transfer money to Canada, only initated if in Korea 3) access to Korean account, only allowed if I have a WORKING International ATM card.

Just trying to find a way to beat, wait out the exchange rate - I have the time.

Waiting for more info.

greenwillow · Joined: 12 Nov 2008

Dude Ranch · Joined: 04 Nov 2008

leave it in the bank in korea and let it catch interest
There are some banks that pay 5%-8% interest a year

on 18 million thats 900,000 to 1,400,000 Won a year on interest alone. And that is on compounded annually. If it is compounded monthly, it would be even more

I am confident that the won is going to regain a lot of the ground it has lost and will return to the 1000-1 US rate by the summer.

At that point if you want start transfering the won out. I would suggest buying gold with the money as gold will be one of the biggest gainers over the next 5 + years

The German · Joined: 12 Jan 2008 Location: Hwarangdae-Nowon-Gu

Don't close ur korean account. If u r here longer than 3 years and still have ur ATM card from the beginning it'll work abroad. I'm leaving too and so I'll take my money when the exchange rate is better. My ATM card works abroad be sure urs will too. Or put it on an account where the bank offers english online banking and transfer it later. Ur allowed to take 10.000.000 Won outside Korea or transfering 10.000.000 Won a year abroad.

rumdiary · Joined: 05 Jun 2006

Would it be possible to put your money in a CD and then have it transferred to your account in the states a year later?