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Bringing home Won
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KYC



Joined: 11 May 2006

PostPosted: Tue Aug 11, 2009 7:07 pm    Post subject: Bringing home Won Reply with quote

i'm leaving very soon and the exchange rate for USD is not so great. I was planning on taking 10,000,000 won and then exchange it back home whenever the rate is better. But I heard there might be problems with this since Korean won isn't in that much demand back home......

Advice?

Thanks
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E_athlete



Joined: 09 Jun 2009
Location: Korea sparkling

PostPosted: Tue Aug 11, 2009 7:39 pm    Post subject: Re: Bringing home Won Reply with quote

KYC wrote:
i'm leaving very soon and the exchange rate for USD is not so great. I was planning on taking 10,000,000 won and then exchange it back home whenever the rate is better. But I heard there might be problems with this since Korean won isn't in that much demand back home......

Advice?

Thanks


I don't see how things would be better for you exchanging won back in the US. You might want to wait it out and see if the US dollar hyperinflates. However.... if the US dollar drops I think the won will fall with it lol. I say exchange it now and convert it all to physical gold coins. Then wait for the US dollar to inflate like crazy in the coming years.
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Dodgy Al



Joined: 15 May 2004
Location: Seoul

PostPosted: Tue Aug 11, 2009 8:27 pm    Post subject: Reply with quote

Set up online banking and transfer the money when you're ready.
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Wangja



Joined: 17 May 2004
Location: Seoul, Yongsan

PostPosted: Tue Aug 11, 2009 10:41 pm    Post subject: Re: Bringing home Won Reply with quote

KYC wrote:
i'm leaving very soon and the exchange rate for USD is not so great. I was planning on taking 10,000,000 won and then exchange it back home whenever the rate is better. But I heard there might be problems with this since Korean won isn't in that much demand back home......

Advice?

Thanks


If leaving never to return, I'd bite the bullet and do the deal now.
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KYC



Joined: 11 May 2006

PostPosted: Wed Aug 12, 2009 5:24 am    Post subject: Reply with quote

I set up an account with KEB awhile ago..the bank that claims to serve expats. Let's just say I was less than happy with their service. I tried to set up their internet banking and failed. Went in the bank personally and was not happy with the result..which was nothing. Long story short, I closed my account and went back to Nonghyup.

If I take won back...wait about a year or two..which I can afford to do, it might be better for me to exchange it then. Any probs with this situation? Advice please...leaving friday lol
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oldtactics



Joined: 18 Oct 2008

PostPosted: Wed Aug 12, 2009 6:35 am    Post subject: Reply with quote

Are you seriously talking about bringing back tens of millions of Won in paper money and just leaving it somewhere in your house? Just get an online banking account and leave it here!
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simpleminds



Joined: 04 May 2006

PostPosted: Wed Aug 12, 2009 6:45 am    Post subject: Reply with quote

You won't be able to change won outside Korea, anyway. Nobody accept won, except maybe Beijing. Has to be done before you leave.
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dragon777



Joined: 06 Dec 2007

PostPosted: Wed Aug 12, 2009 7:07 am    Post subject: Reply with quote

Not a good idea buddy. If you exchange won outside of korea you will suffer the exchange rate devaluation of the your cash bigtime. In other words don't do it! Do it in Korea or through a international account as somebody else suggested.
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OiGirl



Joined: 23 Jan 2003
Location: Hoke-y-gun

PostPosted: Wed Aug 12, 2009 7:32 am    Post subject: Reply with quote

Of course you can exchange won back home, at an international airport or an American Express office or the like in your country. You'll get a bad rate, though.
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gaffe



Joined: 06 Aug 2009
Location: N.C.

PostPosted: Wed Aug 12, 2009 8:03 am    Post subject: Reply with quote

simpleminds wrote:
You won't be able to change won outside Korea, anyway. Nobody accept won, except maybe Beijing. Has to be done before you leave.


I brought back 3,000,000 ten months ago when the rate was worse. Got a few extra hundred bucks out of the deal when I exchanged it at a bank in San Fran 2 weeks ago.
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winterfall



Joined: 21 May 2009

PostPosted: Wed Aug 12, 2009 6:13 pm    Post subject: Reply with quote

Set up an international account and transfer your money online through KEB in increments. As long as its under $10,000 per month. Besides Wire Transfers are more secure and traceable.

Depositing Wads of Cash is suspicious. After a large deposit like that, your bank will 'Flag' your account.

There's nothing illegal about it especially if you have all your paystubs. But, you'll have to deal with a barrage of questions from the IRS and Homeland Security.
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kg2095



Joined: 23 May 2009
Location: Hwaseong City

PostPosted: Wed Aug 12, 2009 6:32 pm    Post subject: Reply with quote

winterfall wrote:
Set up an international account and transfer your money online through KEB in increments. As long as its under $10,000 per month. Besides Wire Transfers are more secure and traceable.

Depositing Wads of Cash is suspicious. After a large deposit like that, your bank will 'Flag' your account.

There's nothing illegal about it especially if you have all your paystubs. But, you'll have to deal with a barrage of questions from the IRS and Homeland Security.
I would be very careful about deliberately avoiding transferring $10,000 or more.

I have a friend who was charged with fraud in Australia for making multiple bank deposits of $9,990. It is illegal to do this in Australia as it is considered that you are trying to avoid the Financial Transaction Reporting requirements which kick in for deposits of $10,000 or more. Something to do with money laundering.

He ended up with a suspended 6 month prison sentence and having all of his assets forfeited to the commonwealth.

I know the OP is in the US but I suspect the US has similar laws in place.
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Carla



Joined: 21 Nov 2008

PostPosted: Wed Aug 12, 2009 9:58 pm    Post subject: Reply with quote

kg2095 wrote:
winterfall wrote:
Set up an international account and transfer your money online through KEB in increments. As long as its under $10,000 per month. Besides Wire Transfers are more secure and traceable.

Depositing Wads of Cash is suspicious. After a large deposit like that, your bank will 'Flag' your account.

There's nothing illegal about it especially if you have all your paystubs. But, you'll have to deal with a barrage of questions from the IRS and Homeland Security.
I would be very careful about deliberately avoiding transferring $10,000 or more.

I have a friend who was charged with fraud in Australia for making multiple bank deposits of $9,990. It is illegal to do this in Australia as it is considered that you are trying to avoid the Financial Transaction Reporting requirements which kick in for deposits of $10,000 or more. Something to do with money laundering.

He ended up with a suspended 6 month prison sentence and having all of his assets forfeited to the commonwealth.

I know the OP is in the US but I suspect the US has similar laws in place.


I think that the US has actually lowered the "trigger limit" to closer to $5000 because people knew about the $10000 thing and terrorists and assorted bad people knew about it.
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Kurtz



Joined: 05 Jan 2007
Location: ples bilong me

PostPosted: Wed Aug 12, 2009 10:08 pm    Post subject: Reply with quote

Reading this I'm a little worried what could happen if I return home in a few months with substantially more than 10 million Won being sent to my Aussie bank account.

Is it a hassle sending more than 10 million in one hit from your Korean bank?

I've been sending in tax returns saying I've been earning nothing apart from the interest earned on savings accounts to the ATO.
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winterfall



Joined: 21 May 2009

PostPosted: Thu Aug 13, 2009 1:24 am    Post subject: Reply with quote

Kurtz wrote:
Reading this I'm a little worried what could happen if I return home in a few months with substantially more than 10 million Won being sent to my Aussie bank account.

Is it a hassle sending more than 10 million in one hit from your Korean bank?

I've been sending in tax returns saying I've been earning nothing apart from the interest earned on savings accounts to the ATO.


If its a one time thing.

Tax wise your in the clear. Foreign income is taxed differently. Have you been filling out that tax form too?

Just expect some odd questions. If they wanna dig than you've got nothing to hide. It's just the annoyance factor. The alternative is to spread out the deposits over a long period of time. Like 6 month intervals of a few thousand as the economy improves.
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