Korean Job Discussion Forums

[Eazy_E]

It's a little early to be thinking about this (I'm about halfway through my contract), but how exactly do you liquidate your bank account in order to take your money home?

My ideal plan would be to get it in the form of US dollar traveller's cheques and then carry it home with me in a body belt. Is there a problem with customs in taking that amount of money back?

I guess the reason I'm asking now is that I might have to transfer money home beforehand in case I'm not allowed to bring that amount of money back to Canada.

Any help on this?

[VanIslander]

You can take up to $10,000 U.S. into Canada without having to declare it. Why in American currency I have no idea.

[Eazy_E]

thanks vanislander.... btw I'm a UVic grad from this year.

[VanIslander]

I'm from the North Island region, but I've written some articles about the Vikes. Especially the women's basketball team. Five years ago they had the sweetest fast break in the country.

[prairieboy]

As VanIslander said, you can take upto $10000 US with you. That's how much you can take out of Korea without having to declare it at the airport in Incheon first.

There is actually no limit to the amount of money you can take in or out of Canada but if you have more than $10000 Canadian with you, then you have to declare it at the customs desk when you enter Canada. Here's the CCRA reference

http://www.ccra-adrc.gc.ca/customs/general/cmr/menu-e.html

If you don't report it they can fine you upto $5000. So follow the above link and the link below for more info.

http://www.ccra-adrc.gc.ca/E/pub/cp/rc4321/rc4321-e.html

You can wire home some of your money if it's more than $10000 Canadian or get an international debit card from your bank and withdraw it in Canada (but the rate is really, really bad) or have someone you trust wire it to you if you don't want to do the paper work.

But since you are working legally, there should be no problem reporting that you are carrying more than $10000CAD.

Cheers and Goodluck.

[kangnamdragon]

Why don't you just take Canadian traveller's checks? You can take more that US $10,000. You just have to declare it. There is nothing wrong with declaring it if you earned the money legally.

[Eazy_E]

Well US$ traveller's cheques might be more readily available at the bank, and if the poor exchange rate vis a vis the Canadian dollar continues, it might be wise to hang onto those US dollars for some time after I get home in order to get a better exchange rate when the Canaidan dollar goes down.

[kangnamdragon]

[Zenpickle]

Well, don't expect the US dollar to be stable this year. I have had three of my Ph. D.-in-Economics friends warn me that if I want to exchange anything into stable currency, I need to get things in euros. It all has to do with the increasing US deficit and peak oil -- stuff that I only mildly understand.

So, what I'm saying is, if you're worried about exchange rates, see if it's possible to get your money in euros before you return.

[Bubbliee]

[ulsanchris]

just wire the money home from your bank account in korea to your bank in canada. costs about 10000 won. travellers cheques cost alot more than that. travellers cheques are a good way to lose money. first you will lose money when you have korean money transfered into $US and then again when you change it into$CDN. Also you have to pay just to buy the travellers cheques.

or you can do what friend of mine did and take out all of your money in cdn dollars and just carry it home in your money belt.

or get a money order in either $US or $dollars. this will cost you about 10,000 won as well. GOod thing about the money order is that if you lose it and you keep the number for it you can get it reissued.

[Ilsanman]

I am curious. What happens if I declare some money? Do they get a share of it or something? Do they just write it down in some book?

[The Bobster]

My Korean bank (ShinWha) gives me an ATM card that can be accessed in many countries. A lot of banks have this, but you usually have to ask.

Therefore, I don't have to carry any money on me or wire it or buy traveler's checks.

[prairieboy]

If you are Canadian and filled out the NR73 form and got back a letter telling you that you were a deemed non-resident for tax purposes from the CCRA then declaring is no big deal.

You've been working legally and have earned the money. Customs in Canada and the US, as well as other countries I'm sure, are concerned about money laundering for organized crime and drug rings.

When you bring a large sum of cash in it sets off warning bells that makes them check these things out. Where did you get all of this money? Why are you carrying such a large sum of money? etc.

I'm sure there's a downside to this if you're not a deemed non-resident for tax purposes and this will probably lead to CCRA auditing you and giving you a big bill. But again, if you've filled out all the proper forms and the declaration forms you should have no trouble.

I just wire it home and save myself the hassle. When I visit Canada I use my international debit card from Nong-hyup. I can't withdraw during the day but at night it's no problem (you can still only withdraw during banking hours in Korea).

Cheers

[Eazy_E]

hey prairieboy, thanks for the advice. You brought up the tax issue that's been in the back of my mind for a long time. I couldn't really get a definitive answer from the FAQ board, so I'll ask you:

-Is it likely that I'll have to pay Canadian income tax unless I fill out the NR73 form?

-Is it too late to do it now that I've been in Korea for some time?

I am paying 5% income tax here, I'm on the Korean national health plan, and I have only a few secondary ties in Canada (bank account, credit card). Is there anything else I can do to make sure I don't have to pay income tax in Canada as well?

I'd appreciate some help on this.

Cheers