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RnH
Joined: 02 Aug 2006
Location: Korea
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 Posted: Mon Sep 13, 2010 2:55 am Post subject: Max amount of travelers checks from Korean bank? |
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Hi there,
The US dollar/won exchange rate is pretty good now - and I will be going on a trip in a week, coming back to Korea, and then going on another trip in Nov. So I want to buy all my travelers cheques now - i.e. $19000 in total. So my question is - will a Korean bank allow me to buy this in one go? I know the limit to take out the country is $10 000 at a time - so will they limit me to this? The other way I thought I could do it, is that I have just received a new passport - the last one hasn't expired, it just ran out of pages. So could I perhaps buy $10 000 with one passport, and $9000 with the new one? Or would both passports be attached to my ARC and they could somehow see this? The last time I bought TC's they didn't write anything in my passport. But do they make a note on their system based on passport or ARC perhaps? Any advice is appreciated! Thanks so much! |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Mon Sep 13, 2010 3:55 am Post subject: Re: Max amount of travelers checks from Korean bank? |
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| RnH wrote: |
| I know the limit to take out the country is $10 000 at a time |
Not true. You can take out as much as you want. You just have to declare anything over $10,000.
I brought over $20,000 in T/C's on a vacation to the USA once and I simply delcared it.
You should have no problem getting $19,000 in T/C's. Rates are also flexible based on the amount and what kind of customer you are.
Try a few different banks. I found Worri Bank to be the best. |
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RnH
Joined: 02 Aug 2006
Location: Korea
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| Posted: Mon Sep 13, 2010 4:11 am Post subject: |
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| OK, great! Thanks so much! If you don't mind me asking - what documents did you need to take to Woori to buy that many? Just a passport and ARC? Thanks! |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Mon Sep 13, 2010 4:18 am Post subject: |
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| RnH wrote: |
| OK, great! Thanks so much! If you don't mind me asking - what documents did you need to take to Woori to buy that many? Just a passport and ARC? Thanks! |
Yes. ARC and passport, both. Woori was my regular bank so I asked for the "special rate" which saved me almost $100 off the regular rate. |
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RnH
Joined: 02 Aug 2006
Location: Korea
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| Posted: Mon Sep 13, 2010 4:25 am Post subject: |
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| Thanks so much! I'll definitely ask for a special rate! |
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Chambertin
Joined: 07 Jun 2009
Location: Gunsan
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| Posted: Mon Sep 13, 2010 4:57 am Post subject: |
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Can I ask why you wouldnt just do a wire transfer?
Not relivant or any of my business but, I wouldnt trust a soul who got within 2 feet of me carrying arround that much in paper. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Mon Sep 13, 2010 5:29 am Post subject: Re: Max amount of travelers checks from Korean bank? |
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| Richard Krainium wrote: |
| RnH wrote: |
| I know the limit to take out the country is $10 000 at a time |
Not true. You can take out as much as you want. You just have to declare anything over $10,000.
I brought over $20,000 in T/C's on a vacation to the USA once and I simply delcared it.
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Just to clarify: you declare to US Customs when you enter the US. You don't have to declare anything to the Korean gov't (unless you originally brought the $10+K into Korea). |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Mon Sep 13, 2010 2:42 pm Post subject: Re: Max amount of travelers checks from Korean bank? |
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| bucheon bum wrote: |
| Richard Krainium wrote: |
| RnH wrote: |
| I know the limit to take out the country is $10 000 at a time |
Not true. You can take out as much as you want. You just have to declare anything over $10,000.
I brought over $20,000 in T/C's on a vacation to the USA once and I simply delcared it.
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Just to clarify: you declare to US Customs when you enter the US. You don't have to declare anything to the Korean gov't (unless you originally brought the $10+K into Korea). |
Correct. Also, be aware that different countries have varying limits and laws regarding the movement of cash in and out of their countries. Check their customs and immigration websites if you're leaving with or bringing in a load of cash. |
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