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Limit on transfer of money out of Korea?

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dude777
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Joined: 04/08/2012
Limit on transfer of money out of Korea?
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Hello,

As I am leaving Korea and my severance is paid out I have quite a few dollars I want to take with me.

I am hearing that you cannot transfer more than 50,000USD  a YEAR from Korea ....without reporting it. But who do I report it to?

I presumed it was the bank doing this (I think they must be sure if you go over your limit that the money is yours) everytime I completed the transfer papers....but maybe it is not.

Does anyone know? I don't want to mention it to my bank unless need be as they do tend then to stop everything and panic...not what I want when making a transfer.

 

diggitydogg
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Joined: 04/04/2010
Re: Limit on transfer of money out of Korea?

Go to your nearest NTS office, National Tax Service, and they will print out your annual earned income report for you to show at the bank. As long as your reported income is more than you're sending home, you'll be fine. The $50,000/year rule only applies if you cannot produce the statements. Many people who've stayed here for several years have to transfer more than $50,000 when they leave, that's how it's done. The IRS will be notified by law by the receiving bank if a transfer of $10,000 or more is made, but everything will be fine as long as you've been keeping up with the filing of your annual U.S. taxes, FBAR, etc. Assuming you're American that is.

dude777
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Joined: 04/08/2012
Re: Limit on transfer of money out of Korea?

Thanks for above and sorry for delay in saying so.

 

Am not a US citizen but yes, is pretty mich as you say. The bank are happy to transfer over the limit so long as they feel the money is yours and whether or not you will need the extra paperwork is down to them.

So if you have a decent relationship with the bank and they know the money is from you employer, should be fine.

But worthwile noting this and the above, as you could get delays or worse if you leave it all to the last minute.

 

Having said this, I will let you know how it goes when I do try to send the money next week. One person's advice from the bank is not always enough to go on but it does sound reasonable enough.

 

 

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