Korean Job Discussion Forums

taejonguy · Joined: 14 Jan 2003 Location: Daejeon, Korea

Okay, my wife and I can see the light at the end of the tunnel. we are only hoping that it is not a train coming to hit us head on!

In about 18 months I will be heading home after about 10(!) years in Korea. Since coming here I have accumulated a wife, a couple of sons and about W250,000,000. The wife and kids I can figure out how to get them home...the cash has me worried.

My question is this: How do i get my cash to Canada for the least cost but also legally and quickly? Taxes will not be a problem as I am a non-resident as I have nothing in Canada to tie me (ie property, credit cards, not even a drivers license!)

Lastly, the exchange rate is as good as it has ever been post IMF. What is the consensus? Will it continue to help those of us exchanging dollars or will it reverse itself?

Any advice is appreciated!

paperbag princess · Joined: 07 Mar 2004 Location: veggie hell

dude! that's allotta money. you are supposed to declare anything over 10,000USD. i think there are taxes. maybe you should just take it all in person and keep in under your bed.

pollyplummer · Joined: 07 Mar 2005 Location: McMinnvillve, Oregon

If you have proof that you earned it all legally, you can wire it to your bank at home. However, this involves a lot of paperwork and some hassle from your employer. Maybe you should just take the whole stack home with you and then exchange it at different banks ??

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

For an amount that large, I suggest you go to a bank with an English speaking VP or other officer and ask them.

diablo3 · Joined: 11 Sep 2004

I thought you were joking, or made a typo or something with 250 million.

Anyway, it sometimes can be a sticky process to transfer money. You must prove the money you transfer is not funny money. Banks may ask for pay slips and so on. Generally, be ready with a passport, payslips (company provides this), bank accounts where the money is, and documents to prove you are legally employed (company provides this).

It is also easier to transfer in chunks, as time goes on it is sometimes harder to obtain/keep documents.

taejonguy · Joined: 14 Jan 2003 Location: Daejeon, Korea

I work for a Korean gov't company here in Daejeon so getting pay slips will not be a problem. Since Canada has a taxation treaty with Korea and I am a non-resident I cannot see how they can tax it...HOWEVER, governments are greedy and if they can find a way they will!

To clarify...it will be about CAD$300K. It is nice to have a working wife and to be one of those that was lucky enough to buy an apartment before it boomed! 10 years of this..it now is starting to feel like it was worthwhile...

My wife and I will take the max of 10k with us...how about for kids? Can they take 10k as well?

Thanks again!

Derrek · Joined: 15 Jan 2003

taejonguy · Joined: 14 Jan 2003 Location: Daejeon, Korea

Yep Grandma does the babysitting. The oldest goes to an English "Kindergarten" (read:hakwon) and the youngest goes to a Korean daycare. Both get home aroung 2:30-3:00 and I am home by 5:30.

Btw, for those of you that may have been interested (this will likely kill ANY interest!), the International school here in Taejeon recently quote an expat friend of mine a nice round fiqure of $17,000/yr for tuition, transportation, etc at Taejeon Christian International School. As it is the only expat school here in Taejeon I will go home and get a free education (more or less!) for my kids. On top of that we will send them to French Immersion School so they will be fluently tri-lingual...again at NO COST!

Bi-lingualism....waste of tax dollars but when you can use it to your benefit it ain't half bad!

lookingtoteach · Joined: 18 Feb 2003

Wouldn't bother with the French Immersion program for your kids if I were you. I was in Immersion my entire school life, and I'm from New Brunswick which is the ONLY bilingual province in Canada. I lost most of my French after a couple of years of not using it a lot and the French we were taught was 'pure' French from France not the actual French that is used in everyday language. French Immersion is a lot of work for very little reward. I didn't even get the coveted 'bilingual' certificate needed in the province. I got a Proficiency in French as a Second Language rated Advanced Plus, not enough to prove that I was bilingual and that's what every French Immersion grad got that year. Good times.

pegpig · Joined: 10 May 2005

Ouch! 250k. When we head back in 6 months we won't have anywhere near that in half the time. Oh well, not everyone's fortunes are the same.

What we're going to do is get a p/o from Korean taxation or whatever it's called. We needed that last year for her citizenship application. That and any pay slips should satisfy Revenue Canada. It shows you paid taxes abroad. Not paying taxes abroad I think pretty much nullifies your non-residency. Obviously you did, but in case there are those out there that haven't, or they thought they did, but the boss didn't submit it. Shocked

Yeah, that happens and did happen with TWO of my schools, which we found out when we got this p/o from the tax office. That left me really p.o.'d

Don't know if they have any problems at either end regarding a BIG transfer. Obviously you need some extra time just to make sure.

I would think that you should be able to take 40k in checks/cash with you (10 for each person). That still leaves a chunk. Nice problem.