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Ditch
Joined: 16 Sep 2014
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 Posted: Mon Sep 22, 2014 10:48 pm Post subject: Having $$ sent from Canada to Korea |
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Tried to search for some relevant info regarding this matter, but all the results seemed to be the opposite scenario - sending money from Korea to Canada.
I have an RRSP investment of about $15,000 I'm planning on cash in, and being a "Non-resident Of Canada for Tax Purposes", I'm subject to a 25% flat withholding tax from Revenue Canada, and no need to fill out an annual Income Tax Statement either.
So, my question is, what methods are possible. Using my Canadian ATM card with max, amounts of $1000 per day is one (I suppose), but I imagine the service charges and currency rate to be on the high side. I don't know.
Is there such thing as a "Bank Cheque" from CIBC that would be accepted at a Korean bank without a major tie-up or complete bewilderment from the bank staff?
Are there potential problems with being taxed again if the amount is over $10,000 and not declared?
Anyways, any info other than "have your mom send it in a brown paper bag" is much appreciated.
Thank you. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Sep 23, 2014 12:10 am Post subject: Re: Having $$ sent from Canada to Korea |
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| Ditch wrote: |
Tried to search for some relevant info regarding this matter, but all the results seemed to be the opposite scenario - sending money from Korea to Canada.
I have an RRSP investment of about $15,000 I'm planning on cash in, and being a "Non-resident Of Canada for Tax Purposes", I'm subject to a 25% flat withholding tax from Revenue Canada, and no need to fill out an annual Income Tax Statement either.
So, my question is, what methods are possible. Using my Canadian ATM card with max, amounts of $1000 per day is one (I suppose), but I imagine the service charges and currency rate to be on the high side. I don't know.
Is there such thing as a "Bank Cheque" from CIBC that would be accepted at a Korean bank without a major tie-up or complete bewilderment from the bank staff?
Are there potential problems with being taxed again if the amount is over $10,000 and not declared?
Anyways, any info other than "have your mom send it in a brown paper bag" is much appreciated.
Thank you. |
IF you have internet banking then a simple bank to bank remittance is fast, cheap and easy with probably the best exchange rates.
A SWIFT bank wire would probably come in a close 2nd.
An ATM card ($1000 at a time) would be costly at both ends.
If electronic is not an option and you choose a paper option instead then the bank here will freeze the funds until the check/money order clears AND charge a substantial handling fee as well as the hit on the exchange rates.
IF you want to get a notarized letter authorizing your bank to wire it to you then that is an option. The bank may charge a handling fee in addition to the wire fees (through 2 or 3 banks from there to here).
You can also issue a limited power of attorney to a friend or family member at home to do the same (bank wire from your account there to your account here and close the account there.
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Ditch
Joined: 16 Sep 2014
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| Posted: Tue Sep 23, 2014 1:39 am Post subject: Re: Having $$ sent from Canada to Korea |
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| Quote: |
IF you have internet banking then a simple bank to bank remittance is fast, cheap and easy with probably the best exchange rates.
A SWIFT bank wire would probably come in a close 2nd.
An ATM card ($1000 at a time) would be costly at both ends.
If electronic is not an option and you choose a paper option instead then the bank here will freeze the funds until the check/money order clears AND charge a substantial handling fee as well as the hit on the exchange rates.
IF you want to get a notarized letter authorizing your bank to wire it to you then that is an option. The bank may charge a handling fee in addition to the wire fees (through 2 or 3 banks from there to here).
You can also issue a limited power of attorney to a friend or family member at home to do the same (bank wire from your account there to your account here and close the account there.
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First of all, thank you very much Tompatz for the information. I used to participate quite frequently on this site starting back in 1999 up until a about 4-5 years ago, but I found out my old account became inactive, thus closed down. Nevertheless, I
ve personally found you to be one of the most reliable and sensible assets to this board for as long as I can remember. Though, for some reason, I had thought you stopped posting as well. Anyways....
I checked out SWIFT banking on the net, and it appears they can transfer $$ to almost every country, with the exception of Korea (that didn't surprise me much.)
Though, the Internet banking option sounds like the way to go. I have domestic internet banking with Kookmin Bank, but I haven't registered my account to be send/receive $$ internationally, as I see there is a sign in the bank for people to do so. I think it was only KEB which offered that kind of service before.
My CIBC account in Canada is capable of internet banking, though I'm not sure if it is "registered" to send $$$ internationally. I'll have to check that out.
The last time I ever sent money was from Korea in 1998 and it did NOT involve a bank machine or the internet. It consisted of a ton of paperwork and time with a several bank tellers all gathered around me not knowing exactly what to do. Times have since changed big time. Although, somethings still remain the same. Like the so called "International ATM Card" which didn't work for me last summer. So I had to call into the bank from overseas and have them correct the problem on their computer system. That had NEVER happened to me before, though I read many horror stories of it happening to others.
Again, thanks Ttompatz for chiming in with sound info. You're the man. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Tue Sep 23, 2014 2:24 am Post subject: |
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Have you thought about depositing the money in your Canadian account and withdrawing it all from their branch office in Korea?
I did that once years ago and it cost 2 bucks.
Best rate in town. |
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Ditch
Joined: 16 Sep 2014
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| Posted: Tue Sep 23, 2014 3:01 am Post subject: |
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| Stan Rogers wrote: |
Have you thought about depositing the money in your Canadian account and withdrawing it all from their branch office in Korea?
I did that once years ago and it cost 2 bucks.
Best rate in town. |
That would be a good idea, but I'm pretty sure CIBC doesn't have any branch offices outside of Canada. Though I may be wrong? I'll check into that too.
Thank you Stan |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Tue Sep 23, 2014 4:26 am Post subject: |
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| PM sent |
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