Korean Job Discussion Forums

[jang]

Hi everyone,

I am a foreigner in Seoul and now I am going to work in the US. I have 20000 USD and wanna bring the amount to the US. I however have no bank account in the US yet (I am not a US citizen, and I don't know how to make a bank account in the US while I still in Korea). How can I transfer my money to the US?

Thank you very much.

[Clockout]

Keep it in an account in the country that you are a citizen of.

Arrange electronic transfer to new U.S. account once you have one.

[uklathemock]

[Wishmaster]

Are you from Nigeria? Do you need my account number to transfer the amount to?

[AsiaESLbound]

I understand you can carry it, but must declare anything above $10,000 to US customs at the airport. You might carry $10,000 and then have the other $10,000 on a bank card that works outside of Korea. Do a transfer to your home bank account if you have an international card on it?

Might also be able to Western Union it to yourself, but the fees will eat you alive. Might also inquire with US customs about the rule of carrying more than $10,000 just to be sure if carrying more.

[thegadfly]

Declaring the amount over $10,000 is not such a big deal -- you don't get charged anything on it, they just ask you a few questions...a couple of years ago, I brought back my whole year's wages in traveler's cheques, declared it, was asked to step to the side for a few minutes, and was asked why I was carrying that much in TC -- I explained that I worked overseas, and I had not exchanged my salary each month because of poor exchange rates, and that the wiring fees worked out to be over a hundred dollars, all told. That was it -- done. Carrying that much in cash or cheques might make one nervous, but you really don't need to "sneak" it in, unless you ARE doing something illegal....

[curiousaboutkorea]

Yes, you have to declare it. As long as your story is sound (maybe keep your old paystubs handy if you have them). It's not illegal to bring back over $10,000.

[Mikejelai]

$10,000 in each shoe has always worked nicely for me, but nowadays maybe the x-ray machines may pick up on the metallic strips in the newer bills??

[curiousaboutkorea]

[bucheon bum]

[pkang0202]

Nonsequential bills. Mix up the denominations. Have some 10's, 20's, 50's and 100's.

[thegadfly]

Bucheon,

Well, to be honest, I WAS very nervous about carrying the big wad of TCs with me, as I had never needed to declare anything before -- so I probably looked shifty and uncomfortable, which might have been why they asked me to step aside for a few minutes and asked me the questions...had I been calm and cool, it might have been even LESS of a hassle...and it wasn't even a hassle as it was....

[jang]

thanks everyone. I will consider some of the ways. Bringing and declaring all at the airport seems the cheapest way to do because electronic transfers would cost some percent. Moreover, my country applies very restrictions on USD transfer.

[Jandar]

Worst case scenario.

They quarantine the money and you have to prove it came from a legal source at a later time, so bring the pay stubs with you is a good idea also the fact that you have an E-2 stamped in your visa will be a help.
Just make sure you Declare the amount, I recommend travelers checks.

[cucumber]

Aren't there fees involved with traveler's cheques? Is it really cheaper than wiring it home?