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mindmetoo
Joined: 02 Feb 2004
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 Posted: Mon Jan 28, 2008 3:56 am Post subject: Exiting Korea with more than $10,000? |
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Anyone ever leave Korea with more than the $10,000 "oh, paperwork!" figure in your pocket? What was your experience exiting and then entering the USA/Canada?
I would imagine you need to have pay slips etc. ready. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Mon Jan 28, 2008 4:19 am Post subject: |
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People need not worry. Just give the money to me and give me your bank account number. I'll deposit the money in your home country's account.
You can e-mail me:
[email protected] |
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Trevor
Joined: 16 Nov 2005
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| Posted: Mon Jan 28, 2008 4:30 am Post subject: Re: Exiting Korea with more than $10,000? |
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| mindmetoo wrote: |
Anyone ever leave Korea with more than the $10,000 "oh, paperwork!" figure in your pocket? What was your experience exiting and then entering the USA/Canada?
I would imagine you need to have pay slips etc. ready. |
Last edited by Trevor on Sat Nov 29, 2014 2:54 am; edited 1 time in total |
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PRagic
Joined: 24 Feb 2006
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| Posted: Mon Jan 28, 2008 2:52 pm Post subject: |
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wire it back to you account in the u.s. or canada.
get a bank draft and mail it back to yourself.
you can carry 10K with you. traveler's checks do the trick.
you are not doing anything illegal. koreans can move 1 million USD overseas now. transfering 50K? 100K? made over the course of a few YEARS? the people at the bank won't even bat an eyelid.
good on you for saving. |
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Ut videam
Joined: 07 Dec 2007
Location: Pocheon-si, Gyeonggi-do
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| Posted: Mon Jan 28, 2008 3:08 pm Post subject: |
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| PRagic wrote: |
| wire it back to you account in the u.s. or canada. |
Problem is, the Korean banks won't let you wire more than US$1,000 at a time without presenting documentary proof that you earned the money from a legitimate job. There's also a per annum limit (don't know if it's a calendar year or consecutive 12 months); it used to be US$10,000 but some recent posters have said it's been increased to $20,000. This limit can likewise be waived, but only by presenting documents that show your salary.
Last edited by Ut videam on Mon Jan 28, 2008 3:10 pm; edited 2 times in total |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Mon Jan 28, 2008 3:08 pm Post subject: Re: Exiting Korea with more than $10,000? |
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| Trevor wrote: |
| A worthy thread. I have two years of savings here. I don't want to send it to the U.S. because I know that eventually if it is in the states then the IRS will somwhow manage to get half of it. |
You've been here two years, so obviously you've done taxes at least once. WHY would you think they would get half of your money if you truly legally earned it? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Jan 28, 2008 3:13 pm Post subject: |
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The paperwork is nothing more than a simple customs declaration.
It is required for everyone who is carrying more than $10,000 in NEGOTIABLE monitary instruments (this means cash OR travellers checks or bank drafts or bearer bonds or etc. or any combination of the above.)
If you can cash it AND you are carrying it then legally you must delare it.
There is no difficulty. Fill in the form, sign it and be on your way. |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Mon Jan 28, 2008 3:14 pm Post subject: |
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| Ut videam wrote: |
| PRagic wrote: |
| wire it back to you account in the u.s. or canada. |
Problem is, the Korean banks won't let you wire more than US$1,000 at a time without presenting documentary proof that you earned the money from a legitimate job. |
Not true. Not true. Not true. Your bank is full of shit.
I have wired much larger sums than $1,000 and NEVER shown proof of income. I've also NEVER had to show my passport. |
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Ut videam
Joined: 07 Dec 2007
Location: Pocheon-si, Gyeonggi-do
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| Posted: Mon Jan 28, 2008 3:25 pm Post subject: |
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| Atavistic wrote: |
Not true. Not true. Not true. Your bank is full of *beep*.
I have wired much larger sums than $1,000 and NEVER shown proof of income. I've also NEVER had to show my passport. |
Maybe I need to change banks then! Whenever I try to do an overseas transfer by Internet Banking or from an ATM, I get an error message if I try to send more than $1,000. If I go to the bank and show them proof of income, I can send more�but that pretty much defeats the purpose of being able to transfer via the 'net or ATM in the first place.
Which bank do you use? |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Mon Jan 28, 2008 4:02 pm Post subject: |
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| Ut videam wrote: |
| Atavistic wrote: |
Not true. Not true. Not true. Your bank is full of *beep*.
I have wired much larger sums than $1,000 and NEVER shown proof of income. I've also NEVER had to show my passport. |
Maybe I need to change banks then! Whenever I try to do an overseas transfer by Internet Banking or from an ATM, I get an error message if I try to send more than $1,000. If I go to the bank and show them proof of income, I can send more�but that pretty much defeats the purpose of being able to transfer via the 'net or ATM in the first place.
Which bank do you use? |
Hana, but I've only done transfers in person. Still NEVER had to show proof of income or my passport. |
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JAWINSEOUL
Joined: 19 Nov 2005
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| Posted: Mon Jan 28, 2008 4:16 pm Post subject: |
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| Atavistic wrote: |
| Ut videam wrote: |
| PRagic wrote: |
| wire it back to you account in the u.s. or canada. |
Problem is, the Korean banks won't let you wire more than US$1,000 at a time without presenting documentary proof that you earned the money from a legitimate job. |
Not true. Not true. Not true. Your bank is full of *beep*.
I have wired much larger sums than $1,000 and NEVER shown proof of income. I've also NEVER had to show my passport. |
All this means is your bank branch is not doing their job. All banks are directed by the Korean government to follow this procedure. I have been to one branch and they demanded my passport. I went home to get it and decided to goto another branch and they never asked for my passport. |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Mon Jan 28, 2008 4:36 pm Post subject: |
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| JAWINSEOUL wrote: |
| Atavistic wrote: |
| Ut videam wrote: |
| PRagic wrote: |
| wire it back to you account in the u.s. or canada. |
Problem is, the Korean banks won't let you wire more than US$1,000 at a time without presenting documentary proof that you earned the money from a legitimate job. |
Not true. Not true. Not true. Your bank is full of *beep*.
I have wired much larger sums than $1,000 and NEVER shown proof of income. I've also NEVER had to show my passport. |
All this means is your bank branch is not doing their job. All banks are directed by the Korean government to follow this procedure. I have been to one branch and they demanded my passport. I went home to get it and decided to goto another branch and they never asked for my passport. |
Follow WHICH procedure?
I wish my bank branch would not do their job and give me an international ATM card! |
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ED209
Joined: 17 Oct 2006
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| Posted: Mon Jan 28, 2008 5:09 pm Post subject: |
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| JAWINSEOUL wrote: |
All this means is your bank branch is not doing their job. All banks are directed by the Korean government to follow this procedure. I have been to one branch and they demanded my passport. I went home to get it and decided to goto another branch and they never asked for my passport. |
I'm sure it's more the banking federation that dictates this not the government. Anyone got clarification on this? |
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patongpanda
Joined: 06 Feb 2007
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| Posted: Mon Jan 28, 2008 5:09 pm Post subject: |
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Does anybody know if there are any regulations concerning carrying gold?
Can I do a B.A. Barrackus through customs? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Jan 28, 2008 7:09 pm Post subject: |
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| patongpanda wrote: |
Does anybody know if there are any regulations concerning carrying gold?
Can I do a B.A. Barrackus through customs? |
Gold is both negotiable as a currency (and you must file the declaration) and taxable as a good if you bring the real thing instead of just gold certificates (you get to pay inport duties on it).
Just do the bank wire or bring cash / travellers checks and fill in the customs declaration form. Painless, legal and worry free.
And as an aside: people returning to Canada after more than 1 full year (365 days) of absence are entitled to an additional $10,000 duty free (with some restrictions).
http://www.cbsa-asfc.gc.ca/publications/pub/rc4105-eng.html
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