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Drunken Monkey
Joined: 17 Jan 2007
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 Posted: Sun Mar 04, 2007 6:42 pm Post subject: International money transfer...a new rule? |
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I have seen many posts on here regarding the amount of money you are allowed to transfer out of the country per visit. Most of these say 10,000 USD but on Friday i went to KEB in Itaewon and was told the following.
If you take in your contract and wage slips the bank will increase your annual transfer allowance to the amount you are able to prove you earn.
Although i didnt have this information with me, the bank clerk reviewed my monthly payments from work that she could see in my bank book and increase my transfer allowance and i was able to transfer a lot more than 10,000USD there and then.
I have been transferring money regularly for 2 years now and this is the first i have heard about this policy.
Anyone else been told this or did i just get lucky with a friendly and helpful KEB employee? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Mar 04, 2007 7:09 pm Post subject: Re: International money transfer...a new rule? |
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| Drunken Monkey wrote: |
I have seen many posts on here regarding the amount of money you are allowed to transfer out of the country per visit. Most of these say 10,000 USD but on Friday i went to KEB in Itaewon and was told the following.
If you take in your contract and wage slips the bank will increase your annual transfer allowance to the amount you are able to prove you earn.
Although i didnt have this information with me, the bank clerk reviewed my monthly payments from work that she could see in my bank book and increase my transfer allowance and i was able to transfer a lot more than 10,000USD there and then.
I have been transferring money regularly for 2 years now and this is the first i have heard about this policy.
Anyone else been told this or did i just get lucky with a friendly and helpful KEB employee? |
It has been the official policy since the IMF bailout in the late 90's.
Those foreigners who have difficulty are those who run into bank staff who do not ususally deal with foreigners or do not deal with foreigners who want to make outward remittances.
I have never had a problem but I usually use the bank's foriegner help line when I am in the bank to deal with translations and with uninformed bank clerks. |
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lulu144
Joined: 31 Aug 2006
Location: Gwangju!
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| Posted: Sun Mar 04, 2007 7:46 pm Post subject: |
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| I used to think you were only allowed to send home 10,000 USD. But then I was informed that was only if i was carrying cash over the border. Any money wired home is okay as long as you can provide proof it was made legally. If this is the case, then what you were told at the bank would make sense... |
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jeffkim1972
Joined: 10 Jan 2007
Location: Mokpo
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| Posted: Sun Mar 04, 2007 8:46 pm Post subject: Re: International money transfer...a new rule? |
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| Drunken Monkey wrote: |
I have seen many posts on here regarding the amount of money you are allowed to transfer out of the country per visit. Most of these say 10,000 USD but on Friday i went to KEB in Itaewon and was told the following.
If you take in your contract and wage slips the bank will increase your annual transfer allowance to the amount you are able to prove you earn.
Although i didnt have this information with me, the bank clerk reviewed my monthly payments from work that she could see in my bank book and increase my transfer allowance and i was able to transfer a lot more than 10,000USD there and then.
I have been transferring money regularly for 2 years now and this is the first i have heard about this policy.
Anyone else been told this or did i just get lucky with a friendly and helpful KEB employee? |
I always thought you could transfer as much as possible. As far as the 10K limit, that is just for tax reporting purposes, but it doesn't apply to wire transfers, only transporting of the money. How else would companies do business internationally.
Anything over 10K, you must fill out a 105 form. They don't seize the money, it's just for accounting and tax purposes. |
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