Korean Job Discussion Forums

k-town · Joined: 16 Aug 2006

i was informed at at the back today that i would not be allowed to send home more than $10,000.
How do i get around this?
Also, the bank stamps my passport everytime i transfer money home. Is that legit? Seems pretty fucked up to me.

Thanks a million for any advice!

lion · Joined: 27 Oct 2004

I never show up at the bank with my passport when I want to wire money outta here. Sometimes they ask to photocopy the ol' alien card, and squirrel the copy away somewhere, and sometimes they don't. Anyways, they've never refused to send money because I didn't have my passport on me. (Industrial bank of Korea, aka "finebank", aka 기업은행)

I'm not the final word when it comes to the $10,000 thing, but the first thing I heard was that it was $10,000 per year, then that it was $10,000 per (airplane) trip (which might also apply to individual bank transfers) and that there's no annual limit. I've never tried to wire that much in one go.

I think the simple solution to your problem, or at least the thing to try next, is simply to show up at the bank as many times as necessary to wire your money outta here in $10,000 installments.

lion · Joined: 27 Oct 2004

Oops... am I reading your post wrong? Is the bank keeping track of the total you've sent out of here, and now you're approaching 10 grand and that's the problem?

I HAVE heard of other foreigners getting their passports stamped, but it's never happened to me (touch wood). A guy I know sent home $100,000 to go get his MBA.

semphoon · Joined: 18 Nov 2005 Location: Where Nowon is

From what I remember, you can send over $10,000 if you have the evidence of it's leaglity. Like pay stumps. However many places dont issue employees with these.

I guess you could buy travellers checks and send them home for someone to deposit. On the check write your account details and "FOR DEPOSIT ONLY!!!"

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Novernae · Joined: 02 Mar 2005

The limit is your legal salary or 10,000 if you have no legal salary. All you have to do is bring your pay stubs, or a certificate of proof of earnings from your school and you can transfer that amount home.

k-town · Joined: 16 Aug 2006

thanks for the info!!
i'll head back to the bank with my contract.

steroidmaximus · Joined: 27 Jan 2003 Location: GangWon-Do

I've passed this one along to a number of people: Buy a money order. Or 6. You get better exchange, it only costs $5, and they don't mark your passport.

xCustomx · Joined: 06 Jan 2006

What about giving the money to a Korean friend, and then having them transfer it from their account?

dogshed · Joined: 28 Apr 2006

dogshed · Joined: 28 Apr 2006

http://www.eslcafe.com/forums/korea/viewtopic.php?t=64693&sid=84c02ffc95dbd3b06285506bba7496ce

Smee · Joined: 24 Dec 2004 Location: Jeollanam-do

Okay, here's my situation:
I have a savings account into which I put a few hundred a month. By the end of this year I'll have near or over 10,000. (because I was here last year, too.) I plan to stay for another year or so, which will put me well above that maximum.

What can i do in that case? Will the limit matter, since I have deposits over the span of several years? Or should I cross that bridge when I get to it?

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

jmbran11 · Joined: 19 Jan 2006 Location: U.S.

Smee · Joined: 24 Dec 2004 Location: Jeollanam-do

If the deposits are for more than one year, will that be alright? Some of those deposits wouldn't be covered by paystubs, and sometimes I didn't receive paystubs at all.