Korean Job Discussion Forums

[pdx]

I'm looking at how much I'll have transferred by the time I go home, and I'm wondering how to get around the 10,000 limit.

I won't be TOO much over $10,000, so I'm wondering how much cash I can exchange at the airport and just take with me home.

any ideas on this?

[kprrok]

You can take as much money as you want when you go home. BUT...if you take more than 10,000 US, you have to declare it, prove you earned it legally, and maybe pay a tax on it.

KPRROK

[TheUrbanMyth]

There is NO limit.

You only have to DECLARE it if you are carrying over $10,000 dollars. You can still carry it through.

[pdx]

okay, thanks.

I guess it just freaks me out to be carrying that much money on a plane. Would you exchange that at the airport or somewhere else?

[chronicpride]

The $10,000 limit shouldn't be worth losing sleep over. Anything over $10,000 simply needs to be declared at customs. They'll make you fill out a form, for record-keeping sakes. You won't be taxed anything additional. It's just a procedure in hopes to curb criminal activity, organized crime, etc...

[ttompatz]

[Kim Jong Jordan]

put your money in american travellers cheques and then cash them at your bank in your home country.

[pdx]

okay, this is why i'm always confused. people always tell me different things.

This is what I have been specifically told:

You can WIRE TRANSFER 10,000USD home to your home bank. That is the limit.

You can CARRY through customs 10,000 USD without declaring.

What my issue is is that I will be wanting to send home more than 10,000 (though not that much more), so I know I should just take cash with me on the plane. THAT (the fact of carrying so much cash and possibilities that could entail) is what scares me.

And yeah, I've thought about the traveler's checks. I should look into that.

Do you guys know of reputable places for exchange and/or traveler's checks? Or a place that does both?

[ella]

Maybe wire half and carry half?

[kprrok]

There is no limit to how much you can send home. You can send home every cent you earn provided you can prove you earned it legally. for that, you will need your payslips, contract, or some sort of letter from your school showing that you earned it.

And you can carry as much as you want. But, if it's over 10,000 US, you have to declare it.

There are no limits, just more paperwork if you carry or send home more than 10,000 US.

KPRROK

[Hanson]

I just got back from the bank. I wanted to send the 10,000$ limit, but because I changed 2,000$ for a trip to Thailand in December, they would only let me send 8,000$.

So my wife asked if SHE could send the money to my account in Canada, and the clerk said no problem. Unfortunately, my wife is no longer a Korean passport holder (changed to Australian some time ago), and she didn't have her passport with her today at the bank, so we have to go back tomorrow to send the money.

My position is simple. That's a lot of dicking around just to send my money home. Obviously, the clerk knows it's the same money going to the same place, just using a different sender (my wife).

On my way home, a little pissed at wasting an hour of our day, we came up with an assortment of ways I could send my money home. I could get my wife to send it, or I could get my mother-in-law to send it, or then again, I could get 10 friends to send the money for me. What's the friggin difference??? The money is going to be sent to Canada regardless of their petty bureaucratic nonsense.

Also, as mentioned, I could go to my place of employment to get an official document to show how much I've earned and send that amount home (which would be a big number since I've been here a while!). Again, more friggin bureaucratic nonsense which won't matter an ounce at the end of the day.

What a waste of everybody's time.

PS: About the traveller's checks; I changed my 2000$ to go to Thailand in December, and that counted towards my 10,000$ limit. So the traveller's checks route has the same limits as wiring money, it seems.

Question: How often can you send 10,000$ without documentation from an employer? I'm guessing you could send another 10,000$ a year from the date of the previous 10,000$ transfer?

Again, bureaucracy at its ugliest.

[pdx]

see- this is what i'm saying.

everyone is telling me different things.

makes it all confusing.

[ttompatz]

[Samantha]

So basically the gist I'm getting from this thread is....

Under $10K in any form wiring/carry-on is no problem, no bureaucracy, no proof needed.

Over $10K in any form wiring/carry-on, bureaucratic red tape: proof of legal gain (wage statement, tax statement, contract) or a customs form stating that you have it on you.

Sound about right?

[ttompatz]