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Shinhan Bank Questions

 
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alphalfa



Joined: 12 Feb 2003

PostPosted: Tue Mar 23, 2004 4:20 am    Post subject: Shinhan Bank Questions Reply with quote

Hi,

I presented a Scotia Bank international money order to Shinhan Bank in the hope that I would receive a reasonable rate of exchange in Korean won. (mistake) This was done on March 2nd and I received a certificate for purchase/sale of Foreign exchange indicating the foreign exchange amount of $CAD 100. I paid a commission amount of 5500KW upfront and was told Shinhan Bank would need to contact Scotia Bank. No problem, I thought. The Shinhan bank officer indicated to me that I would receive an amount of around 80.000KW during the week of March 7th. Well, the name on the money order (my first name - Terry) did not match my first name on my passport -Terrance.(mistake#2). This resulted in a further delay until March 19th, so I was told by the same junior officer at Shinhan.
No transaction occurred on that day so I re-visited the bank on Monday
March 22nd to inquire. The same junior officer told me that the money would be deposited into my account on Tuesday March 23rd by 1pm. A problem with my name, I know. Well, this three week matter came to an end just before bank closing time today-March 23rd. The amount that was deposited was 72,220KW.

left wondering,

Did Shinhan and/or Scotia Bank charge me an additional fee for
mistake #2? I'm assuming one of them did.

Does Scotia Bank charge you a fee to cash the international money
order whether you're at home in Canada or abroad? I'm assuming
they do.

Whether the amount deposited was reasonable as a result of what
had taken place.

I learned a valuable lesson from this experience. NEVER AGAIN!

Your thoughts or comments...

alphalfa
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prairieboy



Joined: 14 Sep 2003
Location: The batcave.

PostPosted: Tue Mar 23, 2004 6:57 am    Post subject: Reply with quote

Don't deal with money orders in currency that is not of the country you are cashing the money order in. Unless of course it's US dollars then you may get a decent rate.

Sorry about the experience but you'll never accept a Canadian money order from anyone while you are in Korea again.

Take it easy.
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Mr. Pink



Joined: 21 Oct 2003
Location: China

PostPosted: Tue Mar 23, 2004 2:10 pm    Post subject: Reply with quote

I think the bank screwed ya.

It would have been the same fee if they wired ya the cash it seems.

Maybe ask to talk to a bank manager and see what's up with that?
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Patong Dong



Joined: 06 May 2003
Location: On Nut

PostPosted: Wed Jul 21, 2004 2:44 am    Post subject: Reply with quote

Question 2

I've seen threads on a variety of Korean ATM cards that work/don't work in other countries but nothing about the Shinhan card. Has anyone ever used the International Shinhan bank card outside of Korea? Thailand to be exact. I already have problems with it from 12am-6pm here in Korea so am concerned that I shouldn't trust it too much abroad.


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Wangja



Joined: 17 May 2004
Location: Seoul, Yongsan

PostPosted: Wed Jul 21, 2004 5:05 am    Post subject: Reply with quote

Anyway, I have had an account with Shinhan since Jan 99, complete with cash and charge card. Both of these I have used extensively outside Korea (Taiwan, Thailand, Hong Kong, UK, France, Holland etc) without any problem.

One minor irritiation: my charge card is not "chipped", as are the most recent in Europe, and French retailers dislike having to obtain a signature rather than rely on the chip and secret number .... takes longer apparently before they can pass on to the next "touriste"


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Patong Dong



Joined: 06 May 2003
Location: On Nut

PostPosted: Thu Jul 22, 2004 1:29 am    Post subject: Reply with quote

Great, thanks Wangja.
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