Korean Job Discussion Forums

RufusW · Joined: 14 Jun 2008 Location: Busan

Hey,

I saw a post here a while back about someone having problems with the government when sending cash back to their country.

I'm British, but any advice helpful.

At what point will the government want to tax you / look into your earnings etc?

What's the largest you've sent to the UK without any problems?

Thanks,

PeteMoses · Joined: 08 Sep 2009 Location: Scotland

Hi Rufus
I had a meeting with my family's accountant about this yesterday. He assured me that any money I make in Korea, in employment with a Korean firm, and living as a resident alien in Korea, should not and cannot be taxed by the UK government, no matter what the amount. You're not residing in the UK, so they have no right to tax you for it. Just make sure you don't come home for more than three months in the year.
The bank had a different view, but that's HBOS, and they smell grey-area money.

Lunar Groove Gardener · Joined: 05 Jan 2005 Location: 1987 Subaru

Does anyone know if there is a still a 10 million won limit per
remittance? I would like to send all of my money at once if possible...
or is that a bad/impossible move?
Thanks.
LGG

circadian · Joined: 20 Aug 2009

redhed · Joined: 05 Nov 2008

Don't know if it's nation wide, but Shinhan's English paper work claims I cannot send more than $10,000 US at a time, and not more than $50,000 US in on year.....

egrog1717 · Joined: 12 Mar 2008

Arthur Dent · Joined: 28 Mar 2007 Location: Kochu whirld

There is no limit for for sending money home on taxed income. As long as you can prove it was taxed, they cannot prevent you from sending any amount. They will try however. Best to send it every month if possible to avoid this kind of problem. A pain if your hours make it difficult to do so in person. I have heard of people setting up internet banking for this though. Can't confirm it.

If you show your pay stubs, it should alleviate any difficulties. I once had to get a letter from my school when I sent my salary and my bonus at once.

goesslry · Joined: 19 Jun 2007

The above poster is correct in what they will try to do. Woori, Shinhan, KB, and Daegu Bank all won't allow more than $10,000 U.S. Currency in one shipment, and not more than $50,000 per year.

I had my lawyer friend call them to state that their is no limit, but when he called (Woori bank), they said it was bank policy (i just broke the 50k limit).

Anyway, had to take a bunch in cash back when I went. If you have to do this, make sure you report this when you fly. I reported that I had it, and I still got questioned by immigration, and U.S. Customs.