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PigeonFart
Joined: 27 Apr 2006
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 Posted: Thu Nov 25, 2010 7:38 am Post subject: family at home transferring $25k into my Korean Bank...ok? |
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If my family member back home transfers a large sum of money ($30k US) into my Korean bank account, will there be any tax issues i'll have to deal with? Or is there no questions asked? Anyone ever done this before? Any subsequent trouble in transferring that large sum back home again?
My family member wants to spread his cash around the world, rather than have all eggs in the "won" basket (forgive the pun). 
So i'll simply be holding onto the cash until he wants me to transfer it back in the future. |
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Chris.Quigley
Joined: 20 Apr 2009
Location: Belfast. N Ireland
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| Posted: Thu Nov 25, 2010 12:26 pm Post subject: |
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Not sure of the tax implications in Korea. (There shouldn't be any, but there might be laws to prevent organized crime.) When you transfer the money back to the USA you could have problems though...
But, are you aware that the banks are going to take sizable fees out of this money? Transferring the money to Korea, then back to the USA will cost you between 2-4% at least. In this market, that's two years interest!
Why does your family member want to spread his money around the world?
Theres only a few reasons I would do that personally (unless I was actually living in those countries):
1.) Hiding proceeds from organized crime
2.) Investing money with the intention of illegally avoiding taxes
Overall, I'd say don't do it...
You family member knows he can invest in currency markets without physically transferring money overseas? |
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tfunk
Joined: 12 Aug 2006
Location: Dublin, Ireland
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| Posted: Thu Nov 25, 2010 1:06 pm Post subject: |
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| Chris.Quigley wrote: |
Theres only a few reasons I would do that personally (unless I was actually living in those countries):
1.) Hiding proceeds from organized crime
2.) Investing money with the intention of illegally avoiding taxes
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3.) Your family member supports your decision to live in a foreign country and wants to help/payback you.
4.) Your family member, your husband/wife, wants to come and live with you but first must transfer their money into your account.
5.) Your family member won a significant amount of cash.
b.) Died, and their estate is being taken care of. |
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hallazgo
Joined: 22 Oct 2010
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| Posted: Thu Nov 25, 2010 4:58 pm Post subject: |
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| would your family like to adopt me? I could use a large infusion of cash myself |
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victorology
Joined: 10 Sep 2007
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| Posted: Thu Nov 25, 2010 5:58 pm Post subject: Re: family at home transferring $25k into my Korean Bank...o |
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| PigeonFart wrote: |
If my family member back home transfers a large sum of money ($30k US) into my Korean bank account, will there be any tax issues i'll have to deal with? Or is there no questions asked? Anyone ever done this before? Any subsequent trouble in transferring that large sum back home again?
My family member wants to spread his cash around the world, rather than have all eggs in the "won" basket (forgive the pun).
So i'll simply be holding onto the cash until he wants me to transfer it back in the future. |
Shouldn't be a problem transferring the money back home as you will have a record of transferring it in. You will probably have to file for the transfer but it's really just a formality. |
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oldfatfarang
Joined: 19 May 2005
Location: On the road to somewhere.
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| Posted: Thu Nov 25, 2010 7:06 pm Post subject: |
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Wouldn't it be better to hide this money in a more stable environment?
Was that a loud bang outside?
Is that fog - or is it a mushroom cloud?
Good luck. |
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Provence
Joined: 18 Oct 2008
Location: South Korea
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| Posted: Thu Nov 25, 2010 7:19 pm Post subject: |
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| Maybe your family member knows something about the won we don�t? Perhaps a strong won is in the near future? |
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brento1138
Joined: 17 Nov 2004
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| Posted: Thu Nov 25, 2010 10:56 pm Post subject: |
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Tell ya what. Just get your family to transfer that money to me. Then, I'll transfer it to you! I'll take the tax problems...hehehe... honestly....  |
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pangaea
Joined: 20 Dec 2007
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| Posted: Fri Nov 26, 2010 7:01 am Post subject: |
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| Hiding money overseas sounds dodgy but congrats on having a family member that trusts you that much. |
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