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freddy teacher
Joined: 01 Jan 2011
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 Posted: Mon Feb 14, 2011 11:17 pm Post subject: Bringing $20,000 Cash to Korea and declaring it |
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I will arrive in Korea on Thursday and I want to get an apartment right away; I don't want to have to wait to wire money over as I don't even know if my bank account is still valid in korea...
long story short i want to bring about $20,000 cash and declare it once i get to the korean customs in ICN Airport.
Anyone have experience with this?
If i show them my receipts from my canadian bank and my show them my contract saying that i will get a living allowance but i have to provide my own key money, will they give me a hard time?
thanks in advance
ps. I looked into travellers cheques, wiring it to a friend, etc...but i just want to do the cash route so please try to focus on my main concern and why im not doing it other ways... |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Mon Feb 14, 2011 11:36 pm Post subject: |
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Pretty dumb idea bringing that much cash with you. Don't put all your eggs in one basket.
Better idea is to get permission from your bank to allow someone like your parents to wire it over here once you get here. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Feb 14, 2011 11:39 pm Post subject: Re: Bringing $20,000 Cash to Korea and declaring it |
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| freddy teacher wrote: |
I will arrive in Korea on Thursday and I want to get an apartment right away; I don't want to have to wait to wire money over as I don't even know if my bank account is still valid in korea...
long story short i want to bring about $20,000 cash and declare it once i get to the korean customs in ICN Airport.
Anyone have experience with this?
If i show them my receipts from my Canadian bank and my show them my contract saying that i will get a living allowance but i have to provide my own key money, will they give me a hard time?
thanks in advance
ps. I looked into travellers cheques, wiring it to a friend, etc...but i just want to do the cash route so please try to focus on my main concern and why im not doing it other ways... |
Fill in the forms and get your copy at customs (not passport control) and it is a non-issue. Proof of origination of the money (Canadian bank statement) is not usually asked but wouldn't be a bad thing to have.
It is simple, and takes about 10 minutes. It also allows you to take the money out again without issue.
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freddy teacher
Joined: 01 Jan 2011
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| Posted: Mon Feb 14, 2011 11:40 pm Post subject: |
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thanks! have u done this before?
im thinking from a North American POV with all the red-tape here, so i expect problems. |
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Epik_Teacher
Joined: 28 Apr 2010
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| Posted: Tue Feb 15, 2011 8:28 am Post subject: |
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| The other thing you could do is to get Travelers Checks and mail them to yourself. |
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freddy teacher
Joined: 01 Jan 2011
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| Posted: Tue Feb 15, 2011 8:46 am Post subject: |
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i appreciate the suggestion but as i said, lets focus on my primary concern as i have already thought of that and travellers cheques doesnt make sense.
1) you don't even need to declare them as they are not cash
2) i need a bank account anyway to cash $20,000 at once
cash is my only option now and simply want to know people's experiences/tips on doing that.
thanks  |
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NSMatt
Joined: 29 Dec 2008
Location: London
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| Posted: Tue Feb 15, 2011 8:56 am Post subject: |
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| freddy teacher wrote: |
1) you don't even need to declare them as they are not cash |
You absolutely do need to declare them.
The obligation is to report 10,000 in cash or its equivalent in securities including travellers cheques.
Customs won't even bat an eye at the 20 grand. I used to work on the border and I regularly dealt with declared amounts in the hundreds of thousands of dollars Customs will merely fill out a report which allows for tracking of the money. |
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freddy teacher
Joined: 01 Jan 2011
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| Posted: Tue Feb 15, 2011 9:10 am Post subject: |
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i got mixed feedback from different sources...
in any case, if i have to declare them, i might as well bring the cash with me.
i know it's hard for the Dave's community to stay on topic, but I have to leave tomorrow with a brick of cash in my pockets and i would like some solid advice from people who have experience with it please.
if you have declared more than $10,000 while entering the korean border, can you please fill me in on how it went.
thanks |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Tue Feb 15, 2011 9:38 am Post subject: |
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| freddy teacher wrote: |
i got mixed feedback from different sources...
in any case, if i have to declare them, i might as well bring the cash with me.
i know it's hard for the Dave's community to stay on topic, but I have to leave tomorrow with a brick of cash in my pockets and i would like some solid advice from people who have experience with it please.
if you have declared more than $10,000 while entering the korean border, can you please fill me in on how it went.
thanks |
Tom summed it up perfectly. It is a no-hassle deal.
And there is another reason to do t/c: if they are lost or stolen, you can get your money back via the receipts. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Feb 15, 2011 4:18 pm Post subject: |
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| freddy teacher wrote: |
thanks! have u done this before?
im thinking from a North American POV with all the red-tape here, so i expect problems. |
Yes, I have done it and it really is a non-issue.
Just fill in the forms and be on your way. Keep your copy of the report form so you won't have any issues when you go to export your money when you are done.
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freddy teacher
Joined: 01 Jan 2011
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| Posted: Tue Feb 15, 2011 11:24 pm Post subject: |
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| thanks bud, i really appreciate the info! |
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RMNC
Joined: 21 Jul 2010
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| Posted: Wed Feb 16, 2011 1:10 am Post subject: |
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| Come on man, you can't post a thread like this without at least explaining WHY you want to bring that much cash into the country. |
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Cedar
Joined: 11 Mar 2003
Location: In front of my computer, again.
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| Posted: Wed Feb 16, 2011 3:25 am Post subject: |
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| Yep, for key money that's a great idea. I just brought about that much in in August, no sweat at all. Half was in a bank check, the rest in large bills. They were totally chill at customs. |
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Cedar
Joined: 11 Mar 2003
Location: In front of my computer, again.
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| Posted: Wed Feb 16, 2011 3:25 am Post subject: |
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| RMNC wrote: |
| Come on man, you can't post a thread like this without at least explaining WHY you want to bring that much cash into the country. |
He clearly said he wanted to get a place right away and needed it for his deposit. |
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RMNC
Joined: 21 Jul 2010
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| Posted: Wed Feb 16, 2011 5:28 am Post subject: |
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| Wrong emphasis. I just want to know why that much (20,000) in particular. I mean that's a 20 million won deposit, but it would be nice to know the specifics about where he plans to live so I could understanding it as justified to bring so much cash on you and whether of not to declare it. |
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