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Korean Job Discussion Forums
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Newbie
Joined: 07 Feb 2003
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 Posted: Sun Nov 11, 2007 11:50 pm Post subject: "Proof" that there is no limit on wire transfers?? |
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I tried searching, but all I could come up with was posts by people saying, "there is no limit to the amount of money we send if we provide our pay slips." That's all well and good, but how do I convince the lady working at the bank that this is true.
Does anyone have proof of this. Say, an online Korean source that I could take into the bank next time numb-nutts teller tells me I can't send more than 10k. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Sun Nov 11, 2007 11:58 pm Post subject: Re: "Proof" that there is no limit on wire transfe |
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| Newbie wrote: |
I tried searching, but all I could come up with was posts by people saying, "there is no limit to the amount of money we send if we provide our pay slips." That's all well and good, but how do I convince the lady working at the bank that this is true.
Does anyone have proof of this. Say, an online Korean source that I could take into the bank next time numb-nutts teller tells me I can't send more than 10k. |
I know that people can send more than that if they can show (1) proof of income (2) proof of investment (3) proof of taxes paid.
As for an online source, I'll have to look. First, I'd ask them where they are getting their rules from - is it an in source document, or does it come from the tax office or customs. There's a chance that the banks are working with them as "agents", but then they should be able to cite the source.
As with cash on an airplane, you can send more... you just have to declare it.
(and after all that, still no help. My bud used to work at HSBC [in the overseas transactions area/treasury] here, if I can ahold of him, I'll post here) |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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skindleshanks
Joined: 10 May 2004
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| Posted: Mon Nov 12, 2007 6:28 am Post subject: |
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I don't know for sure, but I know for me (Canadian) or my wife (Korean) there are added steps to the process if sending over 10mil. during a fiscal year. I believe it takes a few days longer, too.
Maybe the teller just doesn't want to help you through the extra hoops. |
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anyangoldboy
Joined: 28 Sep 2007
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| Posted: Mon Nov 12, 2007 7:34 am Post subject: |
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I do know a special/loophole was to send more than 10 mil home.
PM me if you want to know.
I just don't want to tell everyone because I still want to be able to do it. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Thu Nov 15, 2007 10:12 pm Post subject: |
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| Captain Corea is correct. To send less than $10,000 US you do not need anything. To send more you need to prove you earned the money legally and don't owe taxes. This comes from my conversations with two bank employees -- different banks -- while sending over $30,000 last year. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Thu Nov 15, 2007 10:20 pm Post subject: |
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Another addition to this is the reason why you are sending it over.
Keep in mind that the Kor Gov just eased limits on sending cash abroad for real estate purchases.
If a person can't send over 10K a month, how the heck would they ever be able to buy a house overseas??
http://joongangdaily.joins.com/article/view.asp?aid=2882702
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Shinhan Bank said yesterday that it would ease all time restrictions for customers transferring money overseas. Whether using cash dispensers, automatic teller machines or phone banking services, the service will be available 24 hours per day for 365 days per year, beginning today.
Anyone with a Shinhan Bank account can send money abroad without having to go through bank counters, the bank said. Until now, overseas money transfers for the bank�s phone service subscribers were only allowed during banking hours. |
http://joongangdaily.joins.com/article/view.asp?aid=2878451
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The government has gotten its wish: Purchases of land overseas by Korean citizens has skyrocketed nearly 90 percent this year, according to data from the Bank of Korea.
The government has been encouraging people to spend more money abroad to curb the advance of Korea�s currency and to make it harder to buy local real estate, hoping to keep property prices from spiking.
Koreans snapped up overseas property worth $600 million in the first half of 2007, up 86 percent compared to the same period last year, when the figure stood at $320 million, according to the data.
The number of overall property purchases soared from 980 to 1,992 during the same period. The biggest gain came in the number of properties purchased for investment reasons.
Such purchases jumped from 62, worth $21.9 million, in the first half of last year to 962, worth $391.2 million, the first half of this year. At the same time, purchases of residential properties grew from $137.2 million to $173.5 million.
Most of the purchases, 45 percent, were made in the United States. Canada came next, followed by Singapore and Malaysia, two Asian countries recently emerging as coveted destinations among Korean retirees.
�Property purchases for investment purposes are rising in the Asian region, particularly Singapore, Malaysia and the Philippines,� the central bank said in a statement.
The most expensive deal this year was the purchase of a $6.5 million commercial building in Washington State, in the United States. There were nine other big-ticket deals worth more than $3 million, five in the United States and four in Singapore.
Korea�s government has eased limits on the purchase of foreign property. The spending limit on overseas properties for residential purposes was lifted from $500,000 to $1 million in January 2006 and was completely removed the following March. The ceiling for investment purchases was also raised to $3 million from $1 million in February this year. Still, the won has gained nearly 9 percent against the U.S. dollar and more than 9 percent to the Japanese yen since last year.
The government, trying to quell real estate speculation, also tightened the rules on mortgage borrowing and raised property taxes, making it harder for people to buy real estate locally. |
http://joongangdaily.joins.com/article/view.asp?aid=2880672
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The travel account deficit was $12.9 billion in 2006, and 34 percent of this resulted from living expenses and tuition for Koreans studying abroad.
Korea�s travel account deficit has offset the country�s trade surplus, which was $29.2 billion last year. As a result of this, the country�s current account surplus shrank to $6.1 billion. |
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