Korean Job Discussion Forums

[bulgogiboy]

I have 3 questions:

1. What are the limits on transferring/taking money out of Korea?

I heard that they write the amounts of cash you transfer into your passport which sounds rather sh*t . Can I transfer/take up to $10,000(US) at one time out of Korea? Is the $10,000 limit valid for 1 year of working?

2. Does anybody know the limits on taking foreign currency into Thailand?

I've got a feeling it'll probably be $10,000(US) as that seems to be the
standard of alot of countries, but some I just want to be sure as some authorities have scary laws about currency(i.e. declare ALL or have it confiscated-ARGH!)

By the way, most of my money will be in travellers cheque form

3. What's the biggest denomination of travellers cheque you can get? I'm with Kookmin bank and I think it's $1000 with them. Do other banks have bigger denominations?

thanks,

BB

[rudyflyer]

Why didn't I make this a sticky while I was a mod? Can waterbaby put this in the FAQ forum at least?

To answer your questions:

1) THERE IS NO LIMIT, repeat, THERE IS NO LIMIT on the amount of currency, T/C's, stock and bond certs that you can take out of Korea. All that is required is if you are taking more than US $10,000 you need to declare or they will take it. They also should not be writing in your passport that you are exchanging money. In 7+ years here I have only had that happen once and that was pre-1997 economic crisis when Korea had currency restrictions

2) Thailand has similar declaration requirements as Korea. They basiclly have a very open market and nobody will write in your passort what you exchanged.

3) You can get $500 and $1000 T/Cs but don't get them you will have a hard time exchanging them get $100 demoninations. Also go to the Woori Bank in the basement at ICN and get American Express T/C's. You will run into problems with Visa and Master Card T/Cs bought in Korea and many places in Thailand will not exchange them.

Why do you need to bring so much cash into Thailand? Unless you are doing something illegal or staying at very, very posh resorts for a long period of time you don't need to bring so much. Get an international cash card and use that you will save a bunch of headaches.

[Juggertha]

maybe he wants to buy a place there?

[Alvin Stardust]

As stated above, there is no limit! I often transfer money to Thailand (have been doing this for a number of years). Mind you, I have a bank account in Thailand. Tranfering money from (a Korean) bank to (a foreign) bank is quick and easy, and fairly cheap. Saves a lot of worry and hassle in my opinion.

[bulgogiboy]

Thanks for the advice, I appreciate it.

The reason I'm taking so much money into Thailand is that I am just stopping over there for a few days before going home, rather than taking a long holiday there.

I'm actually not going to be spending any of the TCs I take in but I will be withdrawing my spending money from my Kookmin Bank Int. cash card I'm taking with me. I know I could just leave all my money in the bank and withdraw it from home but if it gets lost/stolen I will probably have to come all the way back to Korea to get my money.

Here's an interesting thought: Could I close my account and take out all my money via the London branch of Kookmin bank? If not, do you think I could get my cash card renewed there if it was lost/stolen? It's not that convenient for me as I live hundreds of miles away in Scotland but it's better than flying half across the globe. I enquired about this at HSBC in Busan and they said I couldn't close my account from another country, I'd have to come back to Korea. World's local bank my a*se!

As for wiring money,for debt reasons, my UK bank accounts are f*cked and I can't send money into them, unless I want it seized by the banks I owe money to(no thanks). I'm not too keen on wiring money to any of my family members bank accounts as I can't fully trust them not to borrow some. A sad state of affairs I know.

I was thinking about mailing travellers cheques to myself in the UK, via fedex or DHL, a few days before I depart from Korea, and get them around the same time I get home. Partially signed travellers cheques are useless to anybody else but me right? If I send travellers cheques in the mail(under $10,000) do I have to declare it on the package?

thanks,

BB

[rok_the-boat]

If you send anything resembling money and declare it by writing it on the front - do not expect it to arrive

[spliff]

Good advice, Rudyflyer! BTW, I live in LOS too and am presently working here in Kimcheland. I would like some advice as to which international bank card is the best and how does one go about obtaining it?

Thanx!

[bulgogiboy]

You can get a good international card from Kookmin bank. I've heard it works well abroad. Although the maestro/cirrus system didn't seem as popular in Japan as in other countries(Fukuoka anyway) I still managed to withdraw money using that card while I was there.

It's easy to get that card if you open an account at Kookmin.

BB

[spliff]

What is the typical charge for withdrawing $ in a second country?

[prairieboy]

It's crappy dude. Do it if you need to but if you can avoid it then avoid it. You get a terrible exchange rate compared to changing money at the airport before you leave or when you arrive.

Cheers