Korean Job Discussion Forums

[cubanlord]

Hi,

I know that every year, the amount of money one can transfer out of the country is reset to zero, in other words, say for 2009 you transferred $1,000, then in 2010 the total transferred becomes $0 allowing you to transfer the $1,000 plus whatever you haven't transferred yet. Does anyone know when? Is it in January?

[bobbybigfoot]

Your $1000 example is slightly on the low side. Maybe you are thinking "$10,000".

I always thought this was a myth. If you can prove you earned it legally, you can transfer it.

[Lee Myung Bak]

Some Korean banks (i know of KB for sure) allow a yearly transfer of $50,000. So you should be all set.

If you send over 10 grand in one wire, its reported to the National Tax Service.

http://money.kbstar.com/quics?asfilecode=5023&_nextPage=page=B002735

[Tbizz]

This might be a silly question but I've never done it so I don't really know but to wire $$ do I need to contact my bank in America to set up something or can I just go to the bank here and give them my home account information?

[cubanlord]

[Tbizz]

[Kimchifart]

[rowdie3]

To set up the bank transfer, take all of the info of your home bank (branch number, address, etc) into the bank with your ARC and passport.

To the OP: did you get turned down when you tried to send more or do you just know that you've hit the 'limit' from your own records?

I have a student who is a banker. I will ask her about the reset tonight.

[Tbizz]

Thank you Rowdie

[thegadfly]

If you hit the limit, you can buy traveler's cheques and just carry them back (assuming you are heading to the US) -- if you have over $10k, you need to declare it, but declaring it just means you have to fill out a short form and answer a question or two ("Why do you have so much in TC on you?" "I am returning from working abroad, and this is what I have saved from my salary. By carrying it, I am saving on bank transfer fees." "Oh, ok. That's fine." Then usually a few questions about what I do, but those seem to be genuine interest, and not "official" questions).

[[email protected]]

It's definitely January 1st.

Another option, however, would be to take out cash and transfer funds from a different bank. Not all banks will just transfer cash for you, but just keep trying until you find one, and keep the transfer reasonable, as in $10,000 or less.

If you're talking less than $20,000 that you need to move, then I'd consider just getting 500 Euro notes and being REALLY careful with it on the flight home. That is if you have to fly prior to January 1st, which is a holiday, so January 2nd.

[cubanlord]

thanks guys. I'm not in the country anymore, but I still get some money in korean won. I transfer from here in the US via internet banking. Here's to hoping the the above poster is right and it is, indeed, Jan. 1st when they hit the reset button.

[Died By Bear]

[rowdie3]

I asked my student about this last night. She said she didn't know and would check with her boss.

The poster above who said that you can only transfer with one bank is right. Any branch is okay, but you have to stick with one banking company (i.e. KEB, Woori, etc)

[cubanlord]

update - it has reset as of right now. My account is now reading zero dollars transferred and I'm ready to send again! So there you go. At midnight of 12/31 each year, your account transfer limit of $50,000USD resets.