Korean Job Discussion Forums

[lulu144]

So I've only been here for 4 months... and next week I'm going to send home more money and I'll have sent home almost 6,000 dollars. so what happens if I'm ehre for the whole yeah and I send over 10 grand>>? do I have to pay tax on anything over 10??
I'm canadian....

thanks!

[grainger]

As far as I know, you can send home what ever you make. You just have to prove it's income. Bring a pay stub. The bank or your employer will supply you with a pay sheet that you need to fill out, signed by your boss, indicating how much you get paid. If you make 2 mil a month that's the most you can send home per month. It's their way of insuring you're not making money illegally. If you want to send money home without a pay stub then they will mark it in your passport. This is the money that counts toward your 10,000.

[frankly speaking]

I think the OP is confusing the declaring more than 10,000 when going through customs. In cash you must declare anything above 10,000 dollars when traveling through customs. As per tax laws in Canada, I don't know. Whatever money in your bank account should be taxed though. I know for most americans we are required to pay taxes on overseas income. Most don't but if there was an audit they would get fined. At least that is what the IRS told me before I left.

You might want to check with the IRS in Canada about overseas income. You don't want to pay huge fines for Undeclared income.

[kimchi story]

As a non-resident you do not have to pay Canadian taxes. The default for non-residency is two years out of the country BUT if you are a registered alien (and we all are) that is proof of your non residency. Produce a copy of your ARC and you can forget about the two year thing.

[wire]

[meangradin]

Every 10,000 I said home, I have to have a meeting with the branch manager and my boss to proove my income. It is never a big deal; they jsut want to guarentee I am making my money legally.

[TheUrbanMyth]

[King Bob]

Just yesterday I sent home 50,000,000WON to England. It was a very straight forward procedure. Basically, I had 21 months worth of pay slips, and had each one stamped and signed by my employer. I then went in to the Woori bank and handed over my debit card at the counter and explained that I wanted to send home a lump sum of money. He asked me for evidence, so I duly handed over my pay slips dating back to March 2005. Then I filled out the obligatory forms, and within 5-10 minutes my money was sent to my HSBC account in England. Checked my online bank account with HSBC later in the day, and hey presto, the money was there. He did ask me why I wanted to send home a large sum of money, but I just explained I had been saving for 2 years to avoid fees.

To send home 50,000,000 Won, Woori Bank charged me exactly 40,000Won and my bank in England charged me 6 pounds (10,000Won). Not bad I thought for the amount that I sent home.

Anyway, I hope this information can help someone out.

KB

[freesolo]

you can send more than 10k home without showing pay stubs and such. just go to bank (i went to one in itaewon, think it was KEB) and ask for a money order, pay to someone other than yourself (your mum or such). a small charge and off you go to the post office.

[Bukowski]

King Bob,

It's nice to read about those that are saving successfully.

I just wanted to point out that the transaction fee is a very small part of the equation. Banks make the "big" money on the commission on the exchange rate.

Those of you that are sending home large sums of money, I would advise you to shop around. Simply looking at the transaction fee is very misleading. Ask them for their commission rate on the exchange.

AC

[jajdude]

I think you're doing very well to send $6000 in 4 months.

[Homer]

6000$ in 4 months is 1500$ per month or roughly 1.2 million won to get that 1500CAD...it is not that hard to do....but nicely done anyway.

As for the 10 000 limit, you have your answer in here as others have explained their experiences.

I send more than 10 000 a year and my bank never asks for paperwork anymore. Some banks are sticter and if my bank were to ask for paperwork, I would not see it as a problem...just bring in your pay slip and as long as you do not send more than what you make you should be fine.

[Gideon]

I've had some problems sending money home, but again that depends on what bank u deal with.

I can't be bothered with the pay stubs, explantions, ect... I just get my korean girl friend to wire it for me. No questions asked and less headache for me.

If you can find a korean u trust to wire the money for u , then i would suggest taking that route.

to each his own..

[regicide]

[Bondrock]

although i am not an american, i would ask a real accountant, or check the IRS online for real answers. hey, if you got 10 grand, you can afford some legal advice....

anyone who trusts an online chat-room is asking for trouble....