Korean Job Discussion Forums

paulf · Joined: 01 Sep 2009 Location: sEOUL

Hi. I bank with KEB. I have read that there is a $10 000 limit on remittance per annum-i am wondering what the consequences are of exceeding that limit. I plan to remit double that amount in the next 2 months. Anyone have any experience with this situation? Thanks

OculisOrbis · Joined: 17 Jul 2006

There is no limit on what you can remit. You just have to provide proof that you earned it legally ie paystubs.

runthegauntlet · Joined: 02 Dec 2007 Location: the southlands.

No limit.

Might just have to provide pay stubs for big amounts.

PatrickGHBusan · Posted: Thu Jan 21, 2010 5:43 am Post subject:

No annual limit.

The 10 000$ limit of for one time transfers (not 100% sure) and for the amount you bring back with you through customs. Over 10 000$ you are expected to declare.

Julius · Joined: 27 Jul 2006

Useful advice.
I suppose a copy of your contract showing how much you earned per month would suffice instead of payslips?

Goon-Yang · Joined: 28 May 2009 Location: Duh

The $10,000 limit is for carrying cash to another country.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

The limit exists - it was raised to $50k per anum back in 2007.

You shouldn't have to show proof of income below this limit BUT this is Korea and the bank teller may insist on proof of income or taxes paid before they let you exceed the old $10k limit.

There is still a limit of $10k without paperwork when carrying cash internationally (it is legal but you need to fill out paperwork when you do it).

.

kinerry · Joined: 01 Jun 2009

If you exceed that amount, it is reported to interpol and the tax bureaus of both countries.

It's more a "making sure your ass isn't laundering money out of the country and not paying taxes" thing.

Mr. BlackCat · Joined: 30 Nov 2005 Location: Insert witty remark HERE

cubanlord · Joined: 08 Jul 2005 Location: In Japan!

I am at Woori Bank. I had a 50,000 limit that was allowed without paperwork. If I wanted more, then I had to provide proof of income, basically, where I was getting all of this money. Luckily (eh...maybe not), I don't transfer over 50,000USD. If I did hit that number, I'd just use the wife's account. Ha! 100,000USD.

Seriously, as long as you can prove your income, you're good to go!

cangel · Joined: 19 Jun 2003 Location: Jeonju, S. Korea

It was explianed to me that the first $10,000 is basically undocumented. This means you don't have to show proof of where/how the money was earned e.g. pay stubs.

Anything in excess of $10,000 must be documented to make sure it was earned legally.

Not 100% sure of this information but this is how the bank explained it to me. It was Woori Bank and, well, I have almost no faith in anything these clowns say or do!

cubanlord · Joined: 08 Jul 2005 Location: In Japan!