I'm going to be transferring money from Korea to my US bank account soon and I'm wondering what the best way is. I know that if you transfer over 10,000 US Dollars there is IRS involvement. If I am planning to transfer more than this, will the US be taxing me on this amount? Is there any good way to transfer a large amount of money without paying taxes? I know im supposed to be tax free in Korea, and I'm hoping that means I dont have to pay taxes on the money I saved in Korea when I go to transfer it back in the US. If anyone knows info about this, please let me know.
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Re: Money Transfer Question
Not that I think Jae Hyuk is wrong (in fact, I totally agree) but the best thing to do is call your bank. They will know what to do. They get paid to know. Also, you can shoot an email to the embassy and ask them. They should either know or know who you can ask. Worst comes to worst, contact the IRS. Inquiry doesn't hurt.
Re: Money Transfer Question
You can read my post under "banking" in this post. Then just use your ATM freely anywhere. But follow the directions in the post.
http://seoulgyopoguide.blogspot.com/p/tips-for-foreigners-living-in-korea.html
This is another way, and there would be zero ambiguity.
You can ask me questions: [email protected]
No spam or blatant insults please, I am just trying to help. =)