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Poker
Joined: 16 Jan 2010
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 Posted: Tue Mar 31, 2015 6:32 am Post subject: The $50 000 annual remittance limit |
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Just curious.
How would one transfer more than the annual limit placed on foreigners in Korea?
What if one wanted to take say USD100 000 out of the country at once? |
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Chaparrastique
Joined: 01 Jan 2014
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| Posted: Tue Mar 31, 2015 8:27 am Post subject: |
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Can't you just withdraw it in dribs and drabs once you are home in the US?
I mean make sure your bankcard/ credit card is enabled for international use, then just use it when you get home. |
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northway
Joined: 05 Jul 2010
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| Posted: Tue Mar 31, 2015 9:04 am Post subject: |
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| Chaparrastique wrote: |
Can't you just withdraw it in dribs and drabs once you are home in the US?
I mean make sure your bankcard/ credit card is enabled for international use, then just use it when you get home. |
$50,000 is a hell of a lot of dribs and drabs. What are you doing with the money when you take it out? Using it as spending money? That will take awhile. Depositing it? Then you need to tell the IRS where it came from, which sounds like a headache. Or buying gold like the rest of the people here? |
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Lucas
Joined: 11 Sep 2012
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| Posted: Tue Mar 31, 2015 11:50 am Post subject: |
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| Wait until December 30th, send $50,000 and then send $50,000 Jan 2nd. |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Tue Mar 31, 2015 3:24 pm Post subject: |
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if you have proof where it came from, you should have no problems sending over $50k back. Check with the bank and maybe the tax office.
Gov't just wants to make sure it came from legit (read taxed) sources, no drug money etc |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Mar 31, 2015 4:04 pm Post subject: Re: The $50 000 annual remittance limit |
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| Poker wrote: |
Just curious.
How would one transfer more than the annual limit placed on foreigners in Korea?
What if one wanted to take say USD100 000 out of the country at once? |
It is NOT a $50,000 (per year) limit... it is a $50,000/year limit on undeclared funds (no proof of source or taxes paid).
If you can prove the source (show contracts, proof that you sold a home, etc,) and that it has been tax declared and taxes paid (if it is income) then there is no limit on the funds you can move.
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue Mar 31, 2015 4:13 pm Post subject: |
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The last two posters have the right of it.
I'm tired of hearing about these "limits" that are not really true. There are tons of ways to send out legally earned funds from Korea. |
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Poker
Joined: 16 Jan 2010
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| Posted: Mon Jul 13, 2015 9:37 pm Post subject: |
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Great to know. Thanks guys!
What if I don't want to send this amount of money back to my home country through the remittance linked route, but instead send it to a 3rd country where I have a bank account? |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Tue Jul 14, 2015 12:19 am Post subject: |
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| You can send it wherever you want, its your money. Over 50 mil, your Korean bank will likely require proof of taxes paid, which entails a visit to your local tax office for an official printout. Easy when I did it this year. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Tue Jul 14, 2015 6:38 pm Post subject: |
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| If you're American and want to take back a big chunk of change to the U.S., be aware that police can seize your dough and keep it. I've read of quite a few cases like this and how the victims had to use costly legal representation to get their money back. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Tue Jul 14, 2015 11:59 pm Post subject: |
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That might be the case if the nimrods just took a load of cash into the US and DIDN'T DECLARE IT.
You can take in as much as you want, and you'll keep it all, if you simply declare it at customs. That's why they even go so far as to ask you if you're caring more than 10K with you. Now, if you have a LOT of coin, it'd be wise to have some documentation with you to show just how you came by it, just to be on the safe side. |
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radcon
Joined: 23 May 2011
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| Posted: Thu Jul 16, 2015 2:10 pm Post subject: |
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| PRagic wrote: |
That might be the case if the nimrods just took a load of cash into the US and DIDN'T DECLARE IT.
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He isn't talking about not declaring money at customs. In the US the police can and will confiscate cash from citizens just walking down the street because "it must be drug money." Many innocent people have been burned by this. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jul 16, 2015 3:04 pm Post subject: |
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So do a simple bank to bank transfer of funds.
Who would be foolish enough to walk around with more than 50k in their handbag?
Is the banking system in the US so unstable that you are afraid of banks?
Its not like you aren't already probed every way but anally by every other govt department in the US. The govt already knows about your (legitimate) cash due to FATCA.
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu Jul 16, 2015 5:21 pm Post subject: |
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| ttompatz wrote: |
So do a simple bank to bank transfer of funds.
Who would be foolish enough to walk around with more than 50k in their handbag?
Is the banking system in the US so unstable that you are afraid of banks?
Its not like you aren't already probed every way but anally by every other govt department in the US. The govt already knows about your (legitimate) cash due to FATCA.
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The problem is, I've read that even more than $5,000 can be seized and stuff. Quite a lot of stuff going on with civil forfeiture and stuff, yet another disturbing development in the world's so-called greatest country.  |
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slothrop
Joined: 03 Feb 2003
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| Posted: Thu Jul 16, 2015 5:44 pm Post subject: |
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edit
Last edited by slothrop on Thu Jul 23, 2015 2:12 pm; edited 1 time in total |
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