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Korean Job Discussion Forums
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nate2008
Joined: 10 Apr 2008
Location: Daegu
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 Posted: Wed May 07, 2008 7:37 am Post subject: Banking and getting money out of korea |
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I searched for threads on this topic but most of them were outdated or just unhelpful. I have 2 questions:
1) What is the best means of banking while in South Korea? Are there any Western banking institutions that have branches in Korea?
2) Once one's contract is up, what is the best way to get the money one has earned out of Korea and into the U.S.? I know that anyone carrying more than $10,000 has to declare it for taxation purposes; does anybody know how much tax gets assessed? In other words, if I bring say $15,000 in cash with me and declare it, how much of that will the IRS eventually take?
Thanks in advance  |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Wed May 07, 2008 8:19 am Post subject: Re: Banking and getting money out of korea |
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| nate2008 wrote: |
I searched for threads on this topic but most of them were outdated or just unhelpful. I have 2 questions:
1) What is the best means of banking while in South Korea? Are there any Western banking institutions that have branches in Korea?
2) Once one's contract is up, what is the best way to get the money one has earned out of Korea and into the U.S.? I know that anyone carrying more than $10,000 has to declare it for taxation purposes; does anybody know how much tax gets assessed? In other words, if I bring say $15,000 in cash with me and declare it, how much of that will the IRS eventually take?
Thanks in advance |
1. Citibank and HSBC is in Korea, but you can't bank there since you're not Korean. I bank at KB. Some branches are fantastic, others leave a lot to be desired. After a few months, you'll have a favorite branch and favorite pretty teller you'll prefer.
2. Most people wire it. To get around the wire fee, I carried mine in mostly travelers checks. I reported the amount to customs at Chicago O'Hare, where they filled out the form for the Financial Crimes Center branch of the Treasury Department to review. You won't get taxed if you were out of the country for at least 330 days. |
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