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 Other Information |
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Look for a bank with a sign near the entrance noting that it handles foreign currencies. There are three methods of sending money overseas; telegraphic transfer (T/T), bank check, and postal check . Apply using the proper form, checking what it is you want. Telegraphic transfers are the fastest and surest method of sending money to a bank account in another country.
Sending money will require you to have your bank book and a wage statement from your employer.
Telegraphic Transfer (T/T)
The fast and sure way to send money is by telegraphic cable. You must know the name of the bank, the name and address of the branch, the account number, and the telephone number of the owner of the account, and the bank code.
Postal Transfer
Using registered mail, a check is sent to the bank receiving payment. It takes as long as a letter to deliver .
Bank Check
A bank check issued by your bank is sent to a recipient (수취인) residing overseas. As the check is sent through the regular mail, this method should be used only when sending smaller amounts of money. |
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| Exchanging money requires that you have your passport or Alien
Registration Card with you. Most banks are able to exchange money. If you sell
foreign currency that you have with you when you enter the country, be sure to keep
the receipt, because it is more advantageous when you purchase foreign currency
again when it comes time to leave. |
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The National Pension is a system designed to provide stability in the lives of subscribers and their families should they reach a certain age, become handicapped because of injury or disease, or in case of death. It operates with payments from subscribers and government funding, and is operated by the national government.
Qualified Persons
Registered foreign nationals living in Korea who are between the ages of 18 and 60 must join. If you have a set place of employment, subscribe to the National Pension through your place of work. The following foreign nationals are not required to join.
• Persons who have overstayed their period of sojourn.
• Persons with visa types D-1 (Culture/Art), D-2 (Student), D-3 (Industrial Trainee), D-4 (General Trainee), F-1 (Visiting and Joining Family), F-3 (Dependent Family), and G-1 (Other)
• Persons from countries where the law does not require citizens of the Republic of Korea to participate in that country's national pension system. (Status therefore changes in accordance with laws of home country.)
Procedures for Joining
• If your employer is part of the National Pension, you may apply through your place of employment. This requires submitting (to your employer) copies of your written report of aquisition of qualification and a photocopy of your Certificate of Alien Registration.
• If you are not going to apply through your employer and will instead subscribe as an individual insured person, then you need to go directly to a local office of the National Pension Corporation. You will need to submit an alien individual insured person's monthly income report.
Benefit Payments
When a foreign national satisfies any of the conditions for receiving their pension, such as age, handicap, or the death of a family member that was subscribed with the National Pension, he receives the pension in exactly the same way as a Korean citizen. The only exception is that a foreigner's pension may be received in a single lump-sum payment, provided that the foreigner's home country's laws also allow citizens of the Republic of Korea to receive lump-sum payments.
Pension Payments, Etc.
The rate of payment for subscribers to the National Pension is, as of July 2002, 6% of a person's income. This percentage will increase gradually to 9% by July 2005. You may read about the National Pension system at the National Pension Corporation's homepage (www.npc.or.kr) or by calling 1355 (with no prefix) for one of the 74 local National Pension Corporation's offices. |
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Taxes are the revenue national and regional governments use for public facilities
and services, and are collected by these governments in various forms. There
are national taxes paid to the central government in the form of income and
education taxes, taxes paid to provincial governments in the form of registration
taxes, and resident tax, property tax, and automobile tax paid to city or other
local governments. Foreign nationals have the same responsibilities in paying
taxes as do Korean citizens.
Resident Tax
Paid every August 1st to the local government where you reside, the amount is determined according to your income and by parity, having no relation to your income. .
Automobile Tax
Those who own automobiles pay automobile tax twice each year, by the first day of June and December. If you pay for the whole year at one time, you receive a 10% discount. If you register to be able to pay every three months, you may then pay in March, June, September, and December. When you purchase an automobile, you will be required to pay an acquisition tax (2% of the cost of acquisition) and registration tax (calculated by the cost of acquisition and the tax rate) to the provincial authorities. You must have liability insurance, and will be fined if you do not.
Integrated Land Tax
Integrated Land Tax must be paid by those owning land every June 1st. It is levied based on the Register Book and the land register.
Property Tax
Person owning structures are taxed according to the value of the property every June 1st. |
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Take the payment notice sent to you by your local government to a bank or post
office. For the convenience of the taxpayer, there are automated methods of
payment available, such as automatically from one's bank account, with a
credit card, and with online banking.
Appeals
You may appeal the taxes being levied against you based on claims of illegality or excessiveness, within 90 days. Consultations with the authorities in the case of regional taxes may be sought at the tax section of the local government imposing the tax, or with the local office of the National Tax Service for national taxes. Call the National Tax Service anywhere in the country at 1588-0060 or go to the "tax consultation" section of its homepage at www.nts.go.kr. |
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