Korean Job Discussion Forums

IncognitoHFX · Joined: 06 May 2007 Location: Yeongtong, Suwon

So someone give me the lowdown on the new banking law about to be passed in a month or two.

We can't send any money out of the country? Or is there just a limit?

If there is a limit, how much?

Thanks.

polonius · Joined: 05 Jun 2004

I find the idea of not sending money out of the country extremely hard to believe. If it does come into effect, you can pretty much say goodbye to the ESL industry in Korea. The limit for sending money out is what you earn. When sending money, I need to provide my paystub from work, and cannot exceed what I have made.

Do you have any links to prove this claim, or is it just hearsay. My guess is hearsay, and thus bs.

artyom · Joined: 28 Jul 2007

what about setting up a paypal account linked to your korean bank account and then transfer to a paypal account linked to your bank account at home? I don't know if you can/how easy it is to do this. Anyone?

regicide · Joined: 01 Sep 2006 Location: United States

diver · Joined: 16 Jun 2003

newteacher · Joined: 31 May 2007

Can someone post some real information about this law. I checked some newspapers and search engines and haven't been able to find a thing about it. If this is really going to happen I think the link should be posted and maybe even stickied, this is big news that people need to know before coming here.

Tony_Balony · Joined: 12 Apr 2007

This looks like an urban myth.

mrsquirrel · Joined: 13 Dec 2006

You never know stranger things have happened. No idea what impact it would have on the country to lose all it's migrant workers though because they can't support their families.

Can't really picture it working.

newteacher · Joined: 31 May 2007

Well it at least seems like a law of this sort would be news worthy. I haven't sent any money yet, but I assume the banks make a percentage of every won sent. Seems like if this was really going to happen there might be a lot of pissed off banks out there raising hell about it.

IncognitoHFX · Joined: 06 May 2007 Location: Yeongtong, Suwon

bobskinner · Joined: 12 Jun 2007

Anybody figured out how to open a Paypal account linked to your korean bank account yet? I had issues with the ID also. I just want to use it for some online shopping so my shipping i address in in Korea not the US...

thanks

Bob

Bondgirl · Joined: 26 May 2007 Location: in my Aston Martin

I don't know about all that, but I don't really like the K-star guy scribbling in the back of my passport, and anyway it costs a lot to send money home via transfers... so just get a second ATM card, an international one, post it to your mama and get her to take out the money and deposit it where-ever you want at home. It's instant and cheaper and no one will harrass you about where your money is going.

nick_shawyer · Joined: 17 Jul 2007 Location: Seoul

if true why not just carry the money out with you when the contract is up

Atavistic · Posted: Fri Aug 24, 2007 9:27 pm Post subject:

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

The new banking restrictions ONLY APPLY to NON-REGISTERED foreigners.

If you plan on working on a tourist visa you are about to start having problems. Limited access to banking (like tourists in other countries).

If you have your ARC there will be no restrictions other than those we currently face now - mostly inconveniences like proving the money you want to export is legally acquired.