Korea Wire Transfer Limits [International Wire Transfers]
QUESTION:
Is there a limit on how much I can transfer overseas from Korea as a foreigner before I have to report it?
Hello Christie
I have a quick question regarding international wire transfers. I have a Korean account. I plan to send money to my US bank account. Is there a limit on how much I can transfer before I have to report it? I wish to avoid any unnecessary filing of reports. I am an alien resident holding a 외국인 등록증 f-6. I believe that there is some law that Korean citizens can only send a certain amount of money a year overseas before they are taxed. Does this apply to me?
ANSWER:
Hello Elizabeth
As a foreigner, when the transfer is over 10,000 USD, then this information is shared with Financial Supervisory Service (FSS) by the bank. (Just like US FBAR reporting, Government, keeps the large fund transaction information. However most of the time, they do not perform any investigation)
A total and maximum of 50,000 USD can be sent overseas in one calendar year without providing any specific document/evidence. Any amount exceeding 50,000 USD per year requires supporting documents such as paying a tuition fee invoice, etc.
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