Korean Job Discussion Forums

[wings]

I'm heading back to Korea in a few weeks and I'll be looking for an apartment once I arrive. I have the equivalent of 10 million won set aside for key money and I'm wondering what the best way to have it available to me in Korea is.

Using an ATM won't do as there are limits to how much you can take out per day. So I was thinking that I could put the money on my Visa and go to the bank when I need it and with my passport get the 10 million off my visa. But I'm not sure if this is actually possible.

Any advice?

Thanks!

[2i2dk1ny2i3]

my bank in the US offers me use of my Debit Card at 3%

it is cheaper depending on the amount because it costs about $50 dollars no matter what amount

if your wanting to transfer it all at once, you should check with your bank in the country your in

[modernseoul]

Can't you transfer the funds from your US Bank account to your Korean bank account?

[wings]

My money is currently in Canada, and I don't have a bank account in Korea right now, if I did then transferring it would be ideal.

If I put the money on my Visa BEFORE I take it off do I have to pay interest?

Thanks!

[madoka]

Assuming you are in the U.S., just bring it in cash. You are allowed up to $10,000 without having to declare it. A neck wallet is about $6-18, such as this one:

http://www.amazon.com/Lewis-N-Clark-Stash-Beige/dp/B00004SR8W/ref=sr_1_3?s=apparel&ie=UTF8&qid=1331488000&sr=1-3

Then you don't lose any money to fees and you can shop for the best rate once you get to Korea. I've done this several times and it's very safe. I've never heard of anyone getting mugged from the airport to their home.

[modernseoul]

[wings]

Exactly!
It might take a month or two for us to sort everything out and I don't want to have all that money in cash. We will already be bringing a fair amount of cash with us anyway, so I also don't want to be over the 10,000$ import limit.

Is there any reason why I couldn't put the money on my visa and then take it out once I'm in Korea? I imagine that I wouldn't have to pay interest as the money would already be on the card. I guess the best option would be to get in touch with Visa and ask them about it.

I will look into the top-up travel card!

Thanks

[plchron]

have your bank print out a cashiers check. declare it (legal) or don't declare it (illegal) when you land. You are allowed to travel with large sums of money. You just have to have a legit reason for that money. That is only if you have more than 10k USD or the equivalent. 10 mil. won is about 8,500 give or take. So you can have a cashiers check in your pocket with that amount and not have to declare it on arrival. Then just deposit it in your new Korean bank account. All you need is a passport for bank accounts nowadays.

[Weigookin74]

Don't take money with you. Big risk. Cashiers check, you may lose it. Put it on the credit card and withdraw it once you get here. DOn't know what you're daily withdrawl limits are. You may have to withdrawl over a few days. I did that when I got my place. Every day, I withdrew and then deposited into my bank account. Yeah, there are a few dollars for cash advance fees and compounding interest daily for cash advances. But, there you have the cash and will be able to pay it off quickly. I assume you can just transfer it to your visa via online banking from your other account in Canada.

Long story short, you shouldn't have to pay that many fees. Visa is safer than carrying money here in a pouch. I wouldn't carry more than a few hundred dollars on me, but that's just me.

[ttompatz]

Even easier if you have an accommodating bank manager:

Go to your bank.

Make arrangements (pre-authorize) to forward the funds via bank wire to an account (in Korea) that you will open when you arrive in Korea.

Arrive here.
Open a bank account.
Contact your bank manager with details (letter sent via EMS) and wire the funds.

.