Korean Job Discussion Forums

[Dev]

I've used KB (Kookmin) Bank with mixed results. They get the job done, but you have to sit there and wait for 45 minutes. Plus you need to show a red stamped salary statement from your school and present your passport.

KEB Bank specializes in foreign exchange and are said to give the best exchange rates. However, how fast are they? Do you sit there for 45 minutes and get the 3rd degree interrogation about your salary, where you work and your passport?

[spliff]

You can hook it up so you can wire money through your KEB ATM card. Just give them your recieving bank info and you can send 24/7...I believe the charge is less than 10,000 per wire as well.

[Dev]

[R-Seoul]

I'm at KB Bank and online is by far the cheapest method, you'll need to get a Korean friend to help you as it's not offered in the English section.

[rothkowitz]

Generally haphazard at Kookmin

I've tried at a couple and they either take an awfully long time to do it as it's new to them(how?I wonder)or as happened on one occasion they started to try to sort it out,then just gave up!!and left me sitting there until I asked them if they were actually doing it or not.

If it's new to them,ok,I can understand but at least phone someone at a main branch and ask them how to do it.

KEB is probably better in terms of having english speaking staff and having some idea or willingness of how to go about it.

[Nina]

No problems for me. Ive had sweet service and the tellers all speak enough English. Most Ive had to wait is for the queue to clear and then 5 mins for the paper work. Ive needed only my passport to get it done.

[spliff]

[Col.Brandon]

I just signed up for the internet sevice. I haven't tried to do any transfers yet, though.

[Len8]

KEB bank is good for wiring money. If you use the same bank the tellers get to know you and rush your stuff through in about 5 minutes.

I got miffed last time I tried to wire money though, because they had a new dumbass girl on who wanted to do everything by the book. I could see that the other tellers were irritated at her. Anyway she wouldn't let me wire money at first. I had already given her my cash, so I hurriedly asked for it back. I start to yell at her and everyone else there, so she brings out a statement that says we foreigeners can't wire more than $10,000 for the time we are in Korea. Nothing about a visa in the statement just the fact that we can't wire money for the time we are in korea.

All theo other tellers wire my money which is in excess of that amount, no problem. Unfortunately, because of her they had to refuse to help me too.

In the middle of my swearing at her I pointed out that I had just come back from overseas and that according to the statement she showed me I could start another staying period in Korea, and could then wire another $10,000 . She said "Oh" and promptly wired my money.

[newintown]

how viable is sending a money order home?
i am with kookmin, just joined, sounds like i drew the short straw.

[MANDRL]

I bank with Shinhan Bank, and they have been great so far. I worked with a semi English speaking teller and wired my money no problem at all. The best part was I went to the bank on Thursday and it was in BofA account back home by Friday in the States. That was my first time wiring cash so maybe I got lucky it went through so fast, but I was quite pleased.

[sock]

Quote:

I bank with Shinhan Bank, and they have been great so far.

Yeah, they do seem great ... until you realize how much they are ripping you off. Their exchange rate is usually one of the highest, and I say that because when I wanted to wire money home, I would check out at least three other bank rates before going to Shinhan. Shinhan NEVER had the best rate.

Then you have the fees that they charge: 18K for any amount up to 1 mil won, and 30K for any amount over 1 mil. Many Korean banks will charge less than 18K, regardless of how much you transfer.

I've never found a Korean bank that charges me more at every opportunity than Shinhan. I'm also not impressed with their "service." While the English ability was fine, they wouldn't give me a debit card with a visa logo (but they gave one to another foreign teacher I know), and every time I wanted to do something with MY MONEY I had to raise hell to get it done. I wired money to both my account in the US and to my sister's account. After that, every time, no matter how much I pointed out that I wanted to have money wired to MY account and NOT my sister's, they still botched up the transactions, and had to cancel them and do them again. AND they tried to charge me a "cancellation" fee for THEIR mistake. Remember, this is each and every time I tried to wire money. Not just once.

I don't mind stirring up a bit of drama now and then, but it was just too much effort. When I told them I wasn't happy and wanted to close my account and withdraw all of MY MONEY, they tried to charge me a fee to do that. Ha! Nice try, Shinhan. Way to jump on the Korean bandwagon of ripping off the foreigner every chance you get.

There are better banks out there. Hell, keeping your money at school in a cardboard box is a better idea than giving it to Shinhan. Unless you like being taken advantage of by your bank.


PS Yeah, you were lucky. Sometimes it only takes a day, sometimes it takes longer. One time it took almost two weeks. I went in and asked about the holdup. Their response? Well, we sent it so there's nothing we can do. Basically if I never saw any of that money again, it's my problem, not theirs. I asked them to check their computer records again, and guess what? Seems someone hadn't actually sent my money after all. The transaction had only been half-completed. Thanks, Shinhan.

[yashi]

KEB 10,000 won per transfer - not bad.
Just remember that any exchange rate is negotiable. Most of the time if you just accept the board rate at any bank that you you will be paying 15-20 won per 1 US$. For example, you send $1,000 a month home at 15 basis points (15 won per dollar). That is 180,000 won. I just opened an account with KEB and negotiated 3 basis points which is 36,000 won for $12,000. Everybody, just check the FX rate online before you walk into a bank, and without a fuss, let them know your head is on straight. You'll get at least 5 won better than what the board says.

[MANDRL]

[Universalis]

I used to wire money from KEP every other month and never had any problems with them. I would just bring in the paperwork from my previous transaction with all the info they needed and they would do their thing. It rarely took a long time...


Brian