Korean Job Discussion Forums

[Cathy OB]

Does anyone know if there's a limit on how much of your salary you can send out of the country?

Thanks

[ttompatz]

[Homer]

100% of your income per month is the limit...even if that sounds weird.

You can send larger amounts if you send say every 3 months, but the banks can and sometimes ask for pay stubs and proof of salary.

Consistently sending more than your pay each month is bound to raise eyebrows somewhere.

[beekeeper3000]

i thought the general rule was that once you passed the $10,000 mark you HAD to show pay stubs.

[ttompatz]

[Hotpants]

When I remitted a years' worth of salary, I had to show pay stubs to show that the total amount I was remitting didn't exceed my annual gross salary.

Some places used to report up to a limit of $10,000 per annum simply because there had been so much money being sent out of the country.

In actuality, I don't know anyone who has had any limit strictly imposed on them. Although, I do know that many people who do privates prefer to stash their money under the mattress rather than put it in the bank, in the eventuality these extra payment amounts do get questioned.

[SOOHWA101]

What about opening multiple bank accounts to send money out? Can and does this work in your favor? If not, how do you circumvent?

[poet13]

multiple bank accounts are fine....PM me and I'll send you the numbers...

[ttompatz]

[Homer]

You could get multiple bank accounts...but wiring from more than one account my lead to questions...just thought you should know. All it takes is one bank stamping your passport and another bank seeing it to raise eyebrows. Mind you that they do not always physically stamp your passport either...they often do so electronically (i.e. your passport number in a database)....

I will agree with others here...why would a newbie be asking about ways to circumvent banking rules in order to send more money out???

[Peeping Tom]

What if you have been here for a few years, not sent money home yet (been using it for ever-larger housing deposits), and when you go home you have more than one year's salary you need to send home. If you bring pay slips from multiple years will all be well?

[Homer]

That sounds like a larger amount than usual tom...i suggest when that situation comes up you contact the Revenue agency of your country and talk with your bank here.

[Hotpants]

Sending a large amount which has accumulated over several years shouldn't be a problem. I know people who have been here for 10 years and only occasionally send money back home. I also won't move my money until after a 3 yr period. Again, just have your pay stubs at hand in case the bank wants to verify that the money is within your income grossed over the total period. ARC card and passport are also standard docs the bank will want to see. There's really no risk that you'll have money 'trapped' inside Korea. After all, few of us waygookin are multi-millionaire money market shakers...

[ttompatz]

[Zark]

One way to take money out - is to just take cash. I have, on a couple different occasions, converted more than W2,000,000 at the airport in Bangkok - and at Laguna Village in Phuket.

You don't get the best of exchange rates going straight from Won to Baht - but it is no questions asked. I have bought Yen in Japan with Won also (Visa run!). Exchange rate in that case was quite reasonable.

Both countries I have converted "left over" local currency to dollars when leaving.

Around the bases there are often merchants who will give you very favorable rates of exchange Won for Bucks also.