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Kuros
Joined: 27 Apr 2004
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 Posted: Thu May 29, 2008 8:59 pm Post subject: Foreign National $10k remittance limit rises to $50k |
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$10k Remittance Cap enlarged to $50k
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The ceiling on the amount of money foreign residents can take out of Korea and spend abroad will be raised to $50,000 per year, a five-fold jump from the current ceiling.
The $10,000 cap has prevented local retail banks and other card firms from issuing credit cards that can be used overseas to foreign citizens. Many foreigners living here are complaining about difficulties in obtaining locally issued credit cards. |
I am suspicious of such good news. Can anyone on the ground confirm this? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu May 29, 2008 10:21 pm Post subject: Re: Foreign National $10k remittance limit rises to $50k |
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| Kuros wrote: |
$10k Remittance Cap enlarged to $50k
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The ceiling on the amount of money foreign residents can take out of Korea and spend abroad will be raised to $50,000 per year, a five-fold jump from the current ceiling.
The $10,000 cap has prevented local retail banks and other card firms from issuing credit cards that can be used overseas to foreign citizens. Many foreigners living here are complaining about difficulties in obtaining locally issued credit cards. |
I am suspicious of such good news. Can anyone on the ground confirm this? |
Effective - June 2, 2008. Let's wait a couple days and see what happens. It would effectively make getting international ATM cards possible without the current nonsense because the banks would no longer have to administer the 10k limit.
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Newbie
Joined: 07 Feb 2003
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| Posted: Thu May 29, 2008 11:27 pm Post subject: |
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| Jesus Christ. Is Korea actually starting to show a little bit of sparkle? |
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merkurix
Joined: 21 Dec 2006
Location: Not far from the deep end.
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| Posted: Thu May 29, 2008 11:58 pm Post subject: |
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| Newbie wrote: |
| Jesus Christ. Is Korea actually starting to show a little bit of sparkle? |
Nah. Can't be. It's to good to be true. Let's wait a few days and get ready for the official press release:
"After serious consideration, several bank executives along with the Minister of Finance have decided to return to the previous $4,000 ceiling instead of raising it to the previously proposed $50,000."
(At the bank):
Me: Wait a minute. It used to be $10,000!!
KB Teller: No it didn't. You have a so very good imagination. We can allow you to send only $4000 dollar home.
Me: What?!?!
KB Teller: Would you like this amount converted into won sir?
(Falls flat.)
BTW I'm not jaded. |
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moosehead
Joined: 05 May 2007
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| Posted: Fri May 30, 2008 3:51 am Post subject: |
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it's probably all a misunderstanding - we'll hear a "I'm sorry it's for KOREANS and you're a FOREIGNER, so sorry, please give me your passport, your blood test, your pee in this cup, your sh*t in this clean bag and wait over there MAYBE I'll let you send 100,000 won home next month" 
Korea only SPUTTERS.... |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Fri May 30, 2008 7:06 am Post subject: |
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| It's all for show. Banks will still insist on an entirely different thing. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Fri May 30, 2008 7:37 am Post subject: |
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| bassexpander wrote: |
| It's all for show. Banks will still insist on an entirely different thing. |
No, they will have to change. It is either that or their economy will sink. They can choose. They need more foreign teachers over here, they need better conditions for us, and they need our compatriots who are investors. If they really feel they must, they will do it. Anyway, Lee Myung Bak is not from the Left. He is from the Right. It does make a difference. He knows that Korea needs a strong relationship with foreigners, not an adversarial one, and the Conservatives are not our enemies. Of course, I will wait until I see it. I am open to the idea that it will happen. Heck, I've seen more cops out on the streets when compared to last year. |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Fri May 30, 2008 9:31 am Post subject: |
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| Newbie wrote: |
| Jesus Christ. Is Korea actually starting to show a little bit of sparkle? |
Depressing that you can even say that. "Wow, Korea is making it easier to do things that people all over the rest of the civilized world can do without any hassle, hooray!" |
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Kuros
Joined: 27 Apr 2004
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| Posted: Sun Jun 01, 2008 8:41 pm Post subject: |
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| Okay, this is supposed to be effective June 2nd. Anyone in Korea able to send a buttload of money home? |
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Sody
Joined: 14 May 2006
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| Posted: Sun Jun 01, 2008 8:49 pm Post subject: |
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There has NEVER been a cap on the amount of money you can send home. I don't know what the article is about exactly, but I believe it's got more to do with using money for foreign investments, not taking money out of your account.
Last year I sent home more than 25k at one time.
I know someone in Busan who send home 60k and another person who sent home 15k. There is NO cap, it's your money. You can do whatever you want with it.
If the bank teller in Korea is telling you otherwise, they are idiots who don't know what they are doing or they are being overly cautious because you are a foreigner. Expect prejudice, but don't accept it. |
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genezorm
Joined: 01 Jul 2007
Location: Mokpo
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| Posted: Sun Jun 01, 2008 8:52 pm Post subject: |
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| Sody wrote: |
There has NEVER been a cap on the amount of money you can send home. I don't know what the article is about exactly, but I believe it's got more to do with using money for foreign investments, not taking money out of your account.
Last year I sent home more than 25k at one time.
I know someone in Busan who send home 60k and another person who sent home 15k. There is NO cap, it's your money. You can do whatever you want with it.
If the bank teller in Korea is telling you otherwise, they are idiots who don't know what they are doing or they are being overly cautious because you are a foreigner. Expect prejudice, but don't accept it. |
what do you suggest? when the teller says you can't send this money home or you can't get an international atm card.........jump over the desk and transfer it yourself? call the cops or the human rights comission?
i'm not buying this "change" will change anything |
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Kuros
Joined: 27 Apr 2004
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| Posted: Sun Jun 01, 2008 9:25 pm Post subject: |
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| Sody wrote: |
| There has NEVER been a cap on the amount of money you can send home. |
Could you kindly explain this, then?
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Overseas Remittance of the Korean Won
Remittance of Korean won exchanged into foreign currency entails some complicated restrictions. Many foreigners remit money in the name of a Korean friend or colleague. You can remit Korean won overseas as follows:
Foreigners who have resided in Korea for over five years can freely remit up to $10,000 in Korean won per year, just like Koreans. Any amount over US$ 10,000 is reported to the National Tax Service, and you may be required to submit documentation to confirm the source of the funds.
At the bank, they need to fill in the application form for remittance. They may be requested to present your passport and document that proves your residency in Korea for over five years.
Foreigners who have resided in Korea less than five years can remit the equivalent of up to US$ 10,000 during their stay. If their reentry is confirmed, they may remit up to another US$ 10,000. When remitting funds, they are required to show passports.
Foreigners who are on the payroll of an employer can freely remit an amount within the limit of their salaries. They also may remit the equivalent of over US$ 10,000 without their transactions being reported to the National Tax Service, regardless of whether they have stayed in Korea over five years or not. When remitting funds, they must show their passports, alien registration certificates, and pay stubs. |
Its not true that remittance is free; at the very least, its limited by your contract. I'm wondering what that means for the new law mentioned; will they no longer ask for proof of employment and pay stubs until the $50k threshold is reached? |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Sun Jun 01, 2008 11:51 pm Post subject: |
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| Don't know, but I do know that by law, you can remit up to 100% of your salary. Whether you make a trillion dollars, or like me, a little less than 30,000, you can send it all home. |
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faderama
Joined: 13 May 2007
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| Posted: Mon Jun 02, 2008 12:36 am Post subject: |
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Just do it the good old fashioned way and stick the 100K or 50K in your underwear when you go home.
No paper trails. |
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Rae
Joined: 10 Oct 2007
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| Posted: Mon Jun 02, 2008 1:14 am Post subject: |
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| Is there a monthly transfer limit? Is it different for each bank? |
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