Korean Job Discussion Forums

[Gladiator]

Dear Colleagues,

I hope you might be able to help. Although I've been in S.K. for about six years I'm a bit out of touch regarding the current laws concerning the portion of your salary the K government allow you to wire out of the country. Time was pre IMF when the authorities could be quite facist in ensuring that you kept your hard earned won floating around the Korean economy and made you produce a 'salary report' from your employmer to make sure you couldn't send more than 70%(?) of your earnings back home. Is that quota still in effect? I'm aware that your passport will be stamped when money is transferred, but is the wretched 'salary report' still demanded?

Any hard information, or references would be appreciated.

[teachmeenglish]

I dont really understand the use of those restrictions anymore. With international bank cards and my samsung visa I can get money out anyway. As for the passport, on friday I sent money home to pay off the last of my student loan and they did not even look at my passport.

[antoniothegreat]

i saved up some, and sent about 5 million won, my biggest change since i have been here, and the bank charged a small fee, and i think they called my school, but i couldnt understand. they never asked for my passport

[Wangja]

[Hater Depot]

Supposedly you're not supposed to transfer more than $10,000 in one calendar year. But, as with anything, that rule can be bent. Sometimes the transaction will be smoother than Eva Longoria's coochie and other times it will be like pulling teeth.

[desultude]

The first time I sent a large chunk home- several years ago, they looked at my passport and even marked the amount in the back of it. Since then, I have never been asked anything and there has never been a problem.

And, as someone noted, the international bank card makes that irrelevant anyways. You can get the money out of the country easily.

[sheba]

The first time I sent money home I needed my passport and ARC card for ID I think.... the didnt write anything in my passport though. Thay did tell me that I would need to show proof of my income next time because I could only send 70% of what I earned and also to make sure that the money I was sending home was legally earned.

[kalbi]

My understanding (supported by a recent call to KEB main office) is as follows:

If you are a resident alien, you may remit up to 100% of your salary. They may ask for proof of income such as your contract to confirm your limit, i.e. your salary.

If you are not a resident alien, you may only remit up to US$10,000 per anum, unless you have records showing that you brought in additional money into Korea, in which cse you would allowed to take that amount out as well.

Hope this helps.

Kalbi.