Korean Job Discussion Forums

[McQwaid]

Hello Dave's ...

I was wondering if I could keep my Kookmin bank acct when I move back to Canada. I'm pretty sure I can, But I'm also wondering if I can withdraw the funds from my acct from Canada. I know that the international withdrawals aren't working for about 60% of us out there, so I'd hate to get back to Canada and have my money stuck here.

I won't be coming back to Korea ever again, so I don't want to screw this up.

There has to be a way!? Maybe internet or something?

Any advice is appreciated ...thanks

[dogbert]

It is possible (I've done it), but each bank will have rules regarding treatment of accounts that are inactive for a certain period of time ("sleeper accounts"), so you'd be best off checking with your bank before doing that.

[Grotto]

KEB has a 10 year policy on dormant accounts.

[McQwaid]

Thanks ... but how would I access my money if for some reason my ATM card isn't working in Canada. I thought about expressing it back home really quick and get my Mom to try it and have her mail it back but I'm thinking tehre has got to be a better way.

Also, I have one of those Visa credit cards with a 2 mil won security deposit I want to bring back as well. I know I have to be present in Korea to close that out to get my 2 mil back cuz it's in a seperate acct ...BUT, I'm thinking that I'll just make a 2 mil won purchase like a new lap top or something, empty my acct, and they'll just keep the deposit when they see my acct is empty (the payments always automatically come out of my regular acct). This is when I want to completely close everything of course.

Does anyone have any experience with this? Thanks again ...

[huck]

why do you want to keep the account if you're never coming back? wouldn't it be easiest just to cash out when you leave and having everything changed over to traveler's checks?

[kalbi]

If you do, and it turns out your card does not work in Canada, then you could transfer your remaining funds to a trusted friend's account, and have them wire you out the money. It would have to be someone you rreally TRUSTED though.

[McQwaid]

I didn't declare non resident status and I don't want the Gov't to see what's being wired into my bank acct. I'm afraid they are gonna tax me I guess. I heard that when I get my pension money, some "form" of paper trail goes through the Canadian Gov't. BUT ... I have another option to have it just simply put into my Korean bank acct and the Canadian Gov't doesn't see squat. This is just what I heard from a few sources ...can anyone clarify this?

Also, the wire transfer to a trusted friends acct if all else fails sounds good but can I do a wire tranfer from my Korean acct while I'm in Canada? I think that's the problem.

Thanks for the help and I welcome any more ...

[Grotto]

you can wire transfer to your own account online.

I take it you arent with KEB? My bank card works here in Canada

[chupacabra]

Just cash it out, change it to dollars, carry it with you on the plane, don't get mugged between here and home, and you're set.

[hack]

Try this-I don't know if it works with Kookmin but it does with KEB

Get a credit card from the bank by putting up the amount of money you wish to secure it with. Use a trusted friend's address in Korea to send the statements to. Make sure you keep good records of your purchases and cash advances on it so that you now when the balance is about to run out. Maybe get an internet account to keep tabs on this.
The bank will put a limit on your visa of the amount of your deposit. The cc balance will be withdrawn from your account automatically every month so you don't have to worry about making payments from another country.
The bank probably won't give you a card if your visa is about to expire in the near future, but if you got a couple of months left, they just assume you will renew and besides they know they are covered since you have put up a deposit.
Then use the cc to buy what you need wherever and/or take out cash advances. No paper trail anywhere other than the merchant receipts and if you are worried that taking out a cash advance in Canada may leave some kind of paper trail-go down to the US and do it.

Hmmm... just reread your post about the fact that most of it may be your pension which of course you won't get until after you leave. Not sure how you could set that up.

[McQwaid]

The problem is that my pension and severence money will not be deposited until well after I leave the country. I need to decide whether or not to have it deposted into my Canadian acct or my Korean.

I would prefer the Korean because I would like to keep some money in a seperate acct outside of Canada and avoid possible Gov't intervention issues, but still be able to access it without coming back to Korea ever ever again.

Does anyone do internet banking with kookmin? They issue what they call a "certificate" which sets up your specific computer for internet banking. So, you can't use your work computer, if say, you registered the certificate on your home computer. I'm wondering if this "certificate" is also usable in Canada from a Canadian computer. My luck it prob only works on Korean IP addresses or something like that. Just wondering if there are any Kookmin internet users in Canada? If so, then I can do quite a few things this way.

[dogbert]

[Big Mac]

I got all my money transferred into Canadian dollars and put into a money order in my name when I left the country. It worked beautifully. Wasn't a problem to cash in Canada. KEB seems to be the best place to do this. Citibank also does money orders, but they'll give you a hassle.

As long as you don't have over $10,000 on you, you don't have to claim it on your Canada customs form. If you do, just get money orders in smaller increments and mail them to yourself...that way you won't have it on your person when you enter Canada. Customs will never know. The bank may write a note in your passport (grrr, I hate that) but customs didn't even look at anything but my information page when I got back.

As for the pension refund...just make the application after you return to Canada. I just made the application through HRDC's International Benefits branch. Give them a call and they'll send you the form. Takes a while to get it, but it's easy.

You can apply for non-residency for any tax year and as far as I know it doesn't matter when you apply. They're just giving an opinion anyway, and it's not binding. If you have maintained only three or less ties to Canada over the past year you don't have to worry. If you own property, a car or have a child in Canada, then good luck avoiding the tax man. Google "NR73" and you'll get the form for non-residency on the net. It'll give you an idea what they consider a "tie."