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wiring home last Huge amount...banking issues?
« on: December 21, 2011, 02:13:27 pm »
heading home to USA next month. wrapping up pension issue etc. i have always send home money here and there from the post office. however when I leave I will need to wire upwards of 11.8 million won. i have heard some places will not allow this, some institutions. I have Nonghyup Bank. anyone had any issues with this?any suggestions? western union is a last resort, since I dont want to overflow a duffle bag with korean wons.

also: the regional pension offices. i have my docs (resident card, a voided US cheque, my e ticket to America, and Pasport) BUT...are there any staff who speak basic english at these offices? Ill prob be going to the Masan one since I will be close to there during my time off.


  • lotte world
  • The Legend

    • 2272

    • August 22, 2011, 09:00:38 pm
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Re: wiring home last Huge amount...banking issues?
« Reply #1 on: December 21, 2011, 02:35:49 pm »
You should call Nonghyup bank and ask them.  There may be a limit of 10,000, like there is when carrying cash internationally, but there might not.  Your amount is just over this (notional) limit.

You could take $1000 as cash, or buy US$ traveller's cheques.



  • plchron
  • Super Waygook

    • 262

    • July 20, 2011, 10:24:04 am
    • Ulsan
Re: wiring home last Huge amount...banking issues?
« Reply #2 on: December 21, 2011, 02:37:54 pm »
other options:

just take it in cash and exchange it at the airport.

get it printed into cashiers checks and then deposit them in your home bank.

Option one might suck depending on the crazy shit that NK does in the next week. could make the currency dip.

Option two might be a little better. get a checks in 2 mill. increments and then take them home. cash the first right away if you need money, but hold onto the others until the exchange rate is better.


  • superjo2092
  • Adventurer

    • 63

    • April 26, 2011, 08:17:36 am
    • Gwangju, Korea
Re: wiring home last Huge amount...banking issues?
« Reply #3 on: December 21, 2011, 02:38:14 pm »
I advise you not wire that much money in one fail swoop.  If you're an American, you make it that much easier to get audited by the IRS.  Why not just send half now and half right before you leave?
"-Isms in my opinion are not good.  A person should not believe in an -ism, he should believe in himself.  I quote John Lennon, 'I don't believe in Beatles.  I just believe in me.'  A good point there.  After all, he was the walrus.  I could be the walrus, I'd still have to bum rides off of people."


  • kps1
  • Expert Waygook

    • 637

    • June 04, 2010, 08:20:13 am
    • South Korea
Re: wiring home last Huge amount...banking issues?
« Reply #4 on: December 21, 2011, 03:19:34 pm »
heading home to USA next month. wrapping up pension issue etc. i have always send home money here and there from the post office. however when I leave I will need to wire upwards of 11.8 million won. i have heard some places will not allow this, some institutions. I have Nonghyup Bank. anyone had any issues with this?any suggestions? western union is a last resort, since I dont want to overflow a duffle bag with korean wons.

also: the regional pension offices. i have my docs (resident card, a voided US cheque, my e ticket to America, and Pasport) BUT...are there any staff who speak basic english at these offices? Ill prob be going to the Masan one since I will be close to there during my time off.

Step 1- Call or go to bank
Step 2- Ask Question
Step 3-  Answer Question


  • dmhr25
  • Super Waygook

    • 299

    • October 03, 2010, 04:07:38 pm
    • Incheon
Re: wiring home last Huge amount...banking issues?
« Reply #5 on: December 21, 2011, 03:31:05 pm »
I'm with KB (I know - not your bank) and I am only allowed to send back 6 million won a month.  Your bank may have similar stipulations.  As others have said - just call (or have a coteacher call) them.


Re: wiring home last Huge amount...banking issues?
« Reply #6 on: December 21, 2011, 03:33:25 pm »
i see. well I will wire home 6 million now (dec) and then wait and send the rest (5.5 million) in january. i dont have any irs issues, as I will report this income once I get home. I kept contracts, korean bank printout, residency documents here and my tax payout documents here. im not worried there, just about restrictions.


  • Jeff619
  • Expert Waygook

    • 816

    • May 26, 2011, 08:12:52 am
Re: wiring home last Huge amount...banking issues?
« Reply #7 on: December 21, 2011, 06:12:09 pm »
You really shouldn't have any problems legally if you haven't sent home much in the last year.  You can send home as much as you want, but the Korean government puts a limit of 20,000,000 won per year.  I don't really know what this entails, but I assume it just means there is a tax involved if it's over that.  I find it strange that someone mentioned a limit of 6 million per month with KB.  I've sent well over that before and had no problems or questions.  I used Woori at the time, though.  It really would be a good idea to transfer a small amount (under 10,000) and take the rest home.  As someone said, it could be a red flag for the IRS and you're better off avoiding that hassle.


Re: wiring home last Huge amount...banking issues?
« Reply #8 on: December 21, 2011, 08:34:30 pm »
You really shouldn't have any problems legally if you haven't sent home much in the last year.  You can send home as much as you want, but the Korean government puts a limit of 20,000,000 won per year.  I don't really know what this entails, but I assume it just means there is a tax involved if it's over that.  I find it strange that someone mentioned a limit of 6 million per month with KB.  I've sent well over that before and had no problems or questions.  I used Woori at the time, though.  It really would be a good idea to transfer a small amount (under 10,000) and take the rest home.  As someone said, it could be a red flag for the IRS and you're better off avoiding that hassle.

thanks, ill check woori. but i was checking banks must report any amount OVER 10K to the govt (money secrecy act of 1970). like i said i am reporting it, however to avoid "hassle" im sending 6mil this monet and late jan ill send the other 5.5 or 6.   


  • plchron
  • Super Waygook

    • 262

    • July 20, 2011, 10:24:04 am
    • Ulsan
Re: wiring home last Huge amount...banking issues?
« Reply #9 on: December 22, 2011, 07:14:35 am »
to the op; even though you have to report the income to the IRS, you don't have to pay tax's on it. It is income earned in a foreign country.