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sending money home
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sonsang



Joined: 15 Feb 2003

PostPosted: Wed Feb 19, 2003 7:17 pm    Post subject: sending money home Reply with quote

I've been told there is 10000 us dollar maximum that one can send out of Korea. My first question is: How much of a risk is involved in sending more than that? Question 2: Are there any other methods to safely transfer more money without being taxed(screwed)?
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bucheon bum



Joined: 16 Jan 2003
Location: DC area

PostPosted: Thu Feb 20, 2003 1:54 am    Post subject: Reply with quote

there is no more limit to how much you can send out of the country. You will not be taxed either. A cheap way to send money home is T/Cs. Wiring money costs between 10,000-20,000 Won. If your bank back home doesn't charge anything, that isn't a bad price to pay for wiring thousands of dollars back home.
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Homer
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PostPosted: Thu Feb 20, 2003 4:23 am    Post subject: Reply with quote

The 10 000 limit concerns what a person can PHYSICALLY BRING IN CASH when they go into the US or Canada NOT what you send home from here.
As for the limit you can send home from here, after a certain point there might be questions asked but that point is well over what the average teacher can send back home per month.
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Rand Al Thor



Joined: 28 Jan 2003
Location: Locked in an epic struggle

PostPosted: Thu Feb 20, 2003 3:41 pm    Post subject: Reply with quote

bucheon bum wrote:
there is no more limit to how much you can send out of the country. You will not be taxed either. A cheap way to send money home is T/Cs. Wiring money costs between 10,000-20,000 Won. If your bank back home doesn't charge anything, that isn't a bad price to pay for wiring thousands of dollars back home.


I sent travellers checks in the mail many times for that reason... then the time my letter got lost I had a real hard time getting them replaced. I had to lie through my teeth. one of the conditions is that they are not sent through the mail. They also have to be signed in front of the reciever... anyhow I got the money back, after 6 weeks of hassles, and decided just to wire it. easier and safer.
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some waygug-in



Joined: 25 Jan 2003

PostPosted: Thu Feb 20, 2003 4:53 pm    Post subject: Reply with quote

Why not just wire it directly through the bank? They charge about 6-10,000 won to send about a million won, and then your bank back home will charge to receive it, but it is safe and quite easy to do.
Cheers
some waygug-in
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sonsang



Joined: 15 Feb 2003

PostPosted: Fri Feb 21, 2003 8:35 pm    Post subject: sending money home 2 Reply with quote

Thanks to all for the replies. I have been wiring money home through my bank here to my bank back home, for the past eight months. I suppose I didn't exactly word my question right: Buncheon Bum, you say there is no limit. As I'm getting close to having sent 10 grand, I just wanted to check with some others who have sent more than that without any problems. You say no limit, others say yes limit. Is there anyone out there who has sent well over ten grand witout any worries. I know it has been done, because I hear about people building houses back in Canada on money they made here. Peace and Happy Teaching Sonsang
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J.B. Clamence



Joined: 15 Jan 2003

PostPosted: Fri Feb 21, 2003 9:19 pm    Post subject: Reply with quote

Regarding the $10,000 limit, as Homer said, this is concerning money you have on your person when entering the U.S. However, this is not a limit on how much you can bring in, but rather a limit on how much you can bring in without declaring it. You can bring in more than $10,000, you just have to declare it. If you're moving a lot of money, customs wants to know about it. As far as wiring money home, there's no limit because it's all on the bank's record: the transactions can be traced.
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matko



Joined: 16 Jan 2003
Location: in a world of hurt!

PostPosted: Fri Feb 21, 2003 9:29 pm    Post subject: Reply with quote

This might be slightly off topic. Can you send more money home in a year than you are supposed to make in your contract? As far as I can rememember, the bank had a copy of your contract and if you sent more than x% it meant that you were working illegally (ie privates). Is that not still the case? It's been a while, so I might be way off base.
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exportedhabster



Joined: 10 Feb 2003
Location: Suwon

PostPosted: Fri Feb 21, 2003 9:29 pm    Post subject: Reply with quote

I heard that in one year you can send up to 3/4 of your annual salary. This is just what I heard from other teachers so it may or may not be accurate.
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Magog



Joined: 09 Feb 2003

PostPosted: Fri Feb 21, 2003 10:37 pm    Post subject: Reply with quote

say again
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AylaZ



Joined: 30 Jan 2007

PostPosted: Thu Feb 22, 2007 7:11 pm    Post subject: sending money to nz Reply with quote

Hi not sure if anyone will see this as thread is old . I just went to bank KB been sending money home for two yrs no problem whatso ever.
I struck a different teller who made it his mission to do everything he could to make it difficult to send my money.
He did it in the end after telling me i had to provide my payslip, asking if the money was my salary, it was infact savings I had saved for last 3 mths, it was only 1.5 million at any rate.
He told me next time to bring my payslip so they could see tax etc and went on and on. I kept saying what is the problem I have been coming here for 2 yrs no problem to wire money home ,I don't have to show you my tax or anything.
I was so annoyed at the whole thing and had time to kill so demanded to see the manager well the look on his face haha. I ended up talking on the phone to someone in english. got to the bottom of it but still bit confused. I was told you could send 10000US i presume so thats more NZ dollars from the time you arrive til the time you leave korea. I s that one contract or jsut leave the country each time I wonder. I am on a new contract anyways and went home last nov . SO after all that i was ensured the next time there would b no problem. After reading threads here seems no limit.any help?
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StAxX SOuL



Joined: 04 Jan 2006
Location: London

PostPosted: Sun Mar 04, 2007 4:52 pm    Post subject: Reply with quote

I was told that the maximum I could send out of the country during one year was $10,000... he said that was for ALL transactions

Anyway, I'm going back to the bank shortly to see how it all works out after he's made a few calls...
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Poemer



Joined: 20 Sep 2005
Location: Mullae

PostPosted: Sun Mar 04, 2007 11:08 pm    Post subject: Reply with quote

as in everything else in korea, the enforcement of regulations regarding money transfers are haphazard and depend on the individual you are dealing with at the bank. as I understand it you can send up to 10,000 USD out of the country, without any questions asked, per year. If you want to send more than 10,000 dollars, and your bank is tracking your transfer amounts, you will have to prove that you got that money legallyby providing proof of income.
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okokok



Joined: 27 Aug 2006

PostPosted: Sat Mar 31, 2007 6:46 am    Post subject: Reply with quote

Just get a korean friend (girlfriend ) that you trust to send it to you. In Canada, at least, there is no gift tax.
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Alan Partidge



Joined: 29 Nov 2005

PostPosted: Mon Jun 11, 2007 7:03 pm    Post subject: Reply with quote

Is it possible to just send one large lump sum? My wife and I are saving and going back to NZ in around 2 years. We'll have anywhere from 70-100 million saved by then.

Or, is it better to just send it monthly?

Is there any limit on how much a Korean can send to a foreign country? How do wealthy Korean families do it when they emigrate?
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