Korean Job Discussion Forums

[PigeonFart]

I plan on transferring 40k Euro from Luxemburg to Korea. I will be in Luxemburg very soon in order to do that. This transferral of 40k Euro will result in about 60,000,000 won at current exchange rate. I have 2 questions;

1. What would be cheapest way to transfer this? (bank, paypal, western union etc)

2. Would i have problems transferring that 60 Million back to Europe next year? (i refer to the fact that there are supposed limits transferring money and changing currency). Given that your annual salary is taken into consideration too, I do not want to have to waste korean payslips when i have to transfer this money back to Europe next year. I don't earn much in Korea anyway (just above 20 million per year).

If anyone has experience on such matters, i'd be much obliged to hear your opinions.

[winterfall]

I've got experience with transferring money to the states. Europe is a little different. Though they tend to be a bit more anal about everything.

If your gonna move it to korea and back. Can't you put the money into some kind of savings account. Money market or bonds that'll mature when you get back?

For the amount of money your talking about. Paypal charges a percentage, you'll pay a ton. For western union you'll need to call them and ask if its a flat fee or percentage, and banks will generally charge a flat fee but you'll pay it 3 times (1 for the euro bank, 1 for the intermediary bank, 1 for the receiving korean bank)

There's a lot of red tape involved with transferring over 10,000 USD. They're probably red flag it in europe and here. You'll need to provide evidence on how you got the money over x time and the transfer 'll be delayed while they investigate. You'll deal with this twice.

You could try travelers checks, you'll have to report it to customs since you'll be over 10,000 USD. But the fees are usually low and it'll give you a chance to shop around Korean banks.

[hondaicivic]