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TiGrBaLm
Joined: 28 Feb 2003
Location: Hubcap of Asia
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 Posted: Thu Mar 08, 2007 2:53 pm Post subject: Sending money home via Post Office |
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Earlier this week sent equiv. of 3000CDN home via the Post office
Turns out my bank (CIBC) took $60off, this plus the 30000 won is a loss of almost $100!!!!
Is there any better way to send money home, how are banks generally with this sort of thing?
Also do Post offices offer any sort of money order option? |
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Novernae
Joined: 02 Mar 2005
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| Posted: Thu Mar 08, 2007 6:18 pm Post subject: Re: Sending money home via Post Office |
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Hana Bank charged me 7,000 won to send 6 million, and Scotia Bank charged me nothing to receive. They are the Canadian receiving bank, so all international transfers go through them.
Why did you use the Post Office? |
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Dev
Joined: 18 Apr 2006
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| Posted: Thu Mar 08, 2007 6:25 pm Post subject: Re: Sending money home via Post Office |
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| Novernae wrote: |
Hana Bank charged me 7,000 won to send 6 million, and Scotia Bank charged me nothing to receive. They are the Canadian receiving bank, so all international transfers go through them.
Why did you use the Post Office? |
Are you sure that you paid just 7000 won for everything?
Usually the receiving bank in Canada / U.S.A. helps themselves to $10 ~ $20. KB Bank allows me to pay this fee up front, so I don't lose part of my remittance. |
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Novernae
Joined: 02 Mar 2005
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| Posted: Thu Mar 08, 2007 6:49 pm Post subject: Re: Sending money home via Post Office |
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| Dev wrote: |
| Novernae wrote: |
Hana Bank charged me 7,000 won to send 6 million, and Scotia Bank charged me nothing to receive. They are the Canadian receiving bank, so all international transfers go through them.
Why did you use the Post Office? |
Are you sure that you paid just 7000 won for everything?
Usually the receiving bank in Canada / U.S.A. helps themselves to $10 ~ $20. KB Bank allows me to pay this fee up front, so I don't lose part of my remittance. |
Yes, I'm sure.
Scotia Bank has never taken anything as it's the receiving bank for Canada. The rest of the banks have to get your money from them and charge for that. This is what I was told by my Credit Union at home when they told us to get an account at Scotia Bank and to never, under any circumstances, send money to the Credit Union because they take a 4% fee. $400 to receive $10,000 
I used Woori Bank last year and they charged 20-30,000 won to send it, but still no charge from Scotia. |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Thu Mar 08, 2007 7:00 pm Post subject: |
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I used Hana a week ago and they charged me 30,000 won. It used to be 20,000  |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Thu Mar 08, 2007 7:30 pm Post subject: |
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| ajgeddes wrote: |
| I used Hana a week ago and they charged me 30,000 won. It used to be 20,000 |
I am still paying W7,500 times two (w15,000) at the Hana branch I go to. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Mar 08, 2007 7:49 pm Post subject: |
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I usually just get a money order or cashiers check from the foreign exchange counter at a local bank.
I have gotten them from Shinhan, Woori, Hanna, KB*, and KEB.
They are tracable and replaceable if lost/stolen and available in almost any currency you can think of.
They typically cost about 5000 won.
There is no charge for depositing it in my bank in Canada, my account in the States or in my wife's account in her home country. My Canadian account does have a 6 day hold on the funds. |
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hanney
Joined: 19 Feb 2007
Location: korea
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| Posted: Thu Mar 08, 2007 8:50 pm Post subject: |
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| ttompatz wrote: |
I usually just get a money order or cashiers check from the foreign exchange counter at a local bank.
I have gotten them from Shinhan, Woori, Hanna, KB*, and KEB.
They are tracable and replaceable if lost/stolen and available in almost any currency you can think of.
They typically cost about 5000 won.
There is no charge for depositing it in my bank in Canada, my account in the States or in my wife's account in her home country. My Canadian account does have a 6 day hold on the funds. |
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i bought US$ 20,- ( 19.000 won )money order at KB bank yesterday. I was charge for 31.000 won in total. ..., yes they told me they charge 5000 won, but there is other charge 7000 won ( I am not sure what is that ).and I ask the teller if I wanna send 800.000 won to my home town bank, how much is the charge, she told me, the bank will charge 15.000 won.Western Union charge more , according to my Husband , the bank charge 65.000 won for sending US$ 1000... but the recipient/beneficiery will not have to pay anything at any bank. |
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TiGrBaLm
Joined: 28 Feb 2003
Location: Hubcap of Asia
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| Posted: Thu Mar 08, 2007 10:57 pm Post subject: |
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| ttompatz wrote: |
I usually just get a money order or cashiers check from the foreign exchange counter at a local bank.
I have gotten them from Shinhan, Woori, Hanna, KB*, and KEB.
They are tracable and replaceable if lost/stolen and available in almost any currency you can think of.
They typically cost about 5000 won.
There is no charge for depositing it in my bank in Canada, my account in the States or in my wife's account in her home country. My Canadian account does have a 6 day hold on the funds. |
that sounds like the best option for me, even if I have to make a trek over to the bigger city to do it. Can you elaborate further on that, as I can't really speak any korean.
Why did I use the PO? Well, they are the only joint in this shytehole of a village that will transfer money overseas |
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xox
Joined: 11 Jun 2006
Location: Bundang
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| Posted: Thu Mar 08, 2007 11:08 pm Post subject: Re: Sending money home via Post Office |
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| Novernae wrote: |
Scotia Bank has never taken anything as it's the receiving bank for Canada. The rest of the banks have to get your money from them and charge for that. This is what I was told by my Credit Union at home when they told us to get an account at Scotia Bank and to never, under any circumstances, send money to the Credit Union because they take a 4% fee. $400 to receive $10,000
I used Woori Bank last year and they charged 20-30,000 won to send it, but still no charge from Scotia. |
are you serious? I'm with KEB bank here but whenever I send money home I get charged 15,000 won plus Scotia Bank takes $10 as a fee.
how did you get Scotia Bank to not charge anything? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Mar 08, 2007 11:30 pm Post subject: |
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| TiGrBaLm wrote: |
| ttompatz wrote: |
I usually just get a money order or cashiers check from the foreign exchange counter at a local bank.
I have gotten them from Shinhan, Woori, Hanna, KB*, and KEB.
They are tracable and replaceable if lost/stolen and available in almost any currency you can think of.
They typically cost about 5000 won.
There is no charge for depositing it in my bank in Canada, my account in the States or in my wife's account in her home country. My Canadian account does have a 6 day hold on the funds. |
that sounds like the best option for me, even if I have to make a trek over to the bigger city to do it. Can you elaborate further on that, as I can't really speak any korean.
Why did I use the PO? Well, they are the only joint in this shytehole of a village that will transfer money overseas |
Go to any worri-bank with foreign exchange (take your passport as well).
If the teller does NOT speak English get her to dial the customer service number at: 1588-5000 and press 7 for English service.
Alternatively you can call them at 080-365-5000 or 02-2008-5000. Again, press 7 for English service or translation assistance in the branch. |
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Novernae
Joined: 02 Mar 2005
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| Posted: Fri Mar 09, 2007 6:43 am Post subject: Re: Sending money home via Post Office |
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| xox wrote: |
| Novernae wrote: |
Scotia Bank has never taken anything as it's the receiving bank for Canada. The rest of the banks have to get your money from them and charge for that. This is what I was told by my Credit Union at home when they told us to get an account at Scotia Bank and to never, under any circumstances, send money to the Credit Union because they take a 4% fee. $400 to receive $10,000
I used Woori Bank last year and they charged 20-30,000 won to send it, but still no charge from Scotia. |
are you serious? I'm with KEB bank here but whenever I send money home I get charged 15,000 won plus Scotia Bank takes $10 as a fee.
how did you get Scotia Bank to not charge anything? |
I have no idea. I maybe it's the type of account? |
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Sine qua non
Joined: 18 Feb 2007
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| Posted: Fri Mar 09, 2007 6:49 am Post subject: |
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| ttompatz wrote: |
I usually just get a money order or cashiers check from the foreign exchange counter at a local bank.
I have gotten them from Shinhan, Woori, Hanna, KB*, and KEB.
They are tracable and replaceable if lost/stolen and available in almost any currency you can think of.
They typically cost about 5000 won.
There is no charge for depositing it in my bank in Canada, my account in the States or in my wife's account in her home country. My Canadian account does have a 6 day hold on the funds. |
So how does the money get into your various accounts? Do you make the deposit in person?
Can the check be endorsed for deposit only and then mailed to the bank? |
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davai!
Joined: 04 Dec 2005
Location: Kuwait
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| Posted: Fri Mar 09, 2007 10:41 am Post subject: |
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| Sine qua non wrote: |
So how does the money get into your various accounts? Do you make the deposit in person?
Can the check be endorsed for deposit only and then mailed to the bank? |
exactly. Amex travellers checks work the same way. Less than a dollar for Korean Post airmail and usually about a week in transit (US) |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Mar 09, 2007 2:31 pm Post subject: |
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| Sine qua non wrote: |
| ttompatz wrote: |
I usually just get a money order or cashiers check from the foreign exchange counter at a local bank.
I have gotten them from Shinhan, Woori, Hanna, KB*, and KEB.
They are tracable and replaceable if lost/stolen and available in almost any currency you can think of.
They typically cost about 5000 won.
There is no charge for depositing it in my bank in Canada, my account in the States or in my wife's account in her home country. My Canadian account does have a 6 day hold on the funds. |
So how does the money get into your various accounts? Do you make the deposit in person?
Can the check be endorsed for deposit only and then mailed to the bank? |
Yes. Mark the check,
" for deposit only to the account of the payee, #xxx-yyyy-zzzz "
If you do not have a deposit slip you may want to include a note indicating something similar. |
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