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Korean Job Discussion Forums
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pegpig
Joined: 10 May 2005
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 Posted: Tue Jun 14, 2005 5:51 am Post subject: |
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| PolyChronic Time Girl wrote: |
What is the limit amount of money you can take on the plane without declaring? I thought it was cash less than $10,000? |
It's a combination of cash, checks, money orders, etc. (financial instruments) that total less than 10k Cdn.
| JongnoGuru wrote: |
But if people remit funds through a bank as they go along (all nice & legal), they won't have these massive piles of cash that they don't know how to repatriate legally. Is it just a "can't be bothered" thing? Since most of us are here primarily for the money, it would seem very much worth the bother. Or am I missing something? |
For the Canucks that have been deemed non-residents for tax purposes it would be advisable not to send money to a Cdn account 'as you go'. They may undeem (you can save time and not bother looking that one up - I make 'em up as I go along) you and you might find yourself with a hefty tax penalty when you get home.
I still have an account back home, which they know about because I mentioned it on my tax form. But, sending regular money home might not be wise. I might just send a chunk at the end of the year when we FINALLY LEAVE.  I still haven't figured out which is the best way. Might be a combination of checks and a wire transfer. |
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turtlepi1
Joined: 15 Jun 2004
Location: Abu Dhabi, UAE
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| Posted: Tue Jun 14, 2005 6:41 am Post subject: |
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| rapier wrote: |
| turtlepi1 wrote: |
Just change it and DO claim it.
There are no restrictions on how much money you can bring into your home country. The restriction is how much you can bring in without filling out a form.
I'm taking a money draft for $20000 canadian home when I go.
Telling them I am paying off bills with it. |
No restrictions on how much you bring into Canada, no, but restrictions on how much you take out of korea.
How can you declare 20. 000 when the limit is 10?
Are you saying they won't allow 20 Million won out of Korea, but they will allow you to take out 20.000 canadian dollars because its in foreign currency? |
It is possible to exchange up to $3,000 US when you stay in Korea for up to 6 months, and up to $10,000 US when staying more than 6 months. If you have not spent all the money you exchanged before leaving Korea, it is possible to exchange Korean won back into foreign currency. In this case, a passport may be required. If you wish to exchange more than $10,000 US, it will be necessary to bring your passport and a customs declaration.
http://www.koreatips.net/english/generalinfo/general_currency02.html |
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