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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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 Posted: Mon Jun 11, 2007 7:19 pm Post subject: |
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| Alan Partidge wrote: |
Is it possible to just send one large lump sum? My wife and I are saving and going back to NZ in around 2 years. We'll have anywhere from 70-100 million saved by then.
Or, is it better to just send it monthly?
Is there any limit on how much a Korean can send to a foreign country? How do wealthy Korean families do it when they emigrate? |
There is NO limit.
If you want to send MORE THAN US$10,000 per visit to Korea, as a foreigner, you simply need to show proof of legal income (pay slips with the school stamp or your contract).
If the foreign exchange desk at your bank gives you any hassle, call their ENGLISH customer service number to get it straightened out.
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Alan Partidge
Joined: 29 Nov 2005
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| Posted: Mon Jun 11, 2007 7:25 pm Post subject: |
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| Thanks for clearing that up ttompatz. |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Sun Jun 24, 2007 1:30 am Post subject: |
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| Ok, but what if you have no bank account back home. I'm a nonresident of Canada for tax purposes and technically a resident of Korea. I can't have a Canadian bank account. So where the hell am I supposed to send the money? I usually blow it all at the end of each year anyway but I'm planning on working on a nest egg. Bank offshore? I can't carry more than 10k US on the plane (although I've carried more before without hassles). Ideas??????? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jun 24, 2007 1:52 am Post subject: |
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| Tokki1 wrote: |
| Ok, but what if you have no bank account back home. I'm a nonresident of Canada for tax purposes and technically a resident of Korea. I can't have a Canadian bank account. So where the hell am I supposed to send the money? I usually blow it all at the end of each year anyway but I'm planning on working on a nest egg. Bank offshore? I can't carry more than 10k US on the plane (although I've carried more before without hassles). Ideas??????? |
You can carry as much as you want. The only restriction is that you have to fill in a form if you carry more than $10,000 to remain legal.
In regards to your banking... term deposits here pay about double what they do in Canada (5%+ APR as compared to 2.5%). With a minimum of 5 million won you can set the term as short as 90 days.
When you are ready to leave, pre-arrange with the bank to forward the funds to you via a bank or trust company of your choice in Canada on a predetermined date. Alternatively you can just get a cashiers check payable to yourself when you are ready to go home.
You can invest in any number of other options as well as term deposits. If you are a little more risk tolerant you may consider mutual funds. You can purchase them here, in Canada or in any one of a dozen other countries. |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Sun Jun 24, 2007 2:05 am Post subject: |
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| ttompatz wrote: |
| Tokki1 wrote: |
| Ok, but what if you have no bank account back home. I'm a nonresident of Canada for tax purposes and technically a resident of Korea. I can't have a Canadian bank account. So where the hell am I supposed to send the money? I usually blow it all at the end of each year anyway but I'm planning on working on a nest egg. Bank offshore? I can't carry more than 10k US on the plane (although I've carried more before without hassles). Ideas??????? |
You can carry as much as you want. The only restriction is that you have to fill in a form if you carry more than $10,000 to remain legal.
In regards to your banking... term deposits here pay about double what they do in Canada (5%+ APR as compared to 2.5%). With a minimum of 5 million won you can set the term as short as 90 days.
When you are ready to leave, pre-arrange with the bank to forward the funds to you via a bank or trust company of your choice in Canada on a predetermined date. Alternatively you can just get a cashiers check payable to yourself when you are ready to go home.
You can invest in any number of other options as well as term deposits. If you are a little more risk tolerant you may consider mutual funds. You can purchase them here, in Canada or in any one of a dozen other countries. |
Ok. Does this mean I can have the money 'forwarded' to a 'bank of my choice' even if I don't have an account with them? Also, is a cashier's cheque considered currency like cash or t/c? I've done term deposits before, usually for a year at a time for the highest interest. I stay away from mutual funds. Funny how having money causes more stress than having none. |
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WanderingDolphin
Joined: 02 Jul 2007
Location: Seoul
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| Posted: Sun Jul 08, 2007 2:41 pm Post subject: |
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I saw the following quote on a recruiter's website regarding sending money home and I'm trying to figure out what's up with this all important topic before I make the trip to Korea:
"...You can send money home up to the amount you earn each month. Foreign teachers are allowed to remit 66% of their monthly earning per month. Should one decide not to remit the full 66% in a particular month, the remaining percentage can not be carried over into the next month. you'll have to wire the money directly to your bank..."
Maybe this is just a "Lost in Translation" moment (along with poorly written sentences), but what the heck does this mean? The first sentence implies you can send your entire monthly salary, but nothing more. Then it seems to imply you can only send 66%.
But this thread implies you can send however much you want and there's no limit!
Can anyone clear this up for me?  Thanks! |
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skconqueror
Joined: 31 Jul 2005
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| Posted: Tue Jul 10, 2007 6:03 am Post subject: |
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| anyone have a link to where it says that there is no limit for transferring funds.. Korean or English is fine. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Tue Jul 10, 2007 2:11 pm Post subject: |
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| skconqueror wrote: |
| anyone have a link to where it says that there is no limit for transferring funds.. Korean or English is fine. |
I don't have a website but if you stop by KEB they have a poorly translated pamphlet that says you can send home $1000 per month through their electronic service using an ATM. I think it also says
something about sending up to your income.
I'm payed through Nonghyup. I did a bank check. To make a long story short I was told he stamps my passport because to send the money without stamping my passport would require extra paperwork to give up my ability to send money with Nonghyup.
Another note. The exchange rate for cash is different from the remittance rate. You save money by getting traveler's checks or a bank check. The bank check I got was from The Bank Of New York and cashes like a regular check in the US.
There are absolutely no guarantees. You could get a bad teller. They could change the laws the day after you arrive in Korea. I'm sure the people who were here in 1997 could tell you how sometimes things change. |
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passport220
Joined: 14 Jun 2006
Location: Gyeongsangbuk-do province
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| Posted: Fri Jul 13, 2007 11:45 pm Post subject: |
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A couple of questions about money orders:
Is $100 usd the highest face value denomination available?
Are they good for international travel. I want to send some to be deposited into my US bank account�but I may take a few thousand with me to Thailand. Would I be able to cash them in Thailand? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Jul 14, 2007 4:04 am Post subject: |
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| passport220 wrote: |
A couple of questions about money orders:
Is $100 usd the highest face value denomination available?
Are they good for international travel. I want to send some to be deposited into my US bank account�but I may take a few thousand with me to Thailand. Would I be able to cash them in Thailand? |
They are usually available up to about $1500. Above that you would need a cashiers cheque.
They are fine for sending to your account for deposit but most banks are not willing to cash them (with a cash payout) to someone who is NOT known to them (does not have an account).
If you had a bank account of long standing in Thailand there would be no problem.
Perhaps you would want travellers checks instead of a money order? |
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passport220
Joined: 14 Jun 2006
Location: Gyeongsangbuk-do province
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| Posted: Sat Jul 14, 2007 6:38 am Post subject: |
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| yeah...typo! My questions were about traveler's checks. |
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passport220
Joined: 14 Jun 2006
Location: Gyeongsangbuk-do province
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| Posted: Mon Jul 16, 2007 5:03 am Post subject: |
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| passport220 wrote: |
| Is $100 usd the highest face value denomination available? |
To answer my own question��for anyone who may look at this tread in the future. I found out you can in theory get traveler�s checks up to $1,000 face value. However, when I went my bank they did not have any in stock� the best I could find was a branch that had a few $500 face value �this was at one of the 3 branches in my town. In addition they only had about $3500 usd worth of $100 checks. (I am in a mid size town in Gyeongsangbuk-do province). |
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joesp
Joined: 16 Jan 2008
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| Posted: Thu Mar 27, 2008 11:56 pm Post subject: |
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| I used to wire my money, but I registered for www.moneybookers.com ... they receive teh money for free, and you can transfer it out of there for free to your bank account. Saves you receiving fees on the receiving end. Also, if any family members register their bank acccount,s you can transfer them some portion of your money each month for 77 cents. I'm really happy with it. |
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mts07
Joined: 01 Jul 2007
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| Posted: Sat Aug 30, 2008 9:17 pm Post subject: |
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Hi, I need some replies asap.
I currently have over 10 000 dollars(over 5k pounds) in cash and heading back to the UK today.
I just called Customs and they informed me that I CANNOT take more than 10 000 dollars on the airplane EVEN IF I declare it. They informed me I need to get permission from my bank in Korea to take this money out. As the banks are closed I cannot get permission.
What are my alternatives ? |
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jeremyslome
Joined: 09 Jun 2008
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| Posted: Sun Oct 26, 2008 9:10 pm Post subject: |
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| also, does anyone know if foreign banks, namely american banks, exchange the "cashier's checks" at korean banks? these are the 1,000,000 or 100,000 won checks i get from Daegu Bank. Can I take these to America to be exchanged? |
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