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Sending money and belongings back home
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Kavers



Joined: 30 Oct 2005

PostPosted: Mon Oct 31, 2005 3:42 am    Post subject: Sending money and belongings back home Reply with quote

Hello; I will be leaving Korea and was looking for some advice on how to get large sums of money out of the country with no questions asked. The bank doesn't seem too cooperative, so I'm looking for someone to give me a few ideas of what I can do. I'm leaning towards putting it all in a Citibank account and then withdraw it once I get back home, but I'm not sure if it will work or if it is possible.

Also, we've accumulated a lot of stuff and I am looking for any advice of shipping companies. There will be too many boxes to do this through the post office. Any ideas will be appreciated.

Cheers.
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prairieboy



Joined: 14 Sep 2003
Location: The batcave.

PostPosted: Mon Oct 31, 2005 4:30 pm    Post subject: Reply with quote

If you haven't sent more than $10,000 USD home this year then you can send upto that limit with no questions asked. After that, the banks need to see pay slips to ensure you earned the money legally and have paid taxes on it. At that point you can send as much as you want.

You could put it into a Citibank account and withdraw it when you get home but you'll probably loose money on the exchange and service charges, if any.

I ran into a problem earlier this year, I had reached my $10,000 limit. It took almost three weeks to get it sorted out because no one at the bank could tell me what was happening.

If you send money through more than one bank, there might be trouble with sending money out of country. Apparently only one bank can approve transfers over your $10,000 limit and that is the very first bank you sent money through, unless you fill out the paperwork that took me three weeks to get sorted (that was just to change the bank that set my limit).

Long story anyway.

Good luck.

Cheers

PS. Korean banking laws and bank policies in general are enough to drive you crazy, so take a Korean friend who speaks English well to translate.
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sheba



Joined: 16 May 2005
Location: Here there and everywhere!

PostPosted: Mon Oct 31, 2005 8:07 pm    Post subject: Reply with quote

From what Ive been told, you can send up to 70% of your pay back home but you must provide pay slips to prove how much you earned (to show it isnt illegal money).

Also you are allowed to take a certain amount of cash home with you without having to declare, usually around the $10,000 mark per person - if you're willing to carry that much cash on you.

You can post stuff home but that can take FOREVER unless you pay through the nose and bump it up to express mail. Or you can rent a container on a ship, which will take a long time but its safer than posting and cheaper too. Or you can send it home as unaccompanied luggage which is cheaper than sending express mail, but will take around the same amount of time (or slightly longer). The problem with that is having to make the trip back to the airport after you get home to pick up your luggage.... not too bad if you live close to the airport....

Im not too sure exactly what the costs are or where to get the info - this is just what Ive heard from different people regarding their experiences.
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canukteacher



Joined: 21 Jan 2003
Location: Seoul, Korea

PostPosted: Mon Oct 31, 2005 8:35 pm    Post subject: Reply with quote

I recently sent a large sum of money (over $10,000) to another country. I got a bank draft in U.S. dollars from Citibank, and had it made out to the company where I was sending the funds. You could have the draft made out to yourself, and simply carry it with you, and then deposit it into your account when you get home. I also think it can be issued in any major currency. On the side of caution, if you have an address in your home country that you can send it to, I would send via EMS. Wherever it is delivered a signature is required. Less chance of losing the draft this way. EMS is very cheap. Also, if you take the money or send it in draft form nothing is reported to the Korean government, and the draft can be for any amount (you do not have to show pay stubs, etc.)

Now Citibank, you can get an international bank card from them. All I can say is be very careful. I had one issued several years ago, and went to Thailand and it did not work. After I came back to Korea, they set it up a second time, and it did work. If you are not coming back to Korea I would not take the chance of the card working in your country.

Check out this link for info on Citibank:

http://www.citibank.co.kr/english/inter/index.html


Good luck.

CT
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Kavers



Joined: 30 Oct 2005

PostPosted: Mon Oct 31, 2005 8:51 pm    Post subject: Sending money Reply with quote

Thanks for all the help. Sending the bank draft is an idea I had not thought of and might go that route. Sounds like that and the TC idea might be the best way to go. I was sold on the citibank, but sounds like there have been some problems with international cards. As well, I found out that even though Citibank Korea is still part of Citibank Corp, they are still seperate companies, which might cause its own problems.
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Wangja



Joined: 17 May 2004
Location: Seoul, Yongsan

PostPosted: Mon Oct 31, 2005 8:51 pm    Post subject: Reply with quote

That is a reliable and cheap way of buying foreign currency. I have done it myself many times over the years.

One caveat though. If you walk it through customs outbound and do not declare it and they find it, there could be a problem.

I believe too that amounts exceeding 10,000 USD have to be declared on arrival in USA (and Canada?). I don't think there is such a requirement in Europe.
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freesolo



Joined: 26 Feb 2004

PostPosted: Tue Nov 01, 2005 2:53 am    Post subject: where in seoul Reply with quote

where in seoul is a citibank and, to get a draft, do i need to have a citibank account?? show them my alien registration card??

i need to get some money out cause i am at my 10k limit already.
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prairieboy



Joined: 14 Sep 2003
Location: The batcave.

PostPosted: Tue Nov 01, 2005 4:01 pm    Post subject: Reply with quote

Citibank has branches all over Seoul.

http://citibank.co.kr/english/about/index.html

If you are at your $10,000 limit already, you'll have to show your pay slips. If you've been sending money out at a different bank take your pay slips to them, there should be no problem with sending out more.

If you're using a different bank now than you did the first time you sent money out you've got to do paper work. If your passport is clean (no record of money sent out of the country) then you might be able to go into any bank and send money out.

Just be prepared to do some paper work if they refuse because of the limit.

Cheers
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duanemyhre



Joined: 15 Aug 2003

PostPosted: Tue Nov 01, 2005 4:06 pm    Post subject: Money Reply with quote

KEB has the best rates for sending money!! Smile
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Big Mac



Joined: 17 Sep 2005

PostPosted: Tue Nov 01, 2005 6:05 pm    Post subject: Reply with quote

I think it's risky relying on Citibank for this sort of thing. Just because they are an internationally established bank doesn't mean they are all that international.

I asked Citibank about whether I would be able to withdraw the money from my Korean account in Canada. They told me flat out "no" and that if I wanted to take my money to Canada I will have to take it in travellers cheques or wire it from here. International bank cards are also not an option with them...at least not for me (it seems to change depending on who you are).

It would suck big time to leave all your money in an account here in Korea only to find you have absolutely no access to it when you get home.
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kangnam mafioso



Joined: 27 Jan 2003
Location: Teheranno

PostPosted: Wed Nov 02, 2005 5:11 pm    Post subject: Reply with quote

i sent 4 boxes of books, odds and ends, etc through the korean post office to my home in USA. the cheapest service was by slow boat or whatever and it takes about 2 months to get the stuff, but it was only about $50.

i only had about 9 grand when i left and transferrred some, sent some via money order and carried some out.
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Hater Depot



Joined: 29 Mar 2005

PostPosted: Wed Nov 02, 2005 5:21 pm    Post subject: Reply with quote

I shipped two heavy boxes home using some company called (I think) EHS. Or EMS. Or whatever. Anyway it was expensive but they almost got home before I did!
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JZer



Joined: 13 Jan 2005
Location: South Korea

PostPosted: Wed Nov 02, 2005 6:11 pm    Post subject: Reply with quote

Do they have western union in Korea? How do you send money home if you are living in another city such as Suwon? I am curious because I will be coming to Korea in Januray and I will want to send money home every month. I would like to put it in my investment account so it can earn money instead of collecting dust in the old bank account.
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Little Laura



Joined: 11 Feb 2004
Location: On the trails with my dog

PostPosted: Fri Nov 04, 2005 1:34 am    Post subject: Reply with quote

Someone I met on Dave's who was leaving after some years and shipping stuff home was very happy with the shipping company he used. I asked him for the contact info for future reference; here it is:

Hyundai Shipping
www.cyhds.com
[email protected]
011-9874-5555

The guy who helped him was: �� �� ��. This was in May of this year; don't know if the same guy is still there.

When I left China after many years, I used a shipping company. They came to my house, measured my boxes, built a crate, and shipped it in a container. I can't remember exactly how long it took to arrive, but it was less than two months, and quite reasonable for one square meter..I think about $200. You can fit a heck of a lot in a square meter. But I'm guessing China's prices are cheaper than what you'll be quoted here.
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Mr. Pink



Joined: 21 Oct 2003
Location: China

PostPosted: Fri Nov 04, 2005 2:06 am    Post subject: Reply with quote

You can always buy travellers checks, sign them here and mail them home.

By doing this if they get lost, you can still get them replaced.

As far as I know there is no limit.

My friends sent like 100k US home last year, they just brought some paper from work that said how much they made in the past XXX years and it was all cool.

If you made the money illegally, I think you might like my first idea Cool
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