| View previous topic :: View next topic |
| Author |
Message |
rustbot82
Joined: 18 Jan 2011
|
 Posted: Mon Jul 02, 2012 6:59 am Post subject: Moving to New Country, No Bank Account Yet |
 |
|
Hey, I'm checking out of Korea soon and trying to figure out what to do. I want a lump sum refund for the money in my pension account. I've been here three years, so it should be a real chunk of change.
My problem: I'm from the US, but I'm moving to Canada. I no longer have a US bank account. I don't have a bank account yet in Canada. My only valid bank account is with Standard Chartered in Korea.
Anybody have any ideas?
Is there a limit on how long after leaving Korea I can get a refund? I'm not sure how fast I can open a bank account in Canada, since I'm not sure how quickly I can find a job, get a work visa, and get legal residency... |
|
| Back to top |
|
 |
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Mon Jul 02, 2012 2:49 pm Post subject: Re: Moving to New Country, No Bank Account Yet |
|
|
| rustbot82 wrote: |
Hey, I'm checking out of Korea soon and trying to figure out what to do. I want a lump sum refund for the money in my pension account. I've been here three years, so it should be a real chunk of change.
My problem: I'm from the US, but I'm moving to Canada. I no longer have a US bank account. I don't have a bank account yet in Canada. My only valid bank account is with Standard Chartered in Korea.
Anybody have any ideas?
Is there a limit on how long after leaving Korea I can get a refund? I'm not sure how fast I can open a bank account in Canada, since I'm not sure how quickly I can find a job, get a work visa, and get legal residency... |
IF you have access to your K-bank account from abroad (ATM card for international use or internet foreign remittance) then you can have it sent to your Korean account.
. |
|
| Back to top |
|
|
northway
Joined: 05 Jul 2010
|
| Posted: Mon Jul 02, 2012 2:58 pm Post subject: |
|
|
| You can take it out in cash. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Mon Jul 02, 2012 3:06 pm Post subject: |
|
|
| rustbot82 wrote: |
| I want a lump sum refund for the money in my pension account. |
| northway wrote: |
| You can take it out in cash. |
They don't usually give "cash" refunds of your pension account at the NPS.
. |
|
| Back to top |
|
|
JustinC
Joined: 10 Mar 2012
Location: We Are The World!
|
| Posted: Mon Jul 02, 2012 3:44 pm Post subject: |
|
|
| Anyone know if the OP can have it put into a relative's account, that way no risk of it being stuck in the ROK? |
|
| Back to top |
|
|
rustbot82
Joined: 18 Jan 2011
|
| Posted: Mon Jul 02, 2012 4:51 pm Post subject: Thanks everyone |
|
|
I read elsewhere on here that the account must be in my name. I can take money out of my Korean bank account through an ATM overseas.
I just wanted to know if they'd put it in my Korean account. It sounds like they will, so that should all work out.
Thanks for all the info. |
|
| Back to top |
|
|
northway
Joined: 05 Jul 2010
|
| Posted: Mon Jul 02, 2012 5:08 pm Post subject: |
|
|
| ttompatz wrote: |
| rustbot82 wrote: |
| I want a lump sum refund for the money in my pension account. |
| northway wrote: |
| You can take it out in cash. |
They don't usually give "cash" refunds of your pension account at the NPS.
. |
My understanding is that they will give you cash if you go to the NPS booth at the airport. One of my friends did this following a firing, and proceeding to backpack around SEA with a stack of US hundreds. He left at the beginning of 2011, perhaps it's changed since then, but I know for a fact that he was able to get a cash refund. |
|
| Back to top |
|
|
luckylady
Joined: 30 Jan 2012
Location: u.s. of occupied territories
|
| Posted: Mon Jul 02, 2012 5:19 pm Post subject: |
|
|
| northway wrote: |
My understanding is that they will give you cash if you go to the NPS booth at the airport. One of my friends did this following a firing, and proceeding to backpack around SEA with a stack of US hundreds. He left at the beginning of 2011, perhaps it's changed since then, but I know for a fact that he was able to get a cash refund. |
???? this is quite a story - why would NPS have a "booth" at the airport?
anyway, I've withdrawn mine a few times - they'll put it whatever bank account you give them the number to - I don't know if they check the name it's under or not - you can always ask. I've always had mine put in a Korean bank account, tho, then just withdrew it or wired it home. |
|
| Back to top |
|
|
northway
Joined: 05 Jul 2010
|
| Posted: Mon Jul 02, 2012 5:26 pm Post subject: |
|
|
| luckylady wrote: |
| northway wrote: |
My understanding is that they will give you cash if you go to the NPS booth at the airport. One of my friends did this following a firing, and proceeding to backpack around SEA with a stack of US hundreds. He left at the beginning of 2011, perhaps it's changed since then, but I know for a fact that he was able to get a cash refund. |
???? this is quite a story - why would NPS have a "booth" at the airport?
anyway, I've withdrawn mine a few times - they'll put it whatever bank account you give them the number to - I don't know if they check the name it's under or not - you can always ask. I've always had mine put in a Korean bank account, tho, then just withdrew it or wired it home. |
Well, considering I've seen it with my own eyes, it's a true story. The booth is at the far left end on the arrivals floor, if you're facing the exit. Oh, look, other people have seen it too: http://waygook.org/index.php?topic=12640.0. Maybe you should call them and ask why they have a booth... |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Mon Jul 02, 2012 6:57 pm Post subject: |
|
|
AIRPORT PAYMENT SERVICE OF LUM-SUM REFUND FOR FOREIGNER
WHO CAN APPLY
○ A foreigner who is scheduled to depart for his own country through Incheon Airport within a month ○ Airport Payment is possible only in case ex-employer makes a disqualification report to National Pension Service at least one day before the departure date.
※ If you are to depart from Korea on Saturday, Sunday or Korean legal(official) holiday, you can not apply for Airport Payment. Therefore, you should choose alternative options such as receiving through domestic account or overseas remittance.
※ Airport Payment is applicable only in case flight's departure time is from 11:00 through 24:00
HOW TO APPLY
○ Select 「Airport Payment」 when you apply for Lump-Sum Refund
○ Applicants should hand in another form of bank account for additional payment in case non-payable reasons happen on the departure date.
HOW TO RECEIVE
① Hand in forms of "Application for Lump-Sum Refund" and "Application for Lump-Sum Refund at the Airport", and then receive a filing receipt : all regional Office of the National Pension Service(except for Airport Office of NPS)
Office hours 09:00~18:00
② Receive the "Receipt of Currency Exchange" and "Direction for Payment of Lump-Sum Refund" from Incheon Airport Office after handing in the filing receipt, passport and flight ticket on the date of departure
Office hours 09:00~17:00
③ Receive the "Receipt of Currency Exchange" from Shinhan Bank Incheon International Branch after handing in "Direction for Payment of Lump-sum Refund" and a passport
Office hours 09:00~17:30
④ Withdraw the exchanged money from currency exchange booth of Shinhan Bank(in front of 29th boarding gate) after handing in "Direction for Payment of Lump-Sum Refund", "Receipt of Currency Exchange" and a passport
Office hours 09:00~21:00
http://english.nps.or.kr/jsppage/english/scheme/scheme_04.jsp
. |
|
| Back to top |
|
|
luckylady
Joined: 30 Jan 2012
Location: u.s. of occupied territories
|
| Posted: Mon Jul 02, 2012 11:25 pm Post subject: |
|
|
sorry, I'm an American; you know, there are many people in our country right now doing every thing they can to deplete and destroy people's pensions and social security -
and here is S. Korea doing what it can to refund foreigner's contributions to their pension funds by setting up an airport facility. blows my mind.  |
|
| Back to top |
|
|
northway
Joined: 05 Jul 2010
|
| Posted: Tue Jul 03, 2012 4:58 am Post subject: |
|
|
| luckylady wrote: |
sorry, I'm an American; you know, there are many people in our country right now doing every thing they can to deplete and destroy people's pensions and social security -
and here is S. Korea doing what it can to refund foreigner's contributions to their pension funds by setting up an airport facility. blows my mind. |
I was considering why this might be, and my best guess is that migrant workers may not have formal bank accounts at home to which they could send their pension refunds, as they typically use wire transfers to get money home. |
|
| Back to top |
|
|
itistime
Joined: 23 Jul 2010
|
| Posted: Tue Jul 03, 2012 5:24 pm Post subject: |
|
|
"○ A foreigner who is scheduled to depart for his own country through Incheon Airport within a month ○ Airport Payment is possible only in case ex-employer makes a disqualification report to National Pension Service at least one day before the departure date. "
I want to get my lump sum from the airport when I depart Korea.
I meet all of the requirements, I think.
Here's where it gets tricky.
My contract ends on Aug 22. I am leaving Aug 8 - and not coming back.
My 2 weeks vacation for the summer was delayed until the end of my
contract...allowing me to leave just a bit early. I intend on going to the pension office at the end of July to file for the lump sum payment.
Can my school send a disqualification report before Aug 7? even though
my contract ends on Aug 22? They know exactly how much goes into my pension. This number won't change. Shouldn't this be easy?
Help?
Tried calling the pension office with nobody home. Will try a couple more times this week.
Does this make sense?
Now I know I can not get my final paycheck and severance along with flight allowance until Aug 22. I can just have this wired to a U.S. account, right? Easy, peasy; or it should be.  |
|
| Back to top |
|
|
YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
|
| Posted: Tue Jul 03, 2012 7:52 pm Post subject: |
|
|
| Quote: |
I read elsewhere on here that the account must be in my name. I can take money out of my Korean bank account through an ATM overseas.
|
You can set up a remittance account to send the money to.
1. Set up your Korean account so it can send money online to another account. This could be a family member's account.
2. Next, have the pension office put money into the Korean account.
3. A month later, you are out of Korea, go online and transfer your money to the account you set up in 1.
4. To add to this, you could open an account in Canada, and then have the money sent there. I am not sure about the fees involved.
I am not Canadian, so I don't know where to open one at, but people online seem to be suggesting http://www.pcfinancial.ca/ |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
