Korean Job Discussion Forums

oldfatfarang · Joined: 19 May 2005 Location: On the road to somewhere.

When wiring money home recently the bank said I can only send $10,000 (USA) per year out of Korea.

Trouble is, I'm saving more than $10,000 (USA) per year. . And I may want to scram, sometime.
So, how can I send/take the rest of my savings out of Korea??

(Q) Will there be problems at the airport????
(Q) If I wire more money home from another bank will the Currency Police contact me???
(Q) Or can I just convert the balance of my account into travellers' cheques / cash and walk through customs with it.

Any advice/experience would be appreciated.
Thanks

denverdeath · Joined: 21 May 2005 Location: Boo-sahn

I think you should have your bank representative check on that one again...I believe that you're limited to 10,000USD when you exit or enter, not on a yearly basis.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

This myth pops up every year.

You can carry more than 10,000 USD through customs. All you have to do is declare it.

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

shifty · Joined: 21 Jun 2004

You are with one of those stupid banks that seem to abound in Korea.

The maximum of 10000 dollars US that may be wired is IF you're on a tourist visa.

No doubt, you have an E2 visa, in which case the amount is unlimited, subject to it being less than earnings. Therefore, payslips may be required if the amount seems excessive.

Close yr account and open one at KEB. They know the rules.

diablo3 · Joined: 11 Sep 2004

I hope you do not send more money than what you earn. They will check to make sure no funny money is made by you.

ontheway · Posted: Fri Apr 07, 2006 9:22 am Post subject:

I think that the limit is the greater of US$10,000 or the earnings that your employer has reported to the NTS and paid tax on. If you can't send your savings home, it's time to call the boss.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

denverdeath · Joined: 21 May 2005 Location: Boo-sahn

TUM, I think the limit we're referring to is the declaration thing. 10,000 or below, you're okay. Above, you have to declare.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

poet13 · Posted: Fri Apr 07, 2006 10:56 pm Post subject:

i read somewhere that you can remit (thats what its called) up to one hundred per cent of your income. I had this question before and read it on a government website. If anyone knows which site I am talking about, perhaps they could post a link?
I believe the ten thousand dollars is for travel. I dont know abotu more than ten thousand at a time being wired. But if thats a big deal, then just send X000, not XX000.

ontheway · Posted: Sat Apr 08, 2006 6:16 am Post subject:

The limit I was referring to is for wiring money out of Korea. There is a limit, by law, in Korea. It is administered nationally. All of the banks are subject to the limit and it is cumulative for each year. You cannot avoid the limit by changing banks, although it may be possible to do so if you slip through the cracks somewhere.