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magnolialove
Joined: 21 Mar 2010
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 Posted: Wed May 26, 2010 3:12 pm Post subject: Banking question |
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| My husband and I will be leaving soon for Korea and we have bills we'll have to pay here in the U.S. I know it's easiest to wire money bank to bank, but I've also read that some banks have limits on how much you can send out of the country. We had been planning on one of us paying all the U.S. bills from one account, but since some banks have limits, I'm wondering if it's a better idea to open a joint account so our salaries go right into one account. Is it easy/possible to do this? Or does anyone know of banks that have high limits or no limits? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 26, 2010 4:35 pm Post subject: Re: Banking question |
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| magnolialove wrote: |
| My husband and I will be leaving soon for Korea and we have bills we'll have to pay here in the U.S. I know it's easiest to wire money bank to bank, but I've also read that some banks have limits on how much you can send out of the country. We had been planning on one of us paying all the U.S. bills from one account, but since some banks have limits, I'm wondering if it's a better idea to open a joint account so our salaries go right into one account. Is it easy/possible to do this? Or does anyone know of banks that have high limits or no limits? |
Your COMBINED income won't likely be enough to exceed the max limit for undocumented money transfers ($50,000) per year per person (raised from $10k per person/per year back in 2006).
You CAN send more, you just have to prove that it was legally acquired (employment) and that you have paid taxes on it.
There are no "joint accounts" in Korea. You will each have your own.
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magnolialove
Joined: 21 Mar 2010
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| Posted: Wed May 26, 2010 6:00 pm Post subject: Re: Banking question |
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| ttompatz wrote: |
| magnolialove wrote: |
| My husband and I will be leaving soon for Korea and we have bills we'll have to pay here in the U.S. I know it's easiest to wire money bank to bank, but I've also read that some banks have limits on how much you can send out of the country. We had been planning on one of us paying all the U.S. bills from one account, but since some banks have limits, I'm wondering if it's a better idea to open a joint account so our salaries go right into one account. Is it easy/possible to do this? Or does anyone know of banks that have high limits or no limits? |
Your COMBINED income won't likely be enough to exceed the max limit for undocumented money transfers ($50,000) per year per person (raised from $10k per person/per year back in 2006).
You CAN send more, you just have to prove that it was legally acquired (employment) and that you have paid taxes on it.
There are no "joint accounts" in Korea. You will each have your own.
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Aha, got it. Thanks!
ttompatz, do you happen to know about banks that won't let you transfer money within the first 3 months of the account being open? I found an old post about that but it didn't appear to have been answered. I could probably just use Western Union in that case though, right? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 26, 2010 6:51 pm Post subject: Re: Banking question |
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| magnolialove wrote: |
| ttompatz wrote: |
| magnolialove wrote: |
| My husband and I will be leaving soon for Korea and we have bills we'll have to pay here in the U.S. I know it's easiest to wire money bank to bank, but I've also read that some banks have limits on how much you can send out of the country. We had been planning on one of us paying all the U.S. bills from one account, but since some banks have limits, I'm wondering if it's a better idea to open a joint account so our salaries go right into one account. Is it easy/possible to do this? Or does anyone know of banks that have high limits or no limits? |
Your COMBINED income won't likely be enough to exceed the max limit for undocumented money transfers ($50,000) per year per person (raised from $10k per person/per year back in 2006).
You CAN send more, you just have to prove that it was legally acquired (employment) and that you have paid taxes on it.
There are no "joint accounts" in Korea. You will each have your own.
. |
Aha, got it. Thanks!
ttompatz, do you happen to know about banks that won't let you transfer money within the first 3 months of the account being open? I found an old post about that but it didn't appear to have been answered. I could probably just use Western Union in that case though, right? |
There ARE banking restrictions on UNREGISTERED (no ARC) foreigners for the 1st 90 days of their stay (at which time they have to be registered or leave).
After you have your ARC the problem goes away.
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