How to calculate taxes on foreign payments?
If for some reason the bank's rate on that day was higher than the Central Bank's rate (the rarest
case), the "service" received is also taxed. It is easier to follow this point than to deal with
additional calculations.
Do I need a bank account in Korea to send money to New Zealand?
Not necessarily. Many international services operating in Korea offer cash transfers to New Zealand, so you can send money without a bank account. However, if you’re using online banking or bank-to-bank transfer from Korea to New Zealand, an account will be required.
Are there limits on how much I can send from Korea to New Zealand?
Yes, most providers have limits on international transfers from Korea to New Zealand. These limits may depend on the provider, the amount, and your identification level. For example, larger transfers from Korea to New Zealand may require identity verification or proof of source of funds.
Can I cancel a money transfer from Korea to New Zealand after it's sent?
Yes, in most cases, you can cancel a money transfer from Korea to New Zealand if the funds haven't yet been received in New Zealand. To do so, contact the provider's support team in Korea or use their app/website. Keep in mind that some services may charge a cancellation fee for transfers between Korea and New Zealand.
