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kiwiluvesyew
Joined: 29 Apr 2008
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 Posted: Wed Jul 02, 2008 9:59 pm Post subject: Transfering Money to USA |
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| How much is the charge to move money into the USA? Is there any "tricks" you've done that reduces any fees? I hate giving the government any money that I can, but I know they like to get paid. Any insight would be appreciated. |
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Bryan
Joined: 29 Oct 2007
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| Posted: Wed Jul 02, 2008 10:02 pm Post subject: |
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| I think a lot of the fees are bank routing fees, not government taxes. You are paying for a service after all. |
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mikeyboy122
Joined: 28 Feb 2008
Location: namyang
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| Posted: Wed Jul 02, 2008 10:03 pm Post subject: |
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| Post office charges 10,000 won. I use them every month. |
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kiwiluvesyew
Joined: 29 Apr 2008
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| Posted: Thu Jul 03, 2008 2:03 pm Post subject: |
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| This money has to be taxed within the US once Tax Returns come around, since this is earned income brought into the US - right? |
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ReeseDog
Joined: 05 Apr 2008
Location: Classified
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| Posted: Thu Jul 03, 2008 2:51 pm Post subject: |
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| kiwiluvesyew wrote: |
| This money has to be taxed within the US once Tax Returns come around, since this is earned income brought into the US - right? |
(I think) If you transfer less than $10,000 into a US account at any one time it raises no IRS flags. Technically it must be declared as income, though.
Anyone? |
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MrRogers
Joined: 29 Jun 2008
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| Posted: Thu Jul 03, 2008 2:54 pm Post subject: |
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| When I wired some money from my Korean bank last week to my US bank ...it seems I lost round about $10 in the exchange rate they did, plus another $7 or so charges by my bank to receive the wire transfer, and then about $20 or so was taken out somewhere in between the whole process...which I presume is done at an intermediary bank where it enters the U.S. from Korea before it arrived at my bank in another state ( had been told this before when doing the same thing working in Shanghai). |
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kiwiluvesyew
Joined: 29 Apr 2008
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| Posted: Thu Jul 03, 2008 2:55 pm Post subject: |
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| If it "earned income" then it will be taxed. Much like the .004% you make on a checking account in the States is reported and taxed on your income tax. Anyone with experience on this? |
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icnelly
Joined: 25 Jan 2006
Location: Bucheon
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| Posted: Thu Jul 03, 2008 3:19 pm Post subject: |
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| Send home a banker's check (money order), if you've got someone who can be assed out to make a deposit for you. They cost about 5,000 won at KEB. |
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ReeseDog
Joined: 05 Apr 2008
Location: Classified
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| Posted: Thu Jul 03, 2008 3:21 pm Post subject: |
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| kiwiluvesyew wrote: |
| If it "earned income" then it will be taxed. Much like the .004% you make on a checking account in the States is reported and taxed on your income tax. Anyone with experience on this? |
The money you make in interest on an account in the states is taxable interest income - there's a special spot on your IRS filing for that one. "Earned income" isn't all the same. If you haven't received an IRS Form W-2 for your earnings (and I guess Koreans don't issue W-2s) then you may have to declare Korean earnings as other income.
One of you old hats weigh in on this, would you? |
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