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Korean Job Discussion Forums
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Newbie
Joined: 07 Feb 2003
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 Posted: Fri Sep 28, 2007 9:19 pm Post subject: KOREANS sending money to Canada |
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Hoping someone here might have experience with such things? Are there any limits/tax issues? Dude at KEB told my wife that she couldn't send more than 10,000 USD without paying taxes. Sounds to me like Dude is an idiot? Was he just saying that cuz I was with the wifey?
I know for foreigners this topic has been done to death, and just about everyone has differing opions, complete with links that says either: "no limits", "no limits if you have pay slips", "limits", "limits if you're name begins with a vowel" etc. And, having worked in a bank for 6 years, I know that "laws" almost never coincide with "bank policy" and that one branch to another will give you a different answer. So, to keep things easy, we'd rather just send all our money home through Korean people.
Much obliged for any help. |
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MissSeoul
Joined: 25 Oct 2006
Location: Somewhere in America
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| Posted: Fri Sep 28, 2007 9:45 pm Post subject: Re: KOREANS sending money to Canada |
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| Newbie wrote: |
Hoping someone here might have experience with such things? Are there any limits/tax issues? Dude at KEB told my wife that she couldn't send more than 10,000 USD without paying taxes. Sounds to me like Dude is an idiot? Was he just saying that cuz I was with the wifey?
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No, what the KEB told your wife is true that she can't send more than10,000 USD. I am not sure she can send more than 10,000 USD if she is willing to pay taxes.
I just came back from korea 2 weeks ago and I had to transfer $20,000 to my bank in America, the guy at korean bank told me the amount has to be less than 10,000 USD, so I transfered 9,500 USD to my bank in America and the rest 9,5000 USD I carried with me when I fly back to America.
According to America law, if I bring less than 10,000 USD I don't need to report. |
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Newbie
Joined: 07 Feb 2003
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| Posted: Fri Sep 28, 2007 9:59 pm Post subject: Re: KOREANS sending money to Canada |
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| MissSeoul wrote: |
| Newbie wrote: |
Hoping someone here might have experience with such things? Are there any limits/tax issues? Dude at KEB told my wife that she couldn't send more than 10,000 USD without paying taxes. Sounds to me like Dude is an idiot? Was he just saying that cuz I was with the wifey?
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No, what the KEB told your wife is true that she can't send more than10,000 USD. I am not sure she can send more than 10,000 USD if she is willing to pay taxes.
I just came back from korea 2 weeks ago and I had to transfer $20,000 to my bank in America, the guy at korean bank told me the amount has to be less than 10,000 USD, so I transfered 9,500 USD to my bank in America and the rest 9,5000 USD I carried with me when I fly back to America.
According to America law, if I bring less than 10,000 USD I don't need to report. |
I wonder then, how the hell do Korean emigrants deal with this? Surely families permanently moving to North America are going to be sending a lot more than $10,000 USD.
As for you physically taking 10,000.00, isn't the limit just applied to cash? Wouldn't you be able to take a bank draft for whatever amount you like? |
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MissSeoul
Joined: 25 Oct 2006
Location: Somewhere in America
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| Posted: Fri Sep 28, 2007 10:17 pm Post subject: Re: KOREANS sending money to Canada |
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| Newbie wrote: |
I wonder then, how the hell do Korean emigrants deal with this? Surely families permanently moving to North America are going to be sending a lot more than $10,000 USD.
As for you physically taking 10,000.00, isn't the limit just applied to cash? Wouldn't you be able to take a bank draft for whatever amount you like? |
The rule is different if the case is emigration of family, when one of my relatives emigrates to USA in late 1980's, they could take 100,000 USD with them and I think the actual amount is now much higher, it's possible family of 4 now can take 200,000 USD with them in case of emigration. |
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anae
Joined: 13 May 2003
Location: cowtown
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| Posted: Sat Sep 29, 2007 7:30 am Post subject: |
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| If your wife has a PR passport, there should be no taxes. When we came to Canada, my husband transfered all of our account in Korea to our in Canada in one lump sum and it was substantially more than 10,000. |
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Zutronius
Joined: 16 Apr 2007
Location: Suncheon
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| Posted: Sat Sep 29, 2007 1:45 pm Post subject: |
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| How much in taxes would you be looking at if you sent more than 10k home? I was hoping to pay off my student loans asap. I have 20k in loans and I was hoping to pay off 15k of that. |
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Typhoon
Joined: 29 May 2007
Location: Daejeon
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| Posted: Sat Sep 29, 2007 3:33 pm Post subject: |
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| The limit is $10 000 unless you are leaving the country for good. If you are leaving for good you are allowed a one time lump sum transfer without paying tax. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Sep 29, 2007 4:30 pm Post subject: |
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| Zutronius wrote: |
| How much in taxes would you be looking at if you sent more than 10k home? I was hoping to pay off my student loans asap. I have 20k in loans and I was hoping to pay off 15k of that. |
Foreigners have different rules than Korean nationals.
We can send up to US$10,000 without restriction or proof of income.
We can send MORE THAN US$10,000 but have to show proof that the money was legally earned and that we had paid our income tax on it (pay slips or employment contract).
There is no limit on how much you can send, as long as it is legally earned income. |
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