The scenario is: you’ve managed to receive ₩500,000,000 (~$337,265) at a Korean lottery (the catch is, only given in cash) which is delivered to you in two duffel bags. However will there be issues when returning back to the USA with that amount of money since it’s bundles of cash via foreign currency when the cap is $10,000 for undeclared amounts?
I don’t really think that I’d want to be hauling around $330k in duffel bags. I don’t know how hard it’d be to open a bank account in South Korea, but I can’t imagine that it’d be that difficult.
Then deal with having the banks transfer it.
I would figure that in most countries, you have to be a expat living there first (since tourists can’t just open bank accounts as one needs a residential address matching the country in question).
This is true with all things in life, but with enough money, most problems fade away.
Banks will tend to drop most of those requirements in exchange for higher minimum balances and potentially fees. The amount of money you need for this will vary wildly country to country.
With that amount of money, I’m sure you can find a bank willing to take it.
Still not without paperwork. You’ll need lawyers too. Going that route can get expensive
No you won’t.
They would have paperwork from the lottery provider.
A US bank with foreign offices would handle this fine.
It’s only 300k, which might be a lot for you and I, but in bank terms, it’s like $3…
Source: worked at a top 3 bank
Maybe in your country
Over here you need to establish residency first
You misunderstand.
If you have an account at citi, JPMC, etc. they have branches in other countries that will allow you to do banking with the local branch, including things like currency exchange, travelers checks, etc.
The entity you are interacting with is still Citi NA or JPMC NA, but they can service your requests in other countries.