Transferring funds
Posted in South Korea forum 01 Jul 2011, 11:59
Hi -- I am wondering if anyone can tell me for certain the details regarding the limit of $50,000 per year wired to the USA.
I have reached that limit already this year and my wife seems to think that if I send any more, we'll get a knock on the door or a visit by beefy dudes in shades, or something like that.
What is the story with sending more than that amount to a US bank? I have been using the expat transfer account at KEB - very convenient.
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wonder if u have figured this out already...
posted by Sun Yoo in South Korea forum 19 Jul 2011, 06:22
But just in case u haven't, for foreigners living in Korea to send more than $50k, you need to report this amount and reason why you need to send it.
Document can be found at the bank - KEB and you'll need to bring income statement and proof of income tax payment. I believe that's all you'll need :)