Korean Job Discussion Forums

[morningsoju]

I was wondering how much money I can bring back home within a 12 month period. I will be visiting the states twice next year and wanted to bring back as much as I can without getting taxed. I'll have about 25k saved up.

[jamesd]

If it's legally earned and taxed already, you can bring all of it at once.

[morningsoju]

really?!

so i can go to the bank and exchange 25mil won for US cash and bring it all home with me? and i can do this as many times as i want, as long as its legally earned and taxed?

for some reason, i always that there was a cap to how much you can bring back, and anything over that limit would have some type of additional tax on it.

so what if i earned an extra 10k in a year through private tutoring -- would they give an additional tax on that if i wanted to take that home too?

[jamesd]

Assuming you have the proof of earnings and paying taxes, you'd be good to go.

As for the extra money from other sources without having been taxed. Buy something nice for yourself like expensive electronic toys, gold necklace, etc.

[runthegauntlet]

You can bring up to $10k through customs without declaring it. Anything over that MUST be declared, though.

Not declaring it and getting caught could result in the money being confiscated.

[jonbowman88]

a bag

[jamesd]

[morningsoju]

Well that's what I mean.. When I go to the bank don't they have a maximum that I can exchange during a 12month period?

[ttompatz]

You can wire as much as you want home without worry or double taxation.
(US citizens are allowed to earn about US$80-90k per year tax free in foreign income).

You can CARRY up to US$10,000 without any paperwork.

- IF you carry more than $10k you need to fill in the paperwork and declare it (leaving Korea and entering the US).
- (failure to do so can result in confiscation of the money by customs officials).

.

[Freakstar]

[swinewho]

[thegadfly]

Morningsoju,

The paperwork required at customs is one additional sheet of paper, with a signature, a date, and the amount and form in which you are carrying the cash. You step to the side on your way out -- at the spot where you would drag your bags past the guy that waves you out, you go off and get in another line.

That line is generally very short. You will be asked why you are carrying so much money. My response is "I work in S. Korea, and am carrying back X month's pay with me -- I want to avoid the bank wiring charges." Sometimes this prompts the guys to want to chat, sometimes that is the end of things. It is never any kind of problem, and it generally takes 5 minutes or less.

You do not have to pay any taxes or fees or anything for doing this.

Just letting you know exactly what will happen, as I was terrified of "taking more than $10k through customs" back before I had done it.

[uklathemock]

Wire it. I've transferred more than that without a hitch. Why take the risk of getting mugged or having to deal with customs? Also, you get a slightly better exchange rate than cash.

[morningsoju]

thanks for all the info everyone. this is very helpful!!

[TheUrbanMyth]