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Sending money home...Need advice
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nosmallplans



Joined: 10 Oct 2008
Location: noksapyeong

PostPosted: Wed Nov 19, 2008 2:37 pm    Post subject: Reply with quote

does anyone know if paypal is a reasonable middleman to branch my nonghyop account and my chase account back home? i vaguely remember someone saying i could get pretty reasonable rates.
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quietpatches



Joined: 12 Feb 2009

PostPosted: Tue Feb 17, 2009 11:30 am    Post subject: Reply with quote

I heard that you can do transferrs from banks and that although there is a fee, it is easier and faster to send money home and receive it. Does any one know about this?
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Annesa



Joined: 16 Feb 2009
Location: Uijeongbu, Korea

PostPosted: Wed Feb 25, 2009 7:39 pm    Post subject: Wiring Money Home and Bank Account Reply with quote

Hey guys, Sorry foy bringing this up again but I arrived a couple of weeks ago and am just trying to organise my financial affairs! I have debt at home that needs to be paid on a montly basis so I need to have the money in my account at home as fast as possble. I have not opened a bank account yet so can anyone recommend one? I like the idea of getting 2 international debit cards and sending one home but where can you do this? Also with the travellers checks do they not need to be signed by you in front of the cashier? I thought this was how they worked?!! I am from Ireland by the way!!
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oldtactics



Joined: 18 Oct 2008

PostPosted: Sun Mar 15, 2009 8:47 pm    Post subject: Reply with quote

Not sure if you're still looking for help, but if you have your bank info from home, you can use KEB and open a direct transfer account in addition to your normal account. I transfer the money to the account online and then it automatically sends the money to my home bank.

Easy process and all the employees at my branch understood when I said "foreign remittance". You'll need your ARC + bank info with address + home address. Give KEB a call if you have any questions, they have an expat helpline for english speakers.

Good luck!
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Annesa



Joined: 16 Feb 2009
Location: Uijeongbu, Korea

PostPosted: Sun Mar 15, 2009 9:36 pm    Post subject: Reply with quote

Hey thats great, thanks a million for that. Just waiting for my alien reg card and passport to be returned and will do that. Just wondering do you know how much they charge for sending money home? I read on the website that its 30%, that cant be right can it?!
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oldtactics



Joined: 18 Oct 2008

PostPosted: Sun Mar 15, 2009 9:56 pm    Post subject: Reply with quote

I can't recall off the top of my head but I'm pretty sure it's 8,000 won per transfer, and then your bank at home might charge a receiving fee, but the whole process shouldn't cost more than about 15,000w altogether.

The 30% on the website (if I remember correctly) refers to the fact that online transfers have a 30% cheaper remittance rate than in person.
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tonyvu



Joined: 30 May 2008
Location: busan - a view of dadaepo beach from my office window

PostPosted: Wed Nov 04, 2009 5:45 am    Post subject: Reply with quote

I've also wired money back home using keb's online banking service. it was 8000krw fee from keb to send it to my home bank in the states, wells fargo. wells fargo, in turn, charged me $10 to receive the transfer. keb will tell you the amount you'll be getting before you complete the transaction. In this case, it was $748.

I also want to add one more thing: When i checked my wells fargo bank account online, it was $20 less ($728) than the amount stated above. This wasn't including the $10 reception fee and 8000krw fee from wells fargo and keb, respectively. rather, it was the intermediary bank fee (KEB USA INTERNATIONAL CORP. was the name of the bank) that took out the $20.

In total, it was about $37 to wire my money back home using keb...
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dkteachlife



Joined: 24 Dec 2010

PostPosted: Sun Feb 20, 2011 10:55 pm    Post subject: AMEX checks to the US Reply with quote

Banking
sounds like the way to avoid fees of any kind are to get a AMEX card and get fee free AMEX checks then mail them to your parents to deposit in your account for you.

Is there anything flawed in this method? other than mail tampering which I am willing to take the risk.

DK
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jamasian



Joined: 01 May 2011

PostPosted: Tue Nov 15, 2011 12:15 am    Post subject: Internet Banking Reply with quote

Is there a way I can just set up a "bill pay" to my American account?
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Nov 15, 2011 12:38 am    Post subject: Re: Internet Banking Reply with quote

jamasian wrote:
Is there a way I can just set up a "bill pay" to my American account?


no.

.
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hamesworth



Joined: 13 Sep 2011
Location: TN, USA

PostPosted: Tue Dec 27, 2011 11:30 pm    Post subject: Re: AMEX checks to the US Reply with quote

dkteachlife wrote:
Banking
sounds like the way to avoid fees of any kind are to get a AMEX card and get fee free AMEX checks then mail them to your parents to deposit in your account for you.

Is there anything flawed in this method? other than mail tampering which I am willing to take the risk.

DK


So how does this work exactly? Do you connect your Amex card and checks to your Korean bank account??
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Dec 27, 2011 11:44 pm    Post subject: Re: AMEX checks to the US Reply with quote

hamesworth wrote:
dkteachlife wrote:
Banking
sounds like the way to avoid fees of any kind are to get a AMEX card and get fee free AMEX checks then mail them to your parents to deposit in your account for you.

Is there anything flawed in this method? other than mail tampering which I am willing to take the risk.

DK


So how does this work exactly? Do you connect your Amex card and checks to your Korean bank account??


If you have an AMEX card you can get free (no fee) AMEX travelers checks.

Make them payable to yourself and mail them home for deposit to your account.

The only drawback is the time delay (7-15 days from placing them in the mail here to credit in your account there).

.
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hamesworth



Joined: 13 Sep 2011
Location: TN, USA

PostPosted: Tue Dec 27, 2011 11:50 pm    Post subject: Reply with quote

Right, but how are the checks connected with your Korean money?
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Dec 28, 2011 12:08 am    Post subject: Reply with quote

hamesworth wrote:
Right, but how are the checks connected with your Korean money?


I assume you haven't actually made it to Korea yet.

They are not. Why would they be? There are no checking accounts in Korea.

You walk into a Korean bank or AMEX office, buy the AMEX T/Cs denominated in USD fee free (perk of being an AMEX card holder) with your Korean won. You pay the foreign remittance rate of exchange rather than the cash rate (better for you).

Mail them home for deposit. Easy, peasy, lemon squeezy.

.
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hamesworth



Joined: 13 Sep 2011
Location: TN, USA

PostPosted: Wed Dec 28, 2011 10:44 pm    Post subject: Reply with quote

So I know I've been asking a lot of questions, but I just called Amex and they said that none of their cards offer free Traveler's Cheques. Do you speak from experience, if so which card do you have if you don't mind me asking.
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