Korean Job Discussion Forums

[idealjetsam]

I am sure that somebody has posted on this before, so bear with:

Just how much moolah can you remit(in a year)? I have heard 10 million won and I have heard 66% of total salary--but I can't find a definitive answer.

Help me puh-leas-euh.

Cheers.

P.S. I know you can "find a guy at the bank who wants to practice his English and he won't stamp your passport". I'm looking for the real legal limit.

[Grotto]

If you get money orders for under 10.000$ each you can send them home and when you get there cash them in no problem.

Example: if you have 30,000$ to send back get 3 money orders from KEB for 8,000$ each and mail them back home...then get on the plane with the remaining 6000$ and viola...no problem.

[kat2]

You can only wire back 10,000 USD a year. But I personally wouldn't feel comfortable mailing money orders. My solution would be to get a korean friend (or someone else you know who doesn't usually wire that much money around) and have them wire it for you to your account at home.

[Homer]

ksonnen,

You are confusing the limits here.

The 10 000 USD limit is a benchmark. If you bring in over 10 000USD when you return they can ask questions and it might be subject to taxes and duties.

As far as wiring money is concerned, the only legal limit out there (not enforced by all banks but it is a law) is that you can only wire home what you earn per month. If you make 2 million won, thats you max.

Wiring over that amount might (read might) lead the bank to ask questions.

[bellum99]

A: ) Not more than you make
B: ) Up to 100 million in a year (you have to prove where you earned it).

I sent home more money than I made in a year and I had to talk to an official to explain how I got it and he told me the rules. I talked to the Bank of Korea.

[Grotto]

For my 3 years in Korea I purchased money orders and mailed them back. Never had any problem and found it much cheaper than wiring the money.

Cost for money order about 5K....envelope and stamp about 580won. It usually took about 10 days for the money order to go door to door.

[jajdude]

Have you always been confident using just regular mail for such large sums, Grotto?

My brother sent me stuff from Canada at least twice that never arrived, so I'm wary. But it could be that Canada Post sucks? Maybe they read Seoul and figured, oh yeah, North Korea? I tell my bro to put SOUTH Korea on mail now. Maybe it's easier sending back than sending over here.

[Grotto]

With money orders its no sweat. If it doesnt arrive you can go down to the bank and have them cancel the other money order and re-issue.

Its also made out to one person and one person only so even if someone did intercept it they couldnt cash it without proper ID. In any event I never had any problem with it getting back home.

Here is another hint...if you are ever getting anything mailed to you here in Korea have them send it to the schools address.

#1 chances are someone will be there to recieve the package.
#2 its easier to find

[fiveeagles]

I sent a cash card to my mom. She withdraws the money back home and then deposits it into my canadian account.

A lot cheaper than wiring.

[joe_doufu]

The bank I send money with (Hana bank) told me I can only send up to ten thousand US dollars. I don't know if that means in 2005, or in the year of my contract, or, like, ever. Also, it was unclear whether that limit would still hold if I opened an actual Hana Bank account, which I haven't done. They write the US dollar amount of my wire transfers in the back page of my passport.

I have been flirting with the only girl at the bank who speaks English, and now that my wire transfer information is in their computer and I don't have to fill out the form each month, she has let me send money at least once without my passport. Don't know if that was a mistake or if she is allowed. So... will they let me send more? If not, i'll just have to carry some cash out in my pants pockets when i go over the limit.

[just because]

I sent a big chunk(over 10 000) home last year after working a couple months on a new contract...

There is no limit(well maybe 100 million is believable), as long as a Korean signs for it....

[davai!]

travelers checks are a really good deal. When it was 999won to the dollar, AmEx checks cost about 1005. I sent them via airmail (680 won) to my bank in the US. never took more than a week to get there.

bummer that every time they stamped my passport. A couple times I brought my expired passport and they stamped that!

the bank told me $10000

[Grotto]

Deal with KEB people.

They dont screw you around like the other brain dead Korean banks do!

[Real Reality]

[Free World]

How do you say "money order" in Korean?