| View previous topic :: View next topic |
| Author |
Message |
Gemfinder
Joined: 15 Feb 2007
|
 Posted: Sat Apr 07, 2007 7:41 pm Post subject: $$$ Questions |
 |
|
People can't get debit cards? Or send money home? I hope somebody will clarify these issues for me.
1. How are you paying your students loans or other bills back home? International Bank drafts? Are you having any trouble with those transactions (being discriminated against)?
2. Has your Korean bank given you a MasterCard/Visa?
3. Is anyone using an American-based bank? Citibank, Bank of America, etc.? Are they giving out debit cards?
4. What is the Western Union limit for sending/receiving money.
Any related comments would help too. I plan on paying for student loans from Korea. From some of the recent posts it looks like I need to do last minute financial plan revisions. |
|
| Back to top |
|
 |
davai!
Joined: 04 Dec 2005
Location: Kuwait
|
| Posted: Sat Apr 07, 2007 7:49 pm Post subject: |
|
|
Send Amex travellers checks to your bank back home.
Good:
perfectly safe (make them out to yourself, then endorse them as any other deposit)
cheap (only a few won per dollar fee)
reliable
Bad:
takes about a week in transit (use Korean air mail)
counts toward the $10K - and they will stamp your passport
Then...
set up direct payment service thru your bank and dispatch checks online.
Why anyone does anything else is beyond me  |
|
| Back to top |
|
|
Gemfinder
Joined: 15 Feb 2007
|
| Posted: Sat Apr 07, 2007 7:53 pm Post subject: |
|
|
I see.
Does anyone with a Bank of America account back home use the Bank of America in Seoul? |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sat Apr 07, 2007 8:00 pm Post subject: Re: $$$ Questions |
|
|
| Gemfinder wrote: |
People can't get debit cards? Or send money home? I hope somebody will clarify these issues for me.
1. How are you paying your students loans or other bills back home? International Bank drafts? Are you having any trouble with those transactions (being discriminated against)?
2. Has your Korean bank given you a MasterCard/Visa?
3. Is anyone using an American-based bank? Citibank, Bank of America, etc.? Are they giving out debit cards?
4. What is the Western Union limit for sending/receiving money.
Any related comments would help too. I plan on paying for student loans from Korea. From some of the recent posts it looks like I need to do last minute financial plan revisions. |
You can get debit cards that work in Korea.
Depending on where you work you can get a credit card (visa, M/C).
If you work at a uni or public school it is a regular credit card.
If you work at a hakwon you can only get a secured credit card,
No Korean branch of an international bank is any different from a Korean bank in regards to credit/debit cards.
You can send money home by bank wire, money order, international bank draft and a few more creative ways. Costs are variable.
In my specific case, I have 2 credit cards.
One from Woori bank that is secured by a term deposit. There is no annual fee. The deposit earns a shade over 5% interest.
My second card is from Samsung and is UNSECURED.
I have 2 ATM cards issued by korean banks. One can be used internationally, the other is for domestic use only. New accounts can only get a domestic use ATM card.
I have sent money out of the country by Western Union, bank wire, money order and international bank draft. Money orders were the cheapest way ($5). Western Union (fee=~22%) and bank wires (combined fees of about $40 on a wire of about $1000) are the most expensive but also the fastest.
I hope that cleared some stuff up for you.
. |
|
| Back to top |
|
|
butlerian
Joined: 04 Sep 2006
Location: Korea
|
| Posted: Sat Apr 07, 2007 8:03 pm Post subject: Re: $$$ Questions |
|
|
| ttompatz wrote: |
| Gemfinder wrote: |
People can't get debit cards? Or send money home? I hope somebody will clarify these issues for me.
1. How are you paying your students loans or other bills back home? International Bank drafts? Are you having any trouble with those transactions (being discriminated against)?
2. Has your Korean bank given you a MasterCard/Visa?
3. Is anyone using an American-based bank? Citibank, Bank of America, etc.? Are they giving out debit cards?
4. What is the Western Union limit for sending/receiving money.
Any related comments would help too. I plan on paying for student loans from Korea. From some of the recent posts it looks like I need to do last minute financial plan revisions. |
You can get debit cards that work in Korea.
Depending on where you work you can get a credit card (visa, M/C).
If you work at a uni or public school it is a regular credit card.
If you work at a hakwon you can only get a secured credit card,
No Korean branch of an international bank is any different from a Korean bank in regards to credit/debit cards.
You can send money home by bank wire, money order, international bank draft and a few more creative ways. Costs are variable.
In my specific case, I have 2 credit cards.
One from Woori bank that is secured by a term deposit. There is no annual fee. The deposit earns a shade over 5% interest.
My second card is from Samsung and is UNSECURED.
I have 2 ATM cards issued by korean banks. One can be used internationally, the other is for domestic use only. New accounts can only get a domestic use ATM card.
I have sent money out of the country by Western Union, bank wire, money order and international bank draft. Money orders were the cheapest way ($5). Western Union (fee=~22%) and bank wires (combined fees of about $40 on a wire of about $1000) are the most expensive but also the fastest.
I hope that cleared some stuff up for you.
. |
Thanks ttompatz. Two questions:
1. How can I get an unsecured Samsung credit card? (I work for a public school)
2. How can I make a money order fom Korea to the UK? |
|
| Back to top |
|
|
huck
Joined: 19 Jan 2003
|
| Posted: Sat Apr 07, 2007 8:31 pm Post subject: |
|
|
| I don't think the Bank of America in Seoul is a branch that we can use. I tried when I came last summer because I have an account w/them back home, but the only one that we'd be allowed to use is the one on the army base. |
|
| Back to top |
|
|
MANDRL
Joined: 13 Oct 2006
Location: South Korea
|
| Posted: Sat Apr 07, 2007 10:04 pm Post subject: |
|
|
| I sent you a PM. |
|
| Back to top |
|
|
n3ptne
Joined: 14 Sep 2005
Location: Poh*A*ng City
|
| Posted: Sat Apr 07, 2007 11:27 pm Post subject: |
|
|
I just go into my bank, tell them how much to send to my US account, and they transfer it.. don't put anything in my passport.
As for the cash I make on the side? Save it up in cash until I don't feel comfortable having in my apartment, transfer it to a hard currency at my bank (nothing in the passport), then pop over to Hong Kong, deposit it, and then either wire it back into Korea or to any country. |
|
| Back to top |
|
|
willneverteachagain
Joined: 17 Dec 2006
|
| Posted: Sat Apr 07, 2007 11:35 pm Post subject: |
|
|
UNLESS U WANT TO GROSSLY OVERPAY, DONT USE WU
WHEN U GET A BANK ACCOUNT, GO TO THEM ON PAYDAY OR WHATEVER DAY U WANT, GIVE THEM UR ACCOUNT, BANK NAME BACK HOME AND THEY'LL TRASFER THE MONEY. IT TAKES A FEW DAYS TO GET THERE.
B4 U OPEN AN ACCOUNT, CALL UR BANK BACK HOME AND ASK THEM WHO THEIR SISTER BANK IS IN KOREA. IF YOU DONT, YOU'LL BE PAYING MORE AS A 3RD BANK BACK HOME WILL CHARGE YOU AT LEAST $10 PER TRASACTION OR MORE TO "SEND" THE MONEY TO YOUR BANK |
|
| Back to top |
|
|
ella
Joined: 17 Apr 2006
|
| Posted: Sat Apr 07, 2007 11:45 pm Post subject: |
|
|
| How much does it cost you to "pop over" to HK? |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sun Apr 08, 2007 12:07 am Post subject: Re: $$$ Questions |
|
|
| butlerian wrote: |
Thanks ttompatz. Two questions:
1. How can I get an unsecured Samsung credit card? (I work for a public school)
2. How can I make a money order fom Korea to the UK? |
I just poped over to the credit card booth in the Samsung store and applied.
There are booths at HomePlus, Samsung department stores and Samsung Plaza.
I have been told that you can call them and they will send someone out to your school and do it that way as well.
lots of info in here:
http://www.eslcafe.com/forums/korea/viewtopic.php?t=81826
In reference to the money order question, I just pop into the closest bank with a foreign exchange desk and ask for it. You do need to show your passport but it is virtually hassle free, cheap and easy.
I have gotten them from KB*, KEB, Woori, and Shinhan.
. |
|
| Back to top |
|
|
butlerian
Joined: 04 Sep 2006
Location: Korea
|
| Posted: Sun Apr 08, 2007 12:23 am Post subject: Re: $$$ Questions |
|
|
| ttompatz wrote: |
| butlerian wrote: |
Thanks ttompatz. Two questions:
1. How can I get an unsecured Samsung credit card? (I work for a public school)
2. How can I make a money order fom Korea to the UK? |
I just poped over to the credit card booth in the Samsung store and applied.
There are booths at HomePlus, Samsung department stores and Samsung Plaza.
I have been told that you can call them and they will send someone out to your school and do it that way as well.
lots of info in here:
http://www.eslcafe.com/forums/korea/viewtopic.php?t=81826
In reference to the money order question, I just pop into the closest bank with a foreign exchange desk and ask for it. You do need to show your passport but it is virtually hassle free, cheap and easy.
I have gotten them from KB*, KEB, Woori, and Shinhan.
. |
Thanks for that.
Has anyone used a money order to send money back to the UK? |
|
| Back to top |
|
|
Novernae
Joined: 02 Mar 2005
|
| Posted: Sun Apr 08, 2007 6:26 am Post subject: Re: $$$ Questions |
|
|
| ttompatz wrote: |
| I have sent money out of the country by Western Union, bank wire, money order and international bank draft. Money orders were the cheapest way ($5). Western Union (fee=~22%) and bank wires (combined fees of about $40 on a wire of about $1000) are the most expensive but also the fastest. |
Check with your bank here and your bank at home as the fees vary. It only cost me 7,000 won (total) to transfer 6 million home through Hana Bank to Scotiabank. Some banks at home will charge a receiving fee. Some banks here charge a percentage (better for small amounts), and others charge a flat rate (better for large amounts). |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
