Korean Job Discussion Forums

[Daegu3523]

If I send more than $10,000 US dollars home by wire transfers (over the course of the year) is there any more paperwork involved?

I know if I carry more than $10,000 US on a plane I have to declare it, but for some reason I heard I might have to do more paperwork at the bank or something proving where I got the money.

Any ideas? My bank is Daegu bank if it helps. They also have been keeping a total of the amount I've sent home so far, so I'm curious if that's why??

[polonius]

You just need to show that the money you are sending home was earned legally.

Not being an American, I am not an expert on the issue, but I believe I read somewhere that Americans can send home close to $75,000-80,000 without fear of the IRS getting involved.

I have sent over 20 G's home in a year, and just needed to show my payslip.

I also set up with my bank a way to transfew money through the ATM. You can also set something up to wire money through the internet.

Don't worry about going over $10,000. (I have had no problems, nor has anyone I work with)

[Daegu3523]

ok thanks. for reference this is what i'm talking about:

http://www.footprintsrecruiting.com/korea-money-transfer.php?abarcar_Session=0a59195a4859c0edf6d322fb7ba177e6

[Robot_Teacher]

If it's more than 1 million won, there will be more paper work as you're allowed 1 million won withdrawals max per transaction, but the banker will accommodate you by extra paper work to bundle these 1m transactions together for one xfer to another bank. That was my experience recently at Nonghyup which took only 1 day to show up in my home account. Not bad.


I understand that yes you can send and carry more than $10,000 USD, but it's triggers a high profile alert on you by the US government and then I'm not sure how they can detect money as it doesn't seem to come up on their radar. Don't travel with 100 or more Franklin notes as they can just take that from you even though you're declaring it and doing nothing wrong, but looking like a shady biz man in their suspicious eyes. If you're not illegally making the money, selling drugs, or laundering money, then you should be OK, but expect investigation, questioning, and be on their red flag list. Just cooperate without an offensive attitude with said offending jerks you'll meet in America's airports.

I don't know what I did, but apparently I'm not liked in the US system as I always got pulled over and taken into a small room for extra searches and questioning sessions when going through airport security and just got intimidation tactics pulled on me. I never carried more than $3000 on me nor questioned about money, but questioned simply about what I'm doing in the world. I not very happy with my broken country system to say the least. That's how America treats it's soldiers and veterans without any sort of criminal record who've done nothing but be an honorable citizen.

[winterfall]

As a foreigner you have to pay overseas taxes anyway. But, your in a different tax bracket with your home country so it won't be too bad. Not paying those taxes now puts you at risk down the line when the IRS decides to audit you. Statistically your very likely to get audited at least once in your lifetime.

It might be easier to change your bank to a bank that has overseas branches. Korea has weird banking laws so you need a separate account in Korea. But, it makes it easier to have a Korean account and your home country bank account with the same institution. So the transfer will just be a quick bank to bank one.

[Goon-Yang]

You can not carry more than $10,000 cash to another country. You can send as much as you want via wire transfer.

The first can screw up local economics/evades taxes. The second is fine.

[skconqueror]

You can send up to 50,000 USD without having to show documentation as to where you got the money. If they tell you otherwise they are lying.