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winterfall
Joined: 21 May 2009
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 Posted: Tue Oct 19, 2010 3:50 pm Post subject: |
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OP in that case, you need to call a bank, talk to a fund manager or someone higher up than the front line grunts and grill them for answers. And call a few more times later in the week and cross check everything.
If the lower end lemmings won't transfer you. Just tell whoever your talking to that you need their name, employee number, and your recording what they say. That'll usual scare them enough to bump you up the ladder.
Like I said, I only worked in a bank in the states. So I don't know if the Korean bank will audit you or how they're do it. But all US allies follow the Patriot Act to some degree (That part of the Patriot Act is basically, all about money laundering). So it'll be better to assume it'll happen.
Having copies of all your statements with the bank stamp on it wouldn't hurt. And you'll need to keep those records and build on them with your Korean records, so when you go back to your home country and get audited you've got the paperwork. Remember since your abroad, your a ghost in their system, they've got no records. I think that's why a lot of posters are recommending you just send your money home so you've only got to submit 1 set of paperwork.
And if your particularly risk adverse, think about putting money into a CD, Certificate of Deposit in Korea or your home country. |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Tue Oct 19, 2010 5:50 pm Post subject: |
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| winterfall wrote: |
I used to work at a bank.
When you say large amount are we talking over 10,000 USD? And are you with a corporation or is this an individual, personal account?
If your alone and it's over 10,000 USD. Don't do it. Spread it out in smaller amounts over a longer period of time.
Large transactions, that is 10,000 USD or over are red flagged, as required by the Patriot Act. The funds are frozen, and you'll be audited. You'll need to provide evidence on how you've amassed that much money, why your moving it overseas and there might even be a federal investigation. All of which you need to stay in America to get through. If your abroad when you do it and you don't go back the money stays frozen and they might eventually confiscate or a federal judge will issue a warrant for you to appear.
And dealing with it on the American side doesn't end it. Once the money gets to Korea, the South Korean government may investigate it too.
To make it even more complicated. If you have a foreign account with more than 10,000 USD in it, you need to report that to the IRS every year. To make sure your not using it as a tax haven. You might get away with it now, but when they audit you. Which they will, statistically every American is audited once in their life. And the chances of getting audited multiple times also skyrockets when you've been flagged once. When they do it, they're have all the wire transfer records. So there's no hiding it. For more info on that though, you'll need to call the IRS
Save yourself the headache and do as another poster mentioned. And just invest in overseas stocks with a US account. |
Has nothing to do with the Patriot Act, the 10,000 dollar limit has been around for decades, since the 1930's. Also, there is nothing that says you can't transfer it at all. What the law says is that you must declare it.
Know when you travel and they ask you that question on the customs form? That's what they're asking about. Small businesses, people conducting business must file a form 8300. The links for the IRS and CBP are below with the relevant information.
If you try to send it in small chunks, you'll get caught. If you try to disperse it to other accounts and then reaccumulate it, you'll get caught. If you try to avoid the legal reporting requirements, you'll get caught. As long as you've paid your taxes on it and it's not drug money, you're fine.
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
http://www.cbp.gov/xp/cgov/travel/vacation/kbyg/money.xml |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Tue Oct 19, 2010 7:45 pm Post subject: |
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| Wishmaster wrote: |
| G. Have you ever done banking here in Korea? They hate people taking money out of here and make it as hard and as restrictive as possible. |
I have done banking here...many many times. Never had a problem. Always painless and easy. |
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SteveSteve
Joined: 30 Jul 2010
Location: Republic of Korea
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| Posted: Tue Oct 19, 2010 8:03 pm Post subject: |
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I'm not a banker or economist myself, but I plan to keep my money in my American account. I still send over most of my paycheck to America, as well. My life in Korea will be very short (1 or 2 years maximum) and you can always count on FDIC to protect any of your deposit accounts up to $100,000. America is in a very tight spot at the moment (huge deficit, mortgage crisis, unemployment, etc), but I think it's too reactionary to think that all money will disappear from American banks. Besides, if everybody took out their money, wouldn't that stifle the economy even further?
The won is getting a bit stronger. In July, 1,000 won bought 86 cents. Today it buys about 89 cents. But I wouldn't put my trust in Korea. Brazil, China, India and Russia are emerging as the new world economic powers, so if you want to invest internationally, I'd look into those countries.
I agree with everyone else. The fees, tax implications and possible auditing for a large transaction might complicate this matter. |
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Wishmaster
Joined: 06 Feb 2003
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| Posted: Tue Oct 19, 2010 8:21 pm Post subject: |
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Love how you are selective in context  You teach reading comprehension? Yikes, I pity your students. They should demand their money back. Read my passage again, Sparky. |
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winterfall
Joined: 21 May 2009
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| Posted: Tue Oct 19, 2010 10:55 pm Post subject: |
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| nathanrutledge wrote: |
Has nothing to do with the Patriot Act, the 10,000 dollar limit has been around for decades, since the 1930's. Also, there is nothing that says you can't transfer it at all. What the law says is that you must declare it.
Know when you travel and they ask you that question on the customs form? That's what they're asking about. Small businesses, people conducting business must file a form 8300. The links for the IRS and CBP are below with the relevant information.
If you try to send it in small chunks, you'll get caught. If you try to disperse it to other accounts and then reaccumulate it, you'll get caught. If you try to avoid the legal reporting requirements, you'll get caught. As long as you've paid your taxes on it and it's not drug money, you're fine.
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
http://www.cbp.gov/xp/cgov/travel/vacation/kbyg/money.xml |
I never said he couldn't send it. I said they'd red flag it, freeze and probably investigate it if he sent 10,000 dollars or more at any one time. That's why he had to spread it out. What in the world are you talking about??????????????
Here is the government notice specifically mentioning the Patriot Act as federal law requiring all banks and brokerages to red flag any transfer over $10,000 that happens on one business day. Read pages 1, 4, and 12-15 to see how they define a "Red Flag" and what banks should do if they suspect it.
http://www.sec.gov/about/offices/ocie/aml2007/nasd-ntm-02-21.pdf
In any case it doesn't matter, the op isn't from the states. It's just the money that's in USD |
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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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| Posted: Tue Oct 19, 2010 11:34 pm Post subject: |
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| winterfall wrote: |
| nathanrutledge wrote: |
Has nothing to do with the Patriot Act, the 10,000 dollar limit has been around for decades, since the 1930's. Also, there is nothing that says you can't transfer it at all. What the law says is that you must declare it.
Know when you travel and they ask you that question on the customs form? That's what they're asking about. Small businesses, people conducting business must file a form 8300. The links for the IRS and CBP are below with the relevant information.
If you try to send it in small chunks, you'll get caught. If you try to disperse it to other accounts and then reaccumulate it, you'll get caught. If you try to avoid the legal reporting requirements, you'll get caught. As long as you've paid your taxes on it and it's not drug money, you're fine.
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
http://www.cbp.gov/xp/cgov/travel/vacation/kbyg/money.xml |
I never said he couldn't send it. I said they'd red flag it, freeze and probably investigate it if he sent 10,000 dollars or more at any one time. That's why he had to spread it out. What in the world are you talking about??????????????
Here is the government notice specifically mentioning the Patriot Act as federal law requiring all banks and brokerages to red flag any transfer over $10,000 that happens on one business day. Read pages 1, 4, and 12-15 to see how they define a "Red Flag" and what banks should do if they suspect it.
http://www.sec.gov/about/offices/ocie/aml2007/nasd-ntm-02-21.pdf
In any case it doesn't matter, the op isn't from the states. It's just the money that's in USD |
Read your own link, winterfall. Page 4
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| All broker/dealers have been and will continue to be subject to existing BSA reporting and recordkeeping requirements, as briefly summarized below: |
As I said, it's been the law for many years prior.
For those who suggested sending smaller chunks - Page 10
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| The customer engages in transactions involving cash or cash equivalents or other monetary instruments that appear to be structured to avoid the $10,000 government reporting requirements, especially if the cash or monetary instruments are in an amount just below reporting or recording thresholds. |
You're right, read page's 12-15. IF you are a dick to the bank when they ask you what you're doing, yeah, they're going to hassle you and for good reason. But if it's your money, you can transfer as much as you want, trouble free. Just follow the law and file your reports.
But as winterfall pointed out, the OP isn't in an American bank, so it's a moot point. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Wed Oct 20, 2010 6:28 am Post subject: |
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| If I had that much cash laying around, I'd buy gold, stocks, bonds, or property. Look at South America, you can buy apartments for that much. |
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Epik_Teacher
Joined: 28 Apr 2010
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| Posted: Wed Oct 20, 2010 2:09 pm Post subject: |
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| Wishmaster wrote: |
| Love how you are selective in context You teach reading comprehension? Yikes, I pity your students. They should demand their money back. Read my passage again, Sparky. |
I love how these brave keyboard commandos have such brave comments here. But in real life they wouldn't dare say anything like that. Like this wanker! I bet you'd live in your mom's basement if you go home! |
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winterfall
Joined: 21 May 2009
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| Posted: Wed Oct 20, 2010 3:19 pm Post subject: |
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Edit:
We can quibble all day about what the law says and what happens in practice. But that's for another thread, it doesn't apply to the op
Last edited by winterfall on Wed Oct 20, 2010 4:20 pm; edited 1 time in total |
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Epik_Teacher
Joined: 28 Apr 2010
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| Posted: Wed Oct 20, 2010 3:59 pm Post subject: |
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| How about getting a certified check, mailing it to yourself registered, fast mail and deposit in your Korean bank account? It might take a few days to clear, but it'd save you from carrying a lot of cash! |
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Skyblue
Joined: 02 Mar 2007
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| Posted: Wed Oct 20, 2010 4:29 pm Post subject: |
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| AmericanBornKorean wrote: |
| One thing you don't want is the IRS on your back. Any bank wire over 10k, like a previous poster said, will get tracked and audited, so you may want to make 3-4 smaller denomination wires. |
How about the opposite scenario? You transfer Korean earnings into Canada in 10K lump sums. Are they likely to be flagged? Might this lead to an audit by tax authorities? |
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Wishmaster
Joined: 06 Feb 2003
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| Posted: Wed Oct 20, 2010 5:34 pm Post subject: |
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| Perhaps you see a reflection of yourself, Epik Teacher. And I would dare. I would, and have said, similar things in "real life." As far as mom's basement...I'm sure that that is where you are destined in the near future. Enjoy. |
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Poker
Joined: 16 Jan 2010
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| Posted: Fri Oct 22, 2010 6:29 pm Post subject: |
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| Hi, a few days ago I had the money converted to the local NT dollar in Taiwan. I will let it sit in that currency until January. Even the NT dollar is gaining on the USD. |
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yoja
Joined: 30 May 2008
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| Posted: Sat Oct 23, 2010 6:08 am Post subject: Re: Transferring +- 30g USD into Korea |
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| Poker wrote: |
Hi, I hope someone can help me here, say I transfer a large sum of money into this country from an overseas bank account.
a) Will the Korean immigration know about it?
b) Will they think I am doing privates or some other job?
c) Do I get taxed when bringing the money in?
d) Are foreigners(teachers) allowed to invest in the stock market?
e) Would that be considered additional income (legal?)
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Wow, I had no idea it was so hard for so many people to answer a simple question without getting into a flame war and going into all kinds of irrelevant crap about what the IRS/US government *MAY* do about one POTENTIAL transaction in ANOTHER COUNTRY that does not even involve a US citizen (or US dollars, for that matter). Way to fill up 2 whole pages without actually answering ANY of the OP's questions. 
But back to the OP:
a) Korean immigration MAY find out, but since it's YOUR money they're not going to care because they have no jurisdiction over that.
b) Not if you have it sent by wire transfer. There will be bank records that prove that it was sent from your personal account in Taiwan. On the other hand, if you bring it over in cash, it will be much harder to prove that it is yours and was earned legally, in the event that you are questioned.
c) No. Korea can only tax money that is earned in Korea.
d) Yes, but not every banker at every branch may know that. You might need to keep looking until you find someone who knows what they're talking about (sadly, a rare quality in Korean bankers, in my experience).
e) It's legal to invest in Korea and to earn money on those investments. There is a specific visa for foreign investors (who invest around USD $50,000 I believe), but you do NOT have to have that particular visa to invest and acquire dividends legally.
Last edited by yoja on Sat Oct 23, 2010 7:40 am; edited 1 time in total |
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