Korean Job Discussion Forums

[Lunar Groove Gardener]

I am sure this is a repeat question, search function not functioning, sorry.

As the rules for all things related to foreigners, especially in banking seem to change like the weather, I was hoping for an update from those with more recent information.

1. Is there a limit to the amount that one can send in one remittance?
(I recall some sort of <10 million won cap per transaction..)

2. Is there a limit on the number of times per month/year that one can send
funds out of country?

3. Is there a limit to the amount of funds one can send out of Korea annually?

4. Can you use more than one bank/account to wire funds? (I have 2).

5. Which banks have the best exchange rates/lowest fees/best reputation
for wiring money? (I'm at Hanna and SC).

6. Do foreigners still need to account for every penny with payslips and the
like, or can we simply send our money based on the documentation of
its source in our bankbooks?(It says my university next to each deposit).

It's been 3 years since I've sent any money out of country, and I'm ready to send a larger sum, either in smaller increments or all at once, so I'm trying to decide how best to do so.

Thanks for any current information which you may have.
Regards,
LGG