Korean Job Discussion Forums

[alphalfa]

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

[prairieboy]

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.

[Mr. Pink]

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?

[Patong Dong]

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.


edited by Mod Team

[Wangja]

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"


edited by Mod Team

[Patong Dong]

Great, thanks Wangja.