Korean Job Discussion Forums

[Poker]

Hi, I hope someone can help me here, say I transfer a large sum of money into this country from an overseas bank account.

a) Will the Korean immigration know about it?
b) Will they think I am doing privates or some other job?
c) Do I get taxed when bringing the money in?
d) Are foreigners(teachers) allowed to invest in the stock market?
e) Would that be considered additional income (legal?)

Value of USD is dropping and I would like to prevent my money from dying a slow death. I am looking to do this (if legal) in January when I am on my winter vacation as I need to travel to the country where my account is at to verify my identity.

Thank you for your time

[northway]

If you're looking at the stock market then why not do it from home and invest your money overseas?

[alwaysbeclosing100]

try etrade's global account for currency

i had one for a while and it is easy to use and sign up for

you can keep your money in a US account but purchase foreign currency

[winterfall]

I used to work at a bank.

When you say large amount are we talking over 10,000 USD? And are you with a corporation or is this an individual, personal account?

If your alone and it's over 10,000 USD. Don't do it. Spread it out in smaller amounts over a longer period of time.

Large transactions, that is 10,000 USD or over are red flagged, as required by the Patriot Act. The funds are frozen, and you'll be audited. You'll need to provide evidence on how you've amassed that much money, why your moving it overseas and there might even be a federal investigation. All of which you need to stay in America to get through. If your abroad when you do it and you don't go back the money stays frozen and they might eventually confiscate or a federal judge will issue a warrant for you to appear.

And dealing with it on the American side doesn't end it. Once the money gets to Korea, the South Korean government may investigate it too.

To make it even more complicated. If you have a foreign account with more than 10,000 USD in it, you need to report that to the IRS every year. To make sure your not using it as a tax haven. You might get away with it now, but when they audit you. Which they will, statistically every American is audited once in their life. And the chances of getting audited multiple times also skyrockets when you've been flagged once. When they do it, they're have all the wire transfer records. So there's no hiding it. For more info on that though, you'll need to call the IRS

Save yourself the headache and do as another poster mentioned. And just invest in overseas stocks with a US account.

[brickabrack]

"Value of USD is dropping and I would like to prevent my money from dying a slow death."

But, the won is dropping and dying a very quick death.
Look into gold, CH yuan and Euros. You don't want all
your wealth in one basket anyhow.

Winterfall sounds pretty knowledgeable about the issue.

[winterfall]

No please don't take just my input. Like everything you read on the net, take it with a grain of salt. It's better if you ask all the right channels, irs, your bank, etc than a bunch of guys that got nothing else to do except haunt this forum

[youtuber]

OP,

Terrible idea. More than likely you will not live in Korea for the rest of your life. How many foreigners 80+ years old do you see here? NONE. There is a reason for that. You WILL go home. Trust me.

Keep your money at home in USD. I wouldn't give up on the US just yet. It is still far and away the world's largest economy. Korea is a blip on the screen.

[NM14456]

You might also look into buying silver or gold. Stick it in a safe deposit box.
Keep in mind that the value will fluctuate.

[pkang0202]

Why not invest it in the US? Value of the USD is dropping. That has a positive side effect in that American goods are now more attractive goods for other countries.


Also, the amount of fees you gotta pay to send $30,000 overseas would instantly erase any gains you would've had abroad. Jsut keep it at home. Put it into a CD or Mutual Fund and walk away.

[Poker]

[Poker]

[DeMayonnaise]

I can help you out. I got this rich uncle in Nigeria who can invest it no problem and guarantee 100% return in 2 years! Just wire it to me, and I'll take care of the rest!

[northway]

[Wishmaster]

Geez...why would you want to transport that much dosh INTO Korea. Never mind that there could be a military conflict which throws the banking system out the window. Then throw in the fact that you are a foreigner and the Korean bank teller could just give you the big "X" sign when you say you want to get the money out of the bank. Oh, and maybe they might "lose" that money, and being a foreigner, you can't stay here very long to contest it. Just leave it back home. I send my money back home, I never keep a big amount here simply because I want MY money out of THEIR country. My bank account here, I've got no real power or control because I am not a citizen. Back home, I can fight it...Korea...nope. They could conveniently say that the money was withdrawn. And it would be your word against theirs. Who do you think will win in that scenario. Have you ever done banking here in Korea? They hate people taking money out of here and make it as hard and as restrictive as possible. Would you really trust your 30k in a Korean bank.

[AmericanBornKorean]

You might want to talk to a CPA on capital gains taxation in both countries, because you might have to pay both rates on any profits you have, which would cut straight into any gains. Personally, I'd keep the money in the US (or your home country) and stick it into a growth and income fund.

One thing you don't want is the IRS on your back. Any bank wire over 10k, like a previous poster said, will get tracked and audited, so you may want to make 3-4 smaller denomination wires.