Korean Job Discussion Forums

[alphalfa]

What's your take on the following:

I completed my most recent contract in August of this year. I had been in Korea for three consecutive years. I managed to save alot over this period. During my time here I did not need to send money home monthly to cover any outstanding debt. Besides, I thought I would save on the wire fees(12 months x 15,000=180,000 a year). You project this amount over three years and the wire fees would amount to 540,000. So, here I had millions of Korean won in the bank six weeks prior to my leaving and returning to Canada. I began to send some of my savings abroad in small increments in addition to carrying some T/Ts and cash.
At the time, I didn't think closing out my Shinhan account was the wise thing to do. There still remained a large amount in the account when I finally left. I had(have) a Shinhan international debit card to use AND YES IT DID work in BANK ATM MACHINES IN CANADA. I've now returned to Korea to get the remainder of my savings out of my Korean account. If I stayed in Canada and attempted to withdraw the daily maximum it would have taken me ALMOST FIVE MONTHS to clean out the account.

My question to you is :

Do I need to present my salary pay envelope(s) from my most recent employer to the bank before I can do another future wire transfer? The bank officials have requested some information ( perhaps to pinpoint the source of my savings). I have this information. It appears without this information my savings remain in my account and I have to spend it only on Korea!

Thanks for your comments in advance.


alphalpha

ps there is a moral to this situation . I'm clearly aware of it NOW.

[bad guy]

It shouldn't be a problem to do another wire transfer. Keep the info on your recent employer and show it to them if they ask. Many countries get ancy with large amounts of money being wired out as it is their job to be suspicious of potential laundering of illegal funds. Canada does the same. If you have a few months of pay stubs that should stop the questioning. Explain that you saved money while here instead of sending it home if they persist.
If they really give you a headache then wire as much of it as you can or as much as they will allow and take the rest out of the country in cash, as you are allowed to bring a certain amount of foreign cash into Canada, check with the CCRA to find out exactly how much. This shouldn't be required as I don't think that they will block future wires given that you have documentation to prove where you got your money.
Hope this helps

[rapier]

Alphaalpha: you have no choice but to spend it in Korea. I'll look after the cash for you when you have to go. PM me.!!