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  • bryze
  • Explorer

    • 8

    • March 27, 2013, 06:31:45 am
    • nae-myeon, South Korea
Korean girlfriend wires money home for me
« on: November 09, 2015, 10:01:57 pm »
Hello,

For the past two years or so I've been simply transferring money to my Korean girlfriends bank account and she promptly sends it to my American account. It was easier to do, since she spoke Korean and Living in a rural area, I didn't have access to a bank that would do international transfers. This is how I've always done it,  and it has never been questioned during tax time or any other time.

However, I did mention this to someone when they asked how I transferred money home. They seemed totally surprised as if I were doing something illegal.  So, I ask, have I been doing something "illegal?"


  • chimp
  • Veteran

    • 195

    • April 19, 2015, 05:16:31 am
    • Zoo
Re: Korean girlfriend wires money home for me
« Reply #1 on: November 10, 2015, 03:10:05 am »
Maybe just naive. 
oo oo ahh ahh


  • Eros
  • Super Waygook

    • 380

    • September 01, 2010, 02:43:24 pm
    • Korea
Re: Korean girlfriend wires money home for me
« Reply #2 on: November 10, 2015, 08:16:27 am »
I'm not sure, but where you have a friend, or family member as an intermediary, it can hint at tax evasion, fraud, money laundering. I think realistically, worse case scenario, is you get a tax bill but nothing egregious is going to happen.

Why don't you set up a KEB remittance account and then once done, you just transfer monies into that account from whatever atm you have access to, and the monies automatically are sent home. The only issue would be finding a KEB branch for the initial set up but that's a one time trip.


Re: Korean girlfriend wires money home for me
« Reply #3 on: November 10, 2015, 10:01:43 am »
What would he get a tax bill for?

The money he is sending has already been taxed.  There is no tax due on the transfer to his girlfriend, and no tax due on the transfer abroad.

Maybe the person who expressed surprise was surprised because he's been here for two years and still hasn't figured out how to do it himself.

Even the tiniest speck of a town will have two or three Nonghyup banks, and they will do international remittance.  I agree the best solution is a KEB Easy One account though.


  • Korea13
  • Super Waygook

    • 494

    • May 29, 2013, 08:36:18 am
    • korea
Re: Korean girlfriend wires money home for me
« Reply #4 on: November 10, 2015, 10:44:41 am »
Nothing is going to happen if you only sending a few million won.
You won't get arrested or a tax bills.

OP, you can do what the other comment say and open an KEB remitted account. That will automatic transfer your money into your oversea account when you deposit money into that account.

Or you can do what i did. Open a KB account and sign up for ATM oversea transfer.
I did this and now, i can go to any KB ATM at any moment and transfer fund into my bank account back home.

Don't worry about illegal. You are sending money home. Doesn't matter who sent it. As long as it not over a certain amount, you won't get fine. Plus, the money you sent are already tax.


Re: Korean girlfriend wires money home for me
« Reply #5 on: November 10, 2015, 11:01:05 am »
2 years and still hasn't realized that KEB has branches open on Sunday that you can set up remitttance accounts at, and that they have Englsih speakers at these branches.

that google thing must be really tough to use out there in the rural areas, huh?


  • bryze
  • Explorer

    • 8

    • March 27, 2013, 06:31:45 am
    • nae-myeon, South Korea
Re: Korean girlfriend wires money home for me
« Reply #6 on: November 10, 2015, 11:48:35 am »
Yeah, of course I now know how to send money on my own.  It has just been more convenient the way I have been sending it.  Anyway, I was just hoping my laziness wasn't going to get me in trouble.  Friend's reaction just got me a little worried.

 I'll set it up so that I can do it myself.  Thank you for your input!





  • amgoalng
  • Expert Waygook

    • 719

    • August 31, 2012, 08:00:20 am
    • Gobuk, near Seosan, closer to Haemi
Re: Korean girlfriend wires money home for me
« Reply #7 on: November 10, 2015, 01:42:21 pm »
2 years and still hasn't realized that KEB has branches open on Sunday that you can set up remitttance accounts at, and that they have Englsih speakers at these branches.

that google thing must be really tough to use out there in the rural areas, huh?

Holy crap!  I did not realize that!  I have been here 3 years.  I know my plan next Sunday.  Thanks!

OP
As for the the situation.  Ask your CT to leave early, go to an NH account, if you can have your girl friend the better, and send money from your account in Korea to America.  When they give you a blue paper keep it!  Every time I transfer money I simply give them the blue paper, cash, and my ID.  I usually don't have any problems after that. 

I prefer to save money and when the exchange rate is good, send, send, send.


Re: Korean girlfriend wires money home for me
« Reply #8 on: November 10, 2015, 03:05:20 pm »
NH online banking is easy as punch to send money back to Canada.  I do it for myself in English quickly.  Just have to update that dang key once a year.  Yessign is what it's called?


  • solveit
  • Super Waygook

    • 368

    • December 09, 2014, 03:52:02 pm
    • Korea
Re: Korean girlfriend wires money home for me
« Reply #9 on: November 10, 2015, 09:44:05 pm »
You're doing nothing illegal or naive. Don't worry about it. Some people love to dramatize things. I recently loaned friends some money, which they transferred into my UK account and I then transferred to my Korean account. I got a message in Korean about it, and asked a co-worker to translate. She got all panicked and started telling me I would have to pay tax on it (it was just over 1mil). She insisted we went to the bank together so I could pay the taxes, even though I was adamant that tax had already been paid on the earnings so it wasn't liable for taxing.

After a lengthy conversation with the bank manager where I showed him the withdrawl (in Korea), the deposit to my UK account and then my transfer to Korea, he looked very confused and asked why we were there. My co-worker got very agitated, and was almost shrieking that I must pay the taxes. The bank manager basically pushed her out the door.