Korean Job Discussion Forums

[global_gal]

Ok, I know this has been asked before, but before anyone pounces on me for it, I'm just trying to get the most up-to-date info. Things change in Korea. Often.

So what is the maximum amount of money a person can transfer back to their home country per year? And do they look at it as a calendar year, or in the span of 365 days? What I mean is, if I transfer money in Dec. and then in Jan. would this be a way to spread out the remittances over 2 different years?

Would you be able to avoid limits by remitting from 2 different banks? Yes, I know this sounds shady, but...have amassed some savings and planning an exit much sooner than expected, so I'm just trying to get my hard-earned cash out with me.

Relevant responses appreciated.

[ttompatz]

$10,000 without issue.

$50,000 per year with proof of income or source of revenue (contract, income statement from employer, etc).

It is based on 365 consecutive days not "calendar years".

If you are doing it in person you will need your passport (every time). Banks will often stamp on the last page of your passport and write the dates and amounts.

If you have automatic remittances or internet remittances set up then it is easy and nothing is stamped into your passport.

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[global_gal]

Ok, went to bank last week. KEB by the way. I have been periodically sending back money with KEB for 2 or 3 years. Have done it at the counter. They have NEVER stamped anything in my passport. Now that's not to say there is not some electronic record of my remittances linked to the passport number. I'm pretty sure there would be.

However, maybe the rules have changed, but the annual limit is up to or equal to the equivalent of $50,000 U.S. I believe the limit at one time is $10,000. The only thing you need to do is designate that bank as your remittance bank (Sign a paper called "Foreign Exchange Transaction Bank Designation Application). No contract or income statements needed. If you want to send OVER $50,000 then it is a different story. I asked to see some of this info in writing, and lo and behold, the clerk actually produced a brochure that spelled it all out. Amazing!

I Just happen to be at Shinhan bank later, and noticed a sign basically saying the same thing (though I didn't actually discuss this with the clerk).

Hope this helps.

[luckylady]

it's completely arbitrary as to whether your pp will be stamped or not. some banks always do it, some don't, some clerks in the same bank will and some won't.

[No_hite_pls]

ttompatz

My wife and I have been working here a few years and also have investments here.

So if someone was a long term resident here with a family and decided to return to the west sold their apartment and cashed out their bank accounts they can only bring $50,000 of their investments for a calendar year? This seems crazy to me. How would people ever emigrate or immigrate on only 50,000 or buy properties?

If the 50,000 max then I guess Korea doesn't want investors here.

[ttompatz]

Just have to prove the source and that any income earned in Korea had taxes paid on it. Export the rest. Just a matter of filing the appropriate paperwork.

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[No_hite_pls]

[PRagic]

If you haven't sent any funds back in a while and want to wire a decent sized lump sum, one way to expedite the process is to go to your local tax office. They can print up an official copy (in English and in Korean) of a running total of your annual (taxed) wages. Makes things go a lot smoother at the bank!