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KYC
Joined: 11 May 2006
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Posted: Tue Aug 11, 2009 7:07 pm Post subject: Bringing home Won |
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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
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Posted: Tue Aug 11, 2009 7:39 pm Post subject: Re: Bringing home Won |
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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
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Posted: Tue Aug 11, 2009 8:27 pm Post subject: |
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Set up online banking and transfer the money when you're ready. |
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Wangja

Joined: 17 May 2004 Location: Seoul, Yongsan
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Posted: Tue Aug 11, 2009 10:41 pm Post subject: Re: Bringing home Won |
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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
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Posted: Wed Aug 12, 2009 5:24 am Post subject: |
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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
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Posted: Wed Aug 12, 2009 6:35 am Post subject: |
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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
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Posted: Wed Aug 12, 2009 6:45 am Post subject: |
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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
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Posted: Wed Aug 12, 2009 7:07 am Post subject: |
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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
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Posted: Wed Aug 12, 2009 7:32 am Post subject: |
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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.
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Posted: Wed Aug 12, 2009 8:03 am Post subject: |
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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
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Posted: Wed Aug 12, 2009 6:13 pm Post subject: |
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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
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Posted: Wed Aug 12, 2009 6:32 pm Post subject: |
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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
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Posted: Wed Aug 12, 2009 9:58 pm Post subject: |
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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
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Posted: Wed Aug 12, 2009 10:08 pm Post subject: |
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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
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Posted: Thu Aug 13, 2009 1:24 am Post subject: |
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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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