Korean Job Discussion Forums

Pink Freud · Joined: 27 Jan 2003 Location: Daegu

I've been here ten years and have saved about CAN $110,000.

I'm returning to Canada in March, and haven't figured out what to do with my savings. I may or may not be staying in Canada past October, but return yearly for summers where i have a small place i can live off grid, but close to facilities.

I won't really be looking for work until September as i have some projects on the go and low living costs until then.

I don't really want to use the savings to live, but will require flexibility with it in case I start my own business or make a land purchase.

I may or may not be staying in Canada past October, but return yearly for summers where i have a small place i can live off grid, but close to facilities.

Not sure if I should remit the money to Canada (It's in various accounts here.)

Perhaps keep an account open here? I'm calling by bank today about this.

One minor issue is that it may be easier for me to keep my Korean credit card than to get one in Canada- for 2 more years.

I'm more concerned right now about the Canadian government trying to take a chunk if I remit it to Canada. I've never made any non-residency application.

Any suggestions on where a financial illiterate can get some good info about this?

Thanks,

Pink

DaeguKid · Joined: 09 Dec 2006 Location: Daegu

my buddy just left...with a 6 figure chunk as well. We did not get into specifics, but if you are married, that can help your cause in getting it out of here. I know that he got a lot of it out of here through HSBC. How, I don't know. Contact them and see what they can do for you. He said it was all good through them.
Good luck
DK

giraffe · Joined: 07 Apr 2009

I too would be very interested to know more about Transferring large sums ( 6 figures at least) of money out of korea to Canada... Would be nice to get first hand info... General info that is, No need to get into specifics about how much money was transferred and what not. I'm just interested to know if Cnd Gov / banks would take a chunk of your money just for transfering it over to Canada.... and I assume it would be done through a Wire transfer? Any korean bank recommendations for this? KEB? HSBC ( although the way i understand a korean hsbc bank wouldnt be connected to your Canadian Hsbc bank account??? at least the last time i checked which is why i didnt over an hsbc bank account in the first place in canada)

I bet patrickbusan has some experience with this...

Not that i plan on moving to canada anytime soon. I'm just wondering for future reference..

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

The banks take the wire transfer fee.

The government doesn't take anything.

.

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

You need to get proper approval from the tax office to remit large amounts. Often, just bringing in your income stubs/tax records for the years will be enough.

Banks should ask you to clear it through the tax office first. If they don't, you may end up receiving and angry call from the tax office (if you're still in country).

I'm in the process of doing this now.

sirius black · Joined: 04 Jun 2010

Maybe its the conspiracy theorist in me, maybe its my mistrust of institutions, but I would be fearful of letting that much money build up in Korea. I'd be transferring it out some of it when it was much smaller. 10k at the most would be kept. The rest out of the country. If I knew back home where was where I planned to be eventually, no way, would I keep that much in Korea till the end of my stay. Anything can happen. Laws can change. Why risk having the government take a chunk of that with a new law? A good accountant or tax attorney back home would be on my speed dial to tell me the best way to keep the government's mitts off my money. I'd even entertain the prospect of off shore banks as well. That amount raises red flags oftentimes.

Weigookin74 · Joined: 26 Oct 2009

Why wouldn't you send money home each month? Me thinks that'd be better.

detonate · Joined: 16 Dec 2011

YTMND · Joined: 16 Jan 2012 Location: You're the man now dog!!

I would have transferred money (like 20 million at a time) instead of all or nothing. Anyone see problems?

zappadelta · Joined: 31 Aug 2004

bobbybigfoot · Joined: 05 May 2007 Location: Seoul

Saved $110,000 over 10 years, that's not even $1000 a month. And not taking into account any interest you would have earned.

Perhaps you came to Korea with a whack of debt.

zappadelta · Joined: 31 Aug 2004

Pink Freud · Joined: 27 Jan 2003 Location: Daegu

OBwannabe · Joined: 16 Feb 2008

Is this $110,000 including the pension refund? I think That amount of savings is quite impressive and difficult to do. Likely impossible if you had substantial debt to pay back home and wanted any sort of a social life. I wish I had your financial savy.

Pink Freud · Joined: 27 Jan 2003 Location: Daegu

It includes my pension (about $20,000), but isn't the total of my savings.I made some fairly major purchases that are waiting for me at home. Not bad for 12 hours a week with 14 weeks holidays a year, but I know guys who make in two years what I made in ten. Doesn't matter. It's just money, not love.