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wire fees fiasco
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alphalfa



Joined: 12 Feb 2003

PostPosted: Fri Apr 16, 2004 11:13 pm    Post subject: wire fees fiasco Reply with quote

The bank where I wire money from is Shinhan Bank. There appears to be a upward change in the wire transfer fee amount. About six months ago, I sent some money home> At that time, the commission amt수 수 료 was
15,000KW. A couple of days ago I did another wire transfer. This time, I sent about KW2.0mil more than six months ago and to my surprise the commission amt수 수 료 was 22,000KW, a 47% increase. The bank official even wrote on my statement the word "discount" next to the commission amt! How can this be a discount? I will return to the bank and ask them to explain the increase to me.

Take a look :

date amount sent 우 대 수 수 료 (commission amt)
(less/more)

03/08/05 --- 50% 15,500KW
A
03/09/29 -3.5mil than A 30% 15,000KW
B
03/10/31 -1.0mil than B 15,000KW
C
04/04/16 +2.0mil than C 30% 22,000KW
D {~-2.48mil less than A}

So, I will address two tranactions with the bank. One, between A and D. In this case , the amount sent is less(D) and the 우 대 is 20% less(D) BUT the commission amt is MORE(D). Second, between C and D. In this case, the amount sent is MORE(D) and the 우 대 is the SAME BUT the commission fee is MORE(D). Is it the case that the greater the amount sent would explain an increase in the commission fee스스 료? Is what happened to me a mistake on the bank officials' part or a more serious matter?


Alphalfa
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phaedrus



Joined: 13 Nov 2003
Location: I'm comin' to get ya.

PostPosted: Fri Apr 16, 2004 11:27 pm    Post subject: Reply with quote

I use Nonghyup.

I switched to Kookmin for a couple months, but they were adding in this strange routing fee and gouging me on the receiving end.
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schwa



Joined: 18 Jan 2003
Location: sokcho

PostPosted: Sat Apr 17, 2004 1:52 am    Post subject: Reply with quote

Its a bit confusing but let me get this straight -- youve got your panties in a major knot over 7000 won?
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phaedrus



Joined: 13 Nov 2003
Location: I'm comin' to get ya.

PostPosted: Sat Apr 17, 2004 2:05 am    Post subject: Reply with quote

schwa wrote:
Its a bit confusing but let me get this straight -- youve got your panties in a major knot over 7000 won?


That's 7000 won he could have and the banks shouldn't..........
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Homer
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PostPosted: Sat Apr 17, 2004 8:44 am    Post subject: Reply with quote

Simple: change banks (if you can).


Wire fees vary from bank to bank and you can always negociate.

Ask around.

Also quoting a 47% increase sounds impressive but really its just a 7000 won increase (about 6-8 bucks canadian)... Laughing
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helly



Joined: 01 Apr 2003
Location: WORLDWIDE

PostPosted: Sat Apr 17, 2004 12:24 pm    Post subject: Reply with quote

Sorry I can't remember the terms will but...

There are two points on the wiring fee, the sending fee and the receiving fee. I would always pay the sending fee and have the beneficiary pay the recieving end (it was me, after all, and my US bank charged less than my Korean bank.)

One time, however, the bank insisted that the sender should pay the receiving fee as well because "it is rude for you to ask the beneficiary to pay." After much convincing them that I was the beneficiary and didn't have a problem with it, they gave in.

This was always at the same bank.

Check to see which part of the fees that are being charged to you
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Walter Mitty



Joined: 27 Mar 2003
Location: Tokyo! ^.^

PostPosted: Sat Apr 17, 2004 3:36 pm    Post subject: Reply with quote

helly wrote:
Sorry I can't remember the terms will but...

There are two points on the wiring fee, the sending fee and the receiving fee. I would always pay the sending fee and have the beneficiary pay the recieving end (it was me, after all, and my US bank charged less than my Korean bank.)

One time, however, the bank insisted that the sender should pay the receiving fee as well because "it is rude for you to ask the beneficiary to pay." After much convincing them that I was the beneficiary and didn't have a problem with it, they gave in.

Actually, the receiving fee is kind of a scam on Shinhan's part. (My account is with them too.)

Instead of charging the fee to your home country account, they charge it at their US branch (assuming you're sending money to the US), then send the transfer, minus the deduction, on to your US account. This way, they collect both the sending and receiving fees themselves.

Of course, they won't tell you any of this. I only found it out when the amounts getting deposited into my account didn't match what I was sending. I'd thought BofA was charging the fees, but they weren't showing up on my statements. I had to call BofA's wiring section, and they gave me the number for Shinhan's US branch, who told me they were collecting the recipient's fee.

They take out $10 if the amount sent is less than $1000 and $20 if it's $1000 or more.
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rudyflyer



Joined: 26 Feb 2003
Location: pacing the cage

PostPosted: Sat Apr 17, 2004 4:04 pm    Post subject: Reply with quote

In Gwangju the fee was 10,000 won at Gwangju Bank. Since moving here to Seoul the fee jumped to 20,000 won at Woori Bank. Yeah I was kind of upset at first but the wiring process here is so much easier as they have all my bank, beneficary info stored on their computers. All I have to tell them is how much I want to wire. Now takes less than 10 minutes to do vs 30-45 in Gwangju. I'll pay for the convience plus it gets there the same day.

At the other end it has been $23 for the past 5 years. It seems they take $20 when in between here and there and my bank takes $3. Again I don't mind because I'll pay for convience to get things done fast and reliably. My free time is worth it plus I don't trust the Korean or US Postal service sending t/cs
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peemil



Joined: 09 Feb 2003
Location: Koowoompa

PostPosted: Sun Apr 18, 2004 12:07 am    Post subject: Reply with quote

I read your post as "Wifes fees fiasco." God I need an aspirin.
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Homer
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PostPosted: Sun Apr 18, 2004 3:39 am    Post subject: Reply with quote

I pay 11 000 won flat at my Korean bank for wires and 0$ at RBC.

Negociation....
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fruitcake



Joined: 18 Apr 2004
Location: shinchon

PostPosted: Mon Apr 19, 2004 10:40 pm    Post subject: try PC banking Reply with quote

I've been using Wooribank (우리은행), and when I sent money to the states in person, they charged me a 20,000 won fee. The fee for sending money via PC is 10,000 won. Naturally, you still get charged stateside ($15), but that's the lowest I could get the monthly fees (~$23).
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shawner88



Joined: 01 Feb 2003

PostPosted: Mon Apr 19, 2004 10:56 pm    Post subject: Reply with quote

The fee at my bank is 10,000 won cut and dry. No %. (Shin Han) My US bank chares $15 to accept it.
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spliff



Joined: 19 Jan 2004
Location: Khon Kaen, Thailand

PostPosted: Mon Apr 19, 2004 11:59 pm    Post subject: Reply with quote

I've found the KEB bank to be the best.
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phaedrus



Joined: 13 Nov 2003
Location: I'm comin' to get ya.

PostPosted: Tue Apr 20, 2004 1:17 am    Post subject: Reply with quote

Homer wrote:
I pay 11 000 won flat at my Korean bank for wires and 0$ at RBC.

Negociation....


Same deal I got. Is that Royal Bank Canada? They charge $10 for over $1000. I am sending from Nonghyup now at 11000 won. Kookmin had a weird in transit fee of $10 so I was getting gouged in transit even though I specified charge sender.
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Homer
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PostPosted: Tue Apr 20, 2004 1:26 am    Post subject: Reply with quote

phaedrus,

Yes RBC = Royal Bank of Canada.

I pay my 11 000 won here and nothing at RBC for receiving the money.

I negociated that with them 5 years ago. You do have leverage if you know how to use it.... Very Happy
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