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Korean Job Discussion Forums
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Wrench
Joined: 07 Apr 2005
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 Posted: Fri Aug 05, 2005 8:08 pm Post subject: |
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| I sent money twice now I got no problems from my bank. Yeah I had to show them my passport for the transfer and exchange of some money. I think our passports are more a valid ID then the ARC card. |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Fri Aug 05, 2005 8:26 pm Post subject: |
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| Gopher wrote: |
Gawd it will be good to get on that plane...I'm just going to take my remaining won and exchange it at my own bank in California. No more dealing with Koreans and money. They're confused.
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I feel your pain, but this is probably not a good idea. The Korean won is not a hard currency, so you can expect a terrible exchange rate if you try to change it outside of Korea. You could expect to take a loss of as much as 20% if you try to change it with your bank in the US. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Fri Aug 05, 2005 8:41 pm Post subject: |
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| Damn. Probably means I have to face the guy who always wants to know why I'm exchanging money one more time... |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Fri Aug 05, 2005 10:58 pm Post subject: |
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Gopher: If you change your money at the airport, you'll pay a little higher rate, but won't get a hassle. Of course you WILL have to show your ID!
I was talking about all bank transactions in general. Koreans have to present their ID to change money, too...just as we do. It doesn't matter what amount is exchanged. When I changed money in Europe and Japan, it was the same. Gotta show your passport...even for $20!
When you use your debit card, you're accessing your bank account. To apply for a bank account, almost all of them ask for your SS#. If you think that the IRS doesn't keep track of your financial transactions, you're living in a dream world!
My employer here deposits my pay into my account monthly...no problem! They've never been late. In fact they even pay on Friday if payday is on a weekend. When the employees of CHB threatened to go on strike a couple of years ago, my employer paid everyone 10 days in advance to avoid problems!!!! |
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desultude
Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf
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| Posted: Sat Aug 06, 2005 1:51 am Post subject: |
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You really think the U.S. govt. doesn't take an active interest in your money- how much you have, where it is, how you spend it and how much leaves the country? 
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Foreign Bank Acct. Info Required
"US expatriates and many foreigners living in the US risk penalties of up to $10,000 if they fail to report details of overseas bank and financial accounts to the US Treasury by Thursday," the Financial Times reports.
"Any "US person" who held more than $10,000 (��8,269, £5,532) offshore in 2004 whether in bank accounts, stock funds, trusts and other investment accounts is expected to have completed an obscure form known as a TDF 90-22.1.
"Taxpayers who fail to comply face a $10,000 fine and a maximum civil penalty of $100,000 or 50 per cent of the value of the offshore account, experts warn.
"Accountants in the US and abroad say they have been working with clients but admit that thousands could be caught out because they remain unaware of their obligation." |
http://www.usabroad.org/2005/07/foreign_bank_ac.html
There are a lot of other means used to track the greenback and other money in the hands of U.S. citizens. Bank accounts in the U.S. are not private- you get audited and you will find the Feds with all sorts of financial data on you. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Sat Aug 06, 2005 1:59 am Post subject: |
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They are not tracking anything under $10K. I know this as fact and not speculation.
Also, I'm talking about small-time transactions here. The Korean system is unique in my experience.
Please tell me how you must present a passport in the U.S. to exchange $20 dollars again... When training foreign execs and students in southern Cal, my language institute used to help them exchange money, so I'm not asking a question I don't already know the answer to... |
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Gopher
Joined: 04 Jun 2005
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| Posted: Sat Aug 06, 2005 2:06 am Post subject: |
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| ajuma wrote: |
| When you use your debit card, you're accessing your bank account. To apply for a bank account, almost all of them ask for your SS#. If you think that the IRS doesn't keep track of your financial transactions, you're living in a dream world! |
Cite your evidence that the IRS or any other government agency is keeping track of our day-to-day financial transactions. Ridicule is not evidence, by the way.
Your bank may keep records. But if IRS or anyone wants them, they must get a subpoena and request documents. That is the real world.
| ajuma wrote: |
| My employer here deposits my pay into my account monthly...no problem! They've never been late. In fact they even pay on Friday if payday is on a weekend. When the employees of CHB threatened to go on strike a couple of years ago, my employer paid everyone 10 days in advance to avoid problems!!!! |
I don't think we live in the same Korea. You have a hogwon that sounds like a fairy tale to me. Everything is perfect there, and, moreover, you apparently note little or no differences between life here and life in the U.S.
Mith, too, talks about smiling, happy, finger-snapping, scatting, jazz-loving Koreans, and Korean women who open doors for him and make their own yoghurt.
Honestly, I must be in a parallel universe or something. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Sat Aug 06, 2005 2:17 am Post subject: |
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deleted
Last edited by Gopher on Mon Jun 09, 2008 11:13 pm; edited 1 time in total |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Sat Aug 06, 2005 2:27 am Post subject: |
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Yeah, you must...or your negative attitude makes you unable to apprecate the positve aspects of Korea. I don't work at a hagwon, but at a uni...and I only had ONE (out of 3) bad hagwon experience.
Of course your banks keep records! How do you think your statements come every month? And no, the IRS doesn't need a subpeona to get access to your accounts. You get audited, it's automatic.
I didn't say that you had to present your passport in AMERICA to change money (obviously, since you don't need a passport to go to Canada or Mexico!!!). What I DID say was that when I changed money in EUROPE OR JAPAN, even $20, I was asked for my passport!!! |
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Gopher
Joined: 04 Jun 2005
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| Posted: Sat Aug 06, 2005 2:34 am Post subject: |
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deleted
Last edited by Gopher on Mon Jun 09, 2008 11:12 pm; edited 1 time in total |
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desultude
Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf
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| Posted: Sat Aug 06, 2005 3:11 am Post subject: |
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| Gopher wrote: |
| desultude wrote: |
| There are a lot of other means used to track the greenback and other money in the hands of U.S. citizens. Bank accounts in the U.S. are not private- you get audited and you will find the Feds with all sorts of financial data on you. |
First, please elaborate on "a lot of other means," and please be specific.
Secondly, all that data that they have on you when you get audited...first they had to look for it and subpoena documents.
You seem to suggest some kind of conspiracy-like central tracking system? Cite your evidence.
$10K is a magic number internationally, set up to deter money laundering and tax evasion. $10K will red flag you and force you to indentify yourself and disclose where the money came from.
Anything less than $10K, well, they've got bigger fish to fry, but setting that aside for the moment, it's not legal.
When I worked in casino survelliance, and in Nevada Gaming Regs. we're talking about Reg. 6A, "Certain Cash Transactions," a cage manager once instructed a client to identify himself when cashing out $9K. It immediately became a hoo-rah. He refused to show identification, and she refused to cash him out. Feds -- on property for an unrelated matter -- came to the surveillance room, reviewed the evidence, and, lo and behold, guess whose side they took? Do you imagine that they even wanted to get involved in the affair? |
I am not suggesting a conspiracy. IF they want your information, they will have it. There is a good solid infrastructure for tracking bank transactions. I'm not saying it is bad or good, it just is.
I send checks and wire transfers a lot of times out of Korea. I have no doubt that there are multiple records. No one at my bank ever asks for my passport. I just wired $2000 a few weeks ago. Do I think it is a private transaction? Pshaw. Do I think it is or will be a problem? No, I have not become paranoid in Korea.
I don't like that my monetary transactions and resources are anyone's business, but I don't fool myself into believing that I have any more or less discretion in one country or another. |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Sat Aug 06, 2005 3:19 am Post subject: |
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According to this article (and this mentions ONLY ONE BANK!) it seems as if reporting "suspicious activity" is the norm!
http://tennessean.com/apps/pbcs.dll/article?AID=/20050802/BUSINESS01/508020324/1044/BUSINESS
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| "The paranoia has led to creation of a government database filled with the names of individuals without any real justification," said Serino, also a lawyer at the Washington law firm of Buckley Kolar LLP. "The privacy of individuals is in serious jeopardy, and a referral system that was designed to report real violations has become nothing but a paper chase and a system of defensive filing. |
So, your bank isn't watching you, huh? |
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Gopher
Joined: 04 Jun 2005
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| Posted: Sat Aug 06, 2005 3:23 am Post subject: |
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deleted
Last edited by Gopher on Mon Jun 09, 2008 11:12 pm; edited 2 times in total |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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Gopher
Joined: 04 Jun 2005
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| Posted: Sat Aug 06, 2005 3:33 am Post subject: |
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We are going in circles, splitting a single hair here, and I did preface my info as being mostly appropriate pre-9/11.
9/11 and the reaction to it (e.g., Patriot) have blurred previously distinct lines between public and private. Who knows where it will end.
I still don't believe it's as pervasive as you do. Furthermore, the Korean system, my original point, still is what it is and for its own nationalistic reasons, perhaps for fear of currency speculation. I would venture to guess that they care little about enforcing money laundering or corruption other than what international agreements force them to deal with.
Last edited by Gopher on Sat Aug 06, 2005 3:48 am; edited 3 times in total |
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