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money
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Homer
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PostPosted: Thu Apr 10, 2003 2:56 am    Post subject: Reply with quote

Kate,

The won will fluctuate. Now if you want to send money home you are better off doing it on a monthly basis. If you wait too long you will have atoo large an amount to send later on...there is a limit on what you can wire you know... Laughing
As for savings to salary Korea is still one of the best deals around.
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kateinkorea



Joined: 18 Feb 2003
Location: Korea

PostPosted: Thu Apr 10, 2003 6:31 pm    Post subject: Re: .. Reply with quote

mike wrote:
hmm, as to whether the won will rise or fall. it's a bet.

are you a betting person?

if you can accurately predict the rise and fall of currencies, quit teaching and work in Foreign exchange - you can earn billions.

MiT


Well I sure as hell wouldn't bet without doing my homework first.
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kateinkorea



Joined: 18 Feb 2003
Location: Korea

PostPosted: Thu Apr 10, 2003 6:36 pm    Post subject: Reply with quote

Homer wrote:
Kate,

The won will fluctuate. Now if you want to send money home you are better off doing it on a monthly basis. If you wait too long you will have atoo large an amount to send later on...there is a limit on what you can wire you know... :lol:
As for savings to salary Korea is still one of the best deals around.


I read on a web site that if you have an account in Canada (for example) and have someone who you can trust with your money, you can avoid the cost of wiring money.

Apparently you send a copy of your interac card from your Korean account once you get it, and get someone to withdraw money in Canada from your Korean account, and then deposit the money, then Canadian funds, into your Canadian account. Does anybody know if that makes sense, and if it would work?
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Thu Apr 10, 2003 6:48 pm    Post subject: Reply with quote

Kate, I just posted this same advice on the sticky in this forum about money.

Yes, it does work. Also, you can use the card on vacation to get local currencies IF it is the right kind of card. Although there is some safety in travellers checks.

Regards,

G.
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kateinkorea



Joined: 18 Feb 2003
Location: Korea

PostPosted: Thu Apr 10, 2003 6:54 pm    Post subject: Reply with quote

gajackson1 wrote:
Kate, I just posted this same advice on the sticky in this forum about money.

Yes, it does work. Also, you can use the card on vacation to get local currencies IF it is the right kind of card. Although there is some safety in travellers checks.

Regards,

G.


Hey great and thanks G.
...good to know that actually works.

I will have to figure out this "sticky" thing and find your post as it probably explains the whole thing more.

By the way (ignore my question if this is answered in your post)...but does that mean you get a better rate to exchange your money that way than say...at the airport?
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The Great Wall of Whiner



Joined: 24 Jan 2003
Location: Middle Land

PostPosted: Thu Apr 10, 2003 10:08 pm    Post subject: Reply with quote

I always do my money at the airport. I know, perhaps there are better ways, but it is so much easier that way.

I do try to get Korean Won in Canada, but guess what? No banks have it!
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desultude



Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf

PostPosted: Sat Apr 12, 2003 9:22 pm    Post subject: Reply with quote

I had heard about using the ATM card routine, but I can't get an international card from my bank (Daegu bank). The card that they give has cirrus, etc. on the back, but no one yet has been able to use it in the States. I have to use that bank because of its relationship with the university I teach for (direct deposit of pay, etc). I was also told that we can have only one bank account in Korea.

Any suggestions?
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Sun Apr 13, 2003 8:50 pm    Post subject: Reply with quote

My school hooked me up an account with the Nonghyup bank. anyone else use them? If so, is it possible to get an international eftpos card?

I got presents when i opened my account! yay for me.
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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Sun Apr 13, 2003 10:22 pm    Post subject: Reply with quote

Blue Flower: I use Nonghyup as well. It's a farmer's bank, so there's not a lot you can do with it. Your ATM card won't even allow you to use it like a credit card.

I dunno if you can get an EFTPOS card...
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Mon Apr 14, 2003 8:05 pm    Post subject: Reply with quote

Isn't ATM and EFTPOS basically the same thing? Back home I had the same card for everything.

What about getting a credit card? Has anyone tried this? I guess if i have a visa card for here, it will work back home, though it would be more expensive.

Zyzyfer - did you get gifts too, when you opened your account?
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kateinkorea



Joined: 18 Feb 2003
Location: Korea

PostPosted: Sat Apr 19, 2003 3:40 pm    Post subject: Reply with quote

If I can take money out of my Korean account in Canada and deposit money into a Canadian account...why can't I just deposit money into my Canadian account using interbranch banking, from Korea. Wouldn't it then be in Canadian funds without having to go through all that process of having another person transfer the funds in Canada? Or is that when you would have to pay the money for wiring the funds...and if so...why would you?
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canukteacher



Joined: 21 Jan 2003
Location: Seoul, Korea

PostPosted: Tue Apr 22, 2003 11:24 pm    Post subject: Reply with quote

kateinkorea wrote:
If I can take money out of my Korean account in Canada and deposit money into a Canadian account...why can't I just deposit money into my Canadian account using interbranch banking, from Korea. Wouldn't it then be in Canadian funds without having to go through all that process of having another person transfer the funds in Canada? Or is that when you would have to pay the money for wiring the funds...and if so...why would you?


Wouldn't that be wonderful Very Happy But, unfortunately it does not seem to work that way. Make sure you bank card says international somewhere on the front. I have an international card from Kookmin, Korea Industrial. Both worked in Canada. My great Citibank (international card) did not.....grrrrrrrr

BTW.........you can have as many accounts as you want here, including a U.S. account if you want Wink
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Wed Apr 23, 2003 4:56 am    Post subject: Reply with quote

What about New Zealand? Have any Kiwis tried this form of money transferring?? Obviously if I am going to open another bank account I want to make sure that the card will work back in NZ.
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Wed Apr 23, 2003 5:33 am    Post subject: Reply with quote

BF, I haven't been to NZ yet (in person). But, if they have ATMs with Cirrus/Plus networking, thaen yes, it will work, during Korean banking hours.

Regards,

G.
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Blue Flower



Joined: 23 Feb 2003
Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place!

PostPosted: Wed Apr 23, 2003 5:34 am    Post subject: Reply with quote

thank you, thats great. i shall endeavor to get a new account open and running. Nic.
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