Korean Job Discussion Forums

Omkara · Joined: 18 Feb 2006 Location: USA

Hey all,

I'm just looking for wisdom on sending money home. I've got my transfer # and all, but are there ways you minimize cost, maximize exchange rates, etc? Is it better to send it home rarely, monthly?

kat2 · Joined: 25 Oct 2005 Location: Busan, South Korea

Send it home rarely. B/c te banks here charge a fee to transfer and chances are your bank at home charges a fee to get a transfer, so it ads up if you do it every month.

Make sure you have:
1) your account number, routing number, and address of bank at home (should all be on your checks)
2) your passport

Its pretty easy, but the first time yo udo it, it can take a while. KEep the paper they give you and take it back with you each time to speed up the process. Usually the money shows up in about two working days at your bank at home.

aphong420 · Joined: 06 Feb 2007 Location: KOREAAAAAAH

The thing that's going to kill you is the rate of exchange. KB typically lists current exchange rates/and the rate to which they exchange. This is on top of a 15,000 won surcharge for the wire transfer.

The cost of transferring is not as expensive as everyone makes it sound.

ryanbonner · Joined: 23 Aug 2006 Location: Seoul

I wouldn't worry so much about shopping around for exchange rates, if you send money home through a wire transfer, youll get the best rates at the banks. While the fees aren't that much in the grand scheme of things, dishing out $50 everytime you send money home can add up. So I'd recommend sending money home once every 3-4 months unless your really need it at home for some reason, in which case, fire away. Don't forget to ask your bank at home for their swift code. Also, I did need to bring my passport to the bank when I sent home more than 1 million at KEB.

Chamchiman · Joined: 24 Apr 2006 Location: Digging the Grave

I've sent money home only when the exchange rate was favorable. The 15,000 won charge is nothing when you're sending home millions at a good rate.

By the way, you're American? Check out this link:

http://finance.yahoo.com/currency/convert?from=USD&to=KRW&amt=1&t=5y

As was mentioned by a previous poster, the cost of sending money home is not high, especially considering the trend of that graph which seems to be saying, "Send money home now. Lots. Now."

Horangi Munshin · Joined: 06 Apr 2003 Location: Busan

Some KEB reps were at my church last Sunday. I go to an English mass in Busan.

They handed out forms for an "Easy one remittance account". You set it up with the usual docs, then you can transfer money into that account and it automatically gets wired.

Anyone using this account already?

The wire fee is 15000, they say it's usually 18000. The max is $1000US per remittance and $20000US a year unless you provide your proof of income, then you can send all of that.