Korean Job Discussion Forums

[kardisa]

It looks like I might be headed to China in a few months, and I'd like to know the best way to take my savings with me. It's not a fortune, but it exceeds the $10,000 limit that you can take on a plane without declaring it to customs. I'm not comfortable carrying that much in cash/money orders, but I also won't have a bank account there for a month or so.

What other options do I have?

Secondary question:I don't have a bank account in the US, but I do have TDAmeritrade account. Is there a way to have my pension sent directly to that account?

[12ax7]

I did a quick check and apparently the limit in China is 5000$. You might want to look into that.

Besides that, sign up for online banking with your bank here and do an online transfer to your new account once you've got one (you might need to register the IP, so there's a good chance that won't work). To be on the safe side, get an international bank card that will allow you to withdraw from overseas if the bank transfer thing doesn't work out.

But, the coolest thing would be to buy as many 24k gold chains as you can and go full on Mr.T. According to the same source I quoted above, as long as an item is less than 50g, it's non-taxable.

http://www.travelchinaguide.com/essential/customs.htm

[Jake_Kim]

A checking account at Citibank Korea with an international bank card. Put your KRW into it before you leave, withdraw RMB in China as necessary. Transaction fee is USD 1.00 and nothing else if you use Citibank China's ATMs, or USD 2~3 if you tap into Visa/Mastercard affiliated ATMs of other Chinese banks. Applied exchange rate is remittance rate at the moment of cash withdrawal. Once you draw down your KRW savings - while saving up your local RMB income - you don't have to bother closing Korean account.