Korean Job Discussion Forums

[weso1]

So, what's the big deal with bringing in more than $10,000 at a time? Is there a huge tax or something that comes with it? I just might have a large sum of money coming to me soon (inheritance) and I want to know what the big deal is about have that much cross a border.

[thegadfly]

[weso1]

Yeah, I was thinking about just transferring from my US bank to my Korean bank, I was just wondering if it will raise any flags or anything? I just didn't know if there would be some kind of import tax on large sums of money coming in and out that isn't business related.

[giraffe]

I regularly receive large sums of money every month through wire transfers from banks in the USA , Canada and UK ( 2-3 times minimum a month). Also before moving to Korea my wife and I both wired large sums of money to Korea. I've never been Taxed for anything regarding our wire transfers.. I've only had to pay the wire transfer fees which varies .. anywhere from 5$ to 50$. I'm not setup as a business or anything else. Every time i receive a wire transfer the Bank calls me and asks me what it is ( this happens 2-3 times minimum a month). I just tell them its my income ( which is true) and all is fine. And in the case of me sending my personal money or my wife receiving hers they didn't question it at all.

So I would say don't worry about it. But honestly im not 100% sure. Since moving to Korea 4 months ago , I've received roughly 15 wire transfers with no problems. Only had to pay the typical wire fees

[ttompatz]