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reedtea
Joined: 06 Feb 2003
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 Posted: Tue Jun 06, 2006 5:37 pm Post subject: Max limit of wiring money home |
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I know that I have seen this somewhere before, but I can't seem to find it anywhere.
Could someone please tell me what is the law concerning wiring money home?? I was told that we could send up to 100% of our paychecks, but then today I was told that I could only send 10,000 usd back, if that is the case then how am I going to get the rest of my money back to my account???
I have bills to pay!!! I can't just send 833 USD back every month.
I could use some advise here!
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Tue Jun 06, 2006 5:48 pm Post subject: |
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There is no limit on how much you can send home!
The only thing is that if you send more than $10,000 US, you have to declare it and show proof that you earned the money legally. You can send every penny home that you want, but you need a payslip from work showing that you earned the money, or some form from your boss saying that you earn xxx and that is the limit of what you can send home.
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flotsam
Joined: 28 Mar 2006
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| Posted: Tue Jun 06, 2006 5:51 pm Post subject: |
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You know, this issue comes up so much...
Does anyone have access to text--in Korean--that states the limit as all earned income? It would make life a lot easier, especially for the newbs, if they could walk into the bank with a copy of the regulation or a website address. |
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inspector gadget
Joined: 11 Apr 2003
Location: jeollanam-do in the boonies
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| Posted: Tue Jun 06, 2006 7:39 pm Post subject: |
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| No more than you earned is the answer I got through my hagwon director when he enquired for me. Thats why they asked to see documentation of how much I was making. |
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JZer
Joined: 13 Jan 2005
Location: South Korea
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| Posted: Tue Jun 06, 2006 9:14 pm Post subject: |
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| The $10,000 limit is only if you are on a tourist visa. If you have a work permit, you can send home every penny. I think there many be some information on one of the Korean Consulate General websities. |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Tue Jun 06, 2006 9:27 pm Post subject: |
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| up to 100% of your legal income. Anything more, and you would have to have good answers if you were investigated. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Jun 06, 2006 10:40 pm Post subject: |
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| flotsam wrote: |
You know, this issue comes up so much...
Does anyone have access to text--in Korean--that states the limit as all earned income? It would make life a lot easier, especially for the newbs, if they could walk into the bank with a copy of the regulation or a website address. |
I do believe at the Inchon exit customs there is such a notice posted... you have to declare if you're taking x amount of money with you.
There's no limit, per se. Over 10K, you need to do paper work.
That's about it in a nut shell. |
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flotsam
Joined: 28 Mar 2006
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| Posted: Tue Jun 06, 2006 11:07 pm Post subject: |
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| mindmetoo wrote: |
| flotsam wrote: |
You know, this issue comes up so much...
Does anyone have access to text--in Korean--that states the limit as all earned income? It would make life a lot easier, especially for the newbs, if they could walk into the bank with a copy of the regulation or a website address. |
I do believe at the Inchon exit customs there is such a notice posted... you have to declare if you're taking x amount of money with you.
There's no limit, per se. Over 10K, you need to do paper work.
That's about it in a nut shell. |
Buuuuuuut...does anyone have this in writing? I have been all up and down the Customs, Ministry of Finance and Economy and Bank of Korea websites and they all say it's OK as long as you get permission, but nowhere does it mention how one qualifies for permission. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 06, 2006 11:22 pm Post subject: |
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| flotsam wrote: |
| mindmetoo wrote: |
| flotsam wrote: |
You know, this issue comes up so much...
Does anyone have access to text--in Korean--that states the limit as all earned income? It would make life a lot easier, especially for the newbs, if they could walk into the bank with a copy of the regulation or a website address. |
I do believe at the Inchon exit customs there is such a notice posted... you have to declare if you're taking x amount of money with you.
There's no limit, per se. Over 10K, you need to do paper work.
That's about it in a nut shell. |
Buuuuuuut...does anyone have this in writing? I have been all up and down the Customs, Ministry of Finance and Economy and Bank of Korea websites and they all say it's OK as long as you get permission, but nowhere does it mention how one qualifies for permission. |
Easy to solve... If / when you get to the $10,000 limit and you have some problem, have the clerk call the customer service number for the bank. They usually have an English service member and they do know the rules and have the bank policy in writing.
They will explain it to the clerk and you can send the additional money home. You will need to show your contract or proof of income if the total is over $10,000.
This policy change was mandated as one of the conditions of the required bank reform by the IMF during the financial crisis in 1997/98. The easiest way is to deal (for your foreign remittances) with either Woori or KEB.
They also both have customer service lines with English service and will do translations for you or assist with recalcitrant clerks when you are in the bank.
KB* should not give you a problem (they are the Western Union agent in Korea) but sometimes you get a lazy ass at the foreign exchange desk who can't be bothered to look in the book for the policy or do the paperwork so you get the problem.
If you simply want to carry it home, there is NO limit but you have to do some paperwork (when you exit Korea AND again when you enter your home country) if you plan to carry more than $10,000 in currency or negotiable items (bearer bonds, travelers checks, cashiers checks).
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Wed Jun 07, 2006 2:35 am Post subject: |
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| gentlepeople. the original question was regarding the limit for wiring money out of the country. If the OP uses KB, i would be surprised if he any trouble. They seem to be the most consistent and knowledgeable of any of the banks in Korea. |
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flotsam
Joined: 28 Mar 2006
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| Posted: Wed Jun 07, 2006 4:32 am Post subject: |
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I
WANT
LEGAL
DOCUMENTATION
NOW!!!!!!!!!!!!!!  |
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Nok Yong
Joined: 05 May 2006
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| Posted: Wed Jun 07, 2006 4:47 am Post subject: |
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flotsam wrote:
| Quote: |
I
WANT
LEGAL
DOCUMENTATION
NOW!!!!!!!!!!!!!! |
I'm sure, when the bank manager returns from his/her morning trip to the bathroom, you'll be accomodated with all the "documentation" you require. |
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flotsam
Joined: 28 Mar 2006
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| Posted: Wed Jun 07, 2006 5:50 am Post subject: |
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| But will it be LEGAL? |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Wed Jun 07, 2006 6:09 am Post subject: |
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| I'd also like to see a link to some sort of offical site or legalize something or other. I have been here for three years and heard all sorts of different things and have had banks in Seoul and in the countryside routinely tell me no or deny me amounts over 1200$ Canadian. So will someone please post a link and not just what they heard or had their crooked Director do for them. I know that if you have a Korean with you, you can send whatever you want, but what about just an old waygooker in on his own? |
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some waygug-in
Joined: 25 Jan 2003
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| Posted: Fri Jun 09, 2006 4:25 am Post subject: |
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I don't know if this is some recent change or if they are just tightening up existing laws, but now it seems every bank is requiring a pay slip for anything over $1000 US.
I've never had so much trouble sending money home as this year, and I'm not sure why exactly. |
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