Korean Job Discussion Forums

[mikekim]

Is this only for bank transfers?

Or can you send home all the international USMO you want?

[Pak Yu Man]

This is for cash. Immigration wouldn't like it if you walked into a country with large sums of cash. It'll probably screw up the local economy or something. That number is just for cash on your person.

[Trevor]

I sent $12,000 home to the U.S. last week, via bank transfer. No problem. They need your banks "Swift number".' The transaction cost about $18. Takes a week or two to hit your account.

FYI, many people send home money by purchasing traveler's checks and sending them to a friend or relative in their home country to deposit for them. There are plenty of legitimate reasons to prefer this method.

[monkinwonderland]

I think it's been discussed on here. I've heard of this rule too.

I think the answer was that you can send $10,000 out of the country with no proof of income. Beyond that, you'll have to show your paystubs to prove the money was earned legally. In the end though, it's up to the bank to check it and mark your passport for an outgoing transfer, which is seems they rarely do. Just in case, I generally take a wad of paystubs with me.

[NicRenee]

Yes, this has been discussed ad nauseam on this forum. That's correct, 10,000 is the limit without proof of income. Beyond that, just take in your contract and you can send up to the amount you earn. Little known loophole: Any transfer under $1000 USD doesn't count toward this limit (at least at my bank).

[mrsquirrel]

Weeks?

Hours more like. Send in an afternoon and it arrives there by the evening in the UK for me.

[JAZZYJJJ]

True this has been discussed to death. Over 10K requires proof of income.

Another tidbit: the 10K only applies per visit. If you go abroad and return, even within the 12 months of your contract, you start at $0 again. So the 12 month/10K thing is based on the last immigration entry stamp in your passport. This is according to my bank anyway....

J.

[patongpanda]

I just hit the 10,000$ limit today. Above is correct, that limit is without proof of income.

I don't have any paystubs but I gave the bank my schools phone number and they allowed the transaction.

Now my limit is 30,000$ in one year (the amount of my salary).

They give you a code to use in further transactions, so keep that safe.

[mack the knife]

My question is: How do multinational corporations send their BILLIONS of dollars home after they cash out? Not $10,000 at a time, that's for damn sure.

[Trevor]

Like I said, I sent $12k home, no proof of income.