Questions & Answers

Money Matters

Can I receive monies owed me by my employer after I leave Korea?

Yes, you can....sometimes. Here are some of the ways you can do so:

1. Arrange to have a global ATM and/or Debit card from your bank. You may have to sign a document agreeing to only transfer money out of Korea through that specific bank account. The maximum amount you can take out of the country should then be W50,000,000 (USD50,000.00). Hint: if possible, check that the card works from outside Korea and that you can access your money.

2. As a back up, and if you have someone you trust in Korea, you can make sure you are able to move money within Korea via Internet, so that you can transfer it to another account or give that person access to your account so that s/he can send you the money from Korea.

3. If you can't access your bank account in Korea, your employer may agree to send the funds directly to your home country bank account.

4. You can change your signature on your account to a personal stamp (chop) and arrange for a lawyer to withdraw the funds and transfer them to you in your home country bank account.

5. Your employer can transfer the funds directly to the law firm's account so that the lawyer can forward the money to you.

The above applies to monies paid by employers or government agencies.
 

K4E Editor: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions in the content above please contact us at info@korea4expats.com.



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