Korean Job Discussion Forums

[Eazy_E]

Well I'm two weeks less a day from finishing my contract and going home! All set to collect my bonus and stuff everything in a body belt to bring it home with me.

Just a question: is anyone aware of some potential problems with extracting all your money in the form of traveller's cheques to take back to your country?

I will have approximately 13 million won to take home with me. I'm planning to get it all in Canadian dollar traveller's cheques before closing my account. I would transfer the money electronically but it's my understanding that this amount would not be allowed.

Can anyone speak to their experience in collecting their money to go home?

[Homer]

Easy E.

If you have over 10 000 dollars on you when you enter the country then you are required to declare it and perhaps pay tax on some of it.

The limit on carry-in cash is 10 000 dollars. I suggest you wire some home ahead of time and limit yourself to under 10 000$ cdn on you.

You might squeak by immigration but if you don't it might be trouble.

Check out the CIC site for more info.

[crazylemongirl]

Not much help for the rest of you but I came into new zealand with it and they didn't care just took a note of it.

[Newbie]

Try to take less than $10,000 in currency. NOt only does it help you at the airport, but if a bank in Canada sees you bring in a large amount of cash/tchq they'll flag you.

I worked at TD Bank 6 years before coming here and we always had to file a report when people brought in an "unusually large amount of currency". They might not tell you about it, but it will be done. And if they do tell you, it's an annoying 15 minutes out of your life trying to verify the legitimacy of your money. It's all part of an "anti-terrorist" thing.

I'd wire half and take the rest back in paper.

[Wishmaster]

Yeah, it is pretty much a no brainer. Just send some cash home via a wire transfer or bank check and then take $9,999 on the plane with you. Simple.

[Grotto]

I got a bank cheque/money order made out to myself.

Cheaper than traveller cheques, only one peice of paper and when I got home I cashed it.

I highly recommend this method. One cheque cost 5000 won. Good as gold, better than cash.

[Hollywoodaction]

You could always deposit half one day, and the rest the next.

[hellofaniceguy]

Give me half of it to take back to Canada for you. You trust me don't you!?

[Juggertha]

Sorry to see ya go Easy.

But yeah, I wouldn't bring that much on me person. Ya never know, it'd probably be no prob but with "heightened" security, why risk it?

Do it 50/50

[huck]

This is for the US.

I took over $15000 home in traveler's checks last summer. I declared it on the customs form, they glanced at when I handed it to them, and then that was that - they just waved me through, and didn't even ask to see it. I asked one of them why they needed to know while I was waiting in line at immigration, and he said that if someone regularly brings in $10000 cash weekly, then they get suspicious (i.e. drug dealers), but if it only happens once a year or less, then it's no big deal.

You won't have to pay tax on it. You earned it while working in South Korea, which you could probably prove by showing them the visa stamped in your passport. At least for the US, I know that we don't have to pay tax on any income earned abroad totaling less than $70,000. I think most of the people who were giving you advice were just guessing.

Even though, it probably isn't smart to carry that much money on you - or so everyone told me. I just kept it in my backpack, and kept my backpack on my back at all times.

[Eazy_E]

[Homer]

The 10 000$ rule in Canada is enforced with varying severity.

You could take your chances but why even do so when you can easily wire a bunch of it ahead of time and then carry just what you need on you?

It seems a little dumb to carry that much cash on you. But, thats just me.

[prairieboy]

Personally, I don't feel comfortable carrying more then a couple of hundred dollars in any form anywhere, especially back in Canada.

The amount you'd pay on the transfer is insignificant when compared to the amount of money you'd be sending home. So for the 10,000 to 12,000 fee at the bank here and depending on any pre-arranged deal you have with your bank at home ($20 dollar fee in my case), wire the money home (13 mill is over $15,000 Canadian!).

Take what you need; money for the duty free shops on the way out, money for a taxi or bus and enough to buy a meal or two when you arrive, maybe even enough for a hotel for a night should be good. I carried over 1 mill with me the last time I went to Canada and never needed it and I did most of these things before arriving at my final destination.

Cheers and good luck

[Juggertha]

Huck, if memory servers Easy is from Canada (I htink) and Canada has a very different slant on monies made overseas!

[Eazy_E]