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Darkness
Joined: 12 Oct 2006
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 Posted: Mon Dec 18, 2006 5:30 am Post subject: Wiring Money - What Info is Needed to Send Money? |
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What do I need to know in order to send someone back home money? Just their name, or do I need bank info?
Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Dec 18, 2006 5:44 am Post subject: Re: Wiring Money - What Info is Needed to Send Money? |
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| Darkness wrote: |
What do I need to know in order to send someone back home money? Just their name, or do I need bank info?
Thanks |
Depends on how you are doing it.
If you are using Western Union from a KB* all you will need is the name and country of the receiver (same name as their ID).
If you are doing a bank wire you will need the same type of information as when you send money home to your own account.
Additionally you will need your passport, ARC and possibly your contract (depending on how ANAL the bank clerk is) when you do it. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Mon Dec 18, 2006 5:48 am Post subject: |
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Well my boss is coming with me to open my bank account, then I need to send money home to someone to pay bills. This is the first time EVER I've sent any kind of money over seas, that wasnt a money order.
SO I have NO IDEA what I'm doing......
So basically it will go from the bank in korea to the person in Canada. So still just need their name? Or I need all their info? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Dec 18, 2006 5:51 am Post subject: |
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| Darkness wrote: |
Well my boss is coming with me to open my bank account, then I need to send money home to someone to pay bills. This is the first time EVER I've sent any kind of money over seas, that wasnt a money order.
SO I have NO IDEA what I'm doing......
So basically it will go from the bank in korea to the person in Canada. So still just need their name? Or I need all their info? |
All the banking info, name, account number, bank, branch, swift number. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Mon Dec 18, 2006 5:53 am Post subject: |
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swift number is that like a transit number?
I'm from Canada....
I guess it must be. Ok thanks man!! |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Mon Dec 18, 2006 5:58 am Post subject: |
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SWIFT number or IBAN
There is a SWIFT database online you can search for your bank |
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Darkness
Joined: 12 Oct 2006
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| Posted: Mon Dec 18, 2006 5:59 am Post subject: |
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| SWIFT number or IBAN.....hmm...never heard of it. |
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sock
Joined: 07 Oct 2006
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| Posted: Mon Dec 18, 2006 6:28 am Post subject: |
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When you write a check (from a checking account, of course) there are two series of numbers at the bottom, one is your account number. The other is the bank's number, which is called a SWIFT number, routing number, IBAN number, etc. US & Canadian banks' numbers are all nine digits long, don't know about the rest of the world.
When I sent money, they also wanted the address of the branch, my friend's address, the reason I was sending money, and other seemingly unnecessary pieces of information. |
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Novernae
Joined: 02 Mar 2005
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| Posted: Mon Dec 18, 2006 7:18 am Post subject: |
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| And bring proof of income from your school. It's just a piece of paper (probably sealed or stamped) stating how much you have earned that allows you to send that much home. |
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B-Teacher
Joined: 09 Nov 2006
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| Posted: Mon Dec 18, 2006 4:36 pm Post subject: |
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I bank at the Shinhan bank and I've sent money back to Canada a couple times (TD). All I've ever been asked to bring are:
- Canadian bank number (account#, branch# and transit#)
- passport
- Canadian bank address
I've heard some Korean branch clerks make you jump through a few hoops, but never experienced it. Also, when you fill out your form, keep the copy they give you and bring it back the next time... it will save time rather than fill out everything again. |
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Unreal
Joined: 01 Jul 2004
Location: Jeollabuk-do
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| Posted: Mon Dec 18, 2006 5:13 pm Post subject: |
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The last time I wired money home they wanted to know why I was sending it. I told the clerk it was to pay off loans. She had to go talk to the bank manager (I guessed it was to ask if that was an acceptable reason) but I had no other difficulties after that.
I know a Korean family who has been trying to wire money to a school in Canada and the bank refused to even attempt to transfer the money without confirmation of her son's acceptance to the school. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Mon Dec 18, 2006 7:13 pm Post subject: |
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| everything went fine, only cost me W21,000 to send money home! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Dec 18, 2006 7:19 pm Post subject: |
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| Darkness wrote: |
| everything went fine, only cost me W21,000 to send money home! |
The receiving bank will also charge a fee. Hope you sent extra. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Mon Dec 18, 2006 7:21 pm Post subject: |
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| oh really....*beep* |
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Sody
Joined: 14 May 2006
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| Posted: Mon Dec 18, 2006 11:16 pm Post subject: |
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| Novernae wrote: |
| And bring proof of income from your school. It's just a piece of paper (probably sealed or stamped) stating how much you have earned that allows you to send that much home. |
I think this is a really important point that is often overlooked. I wanted to re-emphasize this point because I too had to get a piece of paper that stated my income. Why do they do this? I have no idea, I never had to do this in all the other countries I have lived in, but I get the feeling that Korea has a lot of corruption so they want to try and stop all the illegal activities and this is one manner of doing so. You may not need it but to save time and frustration it is best to ask your school for this document before you even go to the bank.
Sody |
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