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Sending money out of the country
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IncognitoHFX



Joined: 06 May 2007
Location: Yeongtong, Suwon
PostPosted: Wed Aug 15, 2007 9:31 am    Post subject: Sending money out of the country Reply with quote
So someone give me the lowdown on the new banking law about to be passed in a month or two.

We can't send any money out of the country? Or is there just a limit?

If there is a limit, how much?

Thanks.
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polonius



Joined: 05 Jun 2004
PostPosted: Wed Aug 15, 2007 11:33 am    Post subject: Reply with quote
I find the idea of not sending money out of the country extremely hard to believe. If it does come into effect, you can pretty much say goodbye to the ESL industry in Korea. The limit for sending money out is what you earn. When sending money, I need to provide my paystub from work, and cannot exceed what I have made.

Do you have any links to prove this claim, or is it just hearsay. My guess is hearsay, and thus bs.
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artyom



Joined: 28 Jul 2007
PostPosted: Wed Aug 15, 2007 12:46 pm    Post subject: Reply with quote
what about setting up a paypal account linked to your korean bank account and then transfer to a paypal account linked to your bank account at home? I don't know if you can/how easy it is to do this. Anyone?
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regicide



Joined: 01 Sep 2006
Location: United States
PostPosted: Wed Aug 15, 2007 1:53 pm    Post subject: Reply with quote
artyom wrote:
what about setting up a paypal account linked to your korean bank account and then transfer to a paypal account linked to your bank account at home? I don't know if you can/how easy it is to do this. Anyone?


If you could get that done, Paypal will take a fee ( 3 to 5%) of the transfer.

I actually suggested to my boss to open a Paypay account and he sent money to his son in the US and he wasnt happy with that fee. I was thinking he could also pay me that way too , but it is more than bank fees with that percentage. Anyway, he needed to confirm his identity with a Korean credit card. ( they charged a dollar on his card and he to got a transaction code from that transaction to confirm the card)

I also know Paypal does not encourage this kind of thing either. It's a payment system, not a money transfer system.
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diver



Joined: 16 Jun 2003
PostPosted: Wed Aug 15, 2007 3:58 pm    Post subject: Reply with quote
artyom wrote:
what about setting up a paypal account linked to your korean bank account and then transfer to a paypal account linked to your bank account at home? I don't know if you can/how easy it is to do this. Anyone?


I tried to link a PayPal account to my Korean bank account. No luck. The hang up comes when you have to enter your resident number which IDs you as a foreigner.
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newteacher



Joined: 31 May 2007
PostPosted: Wed Aug 15, 2007 6:25 pm    Post subject: Reply with quote
Can someone post some real information about this law. I checked some newspapers and search engines and haven't been able to find a thing about it. If this is really going to happen I think the link should be posted and maybe even stickied, this is big news that people need to know before coming here.
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Tony_Balony



Joined: 12 Apr 2007
PostPosted: Wed Aug 15, 2007 6:30 pm    Post subject: Reply with quote
This looks like an urban myth.
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mrsquirrel



Joined: 13 Dec 2006
PostPosted: Wed Aug 15, 2007 6:43 pm    Post subject: Reply with quote
You never know stranger things have happened. No idea what impact it would have on the country to lose all it's migrant workers though because they can't support their families.

Can't really picture it working.
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newteacher



Joined: 31 May 2007
PostPosted: Wed Aug 15, 2007 7:04 pm    Post subject: Reply with quote
Well it at least seems like a law of this sort would be news worthy. I haven't sent any money yet, but I assume the banks make a percentage of every won sent. Seems like if this was really going to happen there might be a lot of pissed off banks out there raising hell about it.
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IncognitoHFX



Joined: 06 May 2007
Location: Yeongtong, Suwon
PostPosted: Wed Aug 15, 2007 7:56 pm    Post subject: Reply with quote
newteacher wrote:
Well it at least seems like a law of this sort would be news worthy. I haven't sent any money yet, but I assume the banks make a percentage of every won sent. Seems like if this was really going to happen there might be a lot of pissed off banks out there raising hell about it.


Yeah, not to mention a great exodus of teachers. I like it here, but I physically can not stay for more than a year if I can't pay off my student loans. Most people here can't. They'd lose 60% of all teachers, at least.
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bobskinner



Joined: 12 Jun 2007
PostPosted: Fri