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Help! My bank in the states doesn't accept Korean Won.
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tumbleweed31



Joined: 30 Aug 2006
Location: Seattle, WA
PostPosted: Mon Apr 30, 2007 5:35 pm    Post subject: Help! My bank in the states doesn't accept Korean Won. Reply with quote
My Washington Mutual account doesn't take Korean won. I need to send money to my account, but don't know how. Has anyone else run into this problem? Any solutions? They said I needed to convert it to American Dollars here in Korea, then transfer it. Where can I do this and still get a good exchange rate?

Thanks
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Theda



Joined: 19 Apr 2006
Location: Australia
PostPosted: Mon Apr 30, 2007 5:50 pm    Post subject: Reply with quote
The last time I had to send money home I used KEB (Korea Exchange Bank), they can exchange your money and wire it to your account. They charge a commission of course, but I was told (by Korean friends) that their commission is lower and their exchange rate is better than other banks as they specialise in foreign exchange.
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Alyallen



Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
PostPosted: Mon Apr 30, 2007 5:51 pm    Post subject: Reply with quote
Theda wrote:
The last time I had to send money home I used KEB (Korea Exchange Bank), they can exchange your money and wire it to your account. They charge a commission of course, but I was told (by Korean friends) that their commission is lower and their exchange rate is better than other banks as they specialise in foreign exchange.


Ditto...

I thought that was pretty standard for sending money to the U.S. but I guess not....
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Dev



Joined: 18 Apr 2006
PostPosted: Mon Apr 30, 2007 6:00 pm    Post subject: Reply with quote
Every bank in Korea big or small exchanges Korean Won to US Dollars and has wire transfer services.

The next time you have a question about living in Korea, please have a look at the sticky threads on this site. They'll answer most of your questions.

Don't take this as a complaint against you. I too often forget to check the sticky threads. Very Happy
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The_Conservative



Joined: 15 Mar 2007
PostPosted: Mon Apr 30, 2007 6:07 pm    Post subject: Reply with quote
Dev wrote:
Every bank in Korea big or small (A) exchanges Korean Won to US Dollars and has (B) wire transfer services.

Very Happy



(A) Incorrect.

(B) Partially correct. Every bank in Korea has national wire transfer services. But some do NOT have international services.


I know this because I work in a rural school right beside a rural bank. The bank does NOT do international wire transfers and does NOT exchange Korean Won for U.S dollars.
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul
PostPosted: Mon Apr 30, 2007 6:16 pm    Post subject: Reply with quote
The_Conservative wrote:
Dev wrote:
Every bank in Korea big or small (A) exchanges Korean Won to US Dollars and has (B) wire transfer services.

Very Happy



(A) Incorrect.

(B) Partially correct. Every bank in Korea has national wire transfer services. But some do NOT have international services.


I know this because I work in a rural school right beside a rural bank. The bank does NOT do international wire transfers and does NOT exchange Korean Won for U.S dollars.


Then they have a parnership with a larger bank that does both A and B.
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kigolo1881



Joined: 30 Jul 2006
PostPosted: Mon Apr 30, 2007 7:10 pm    Post subject: Reply with quote
I wire home money every other month to my Wash. Mutual Account.

All i need to do is fill out the Int'l Money Transfer Form, put in my name, addy and ABA & Acct. Number and let the banker do his job.
A few minutes later he's done and within an hour or so I can see the balance in my WAMU online account without any problems.

I do bank at Kiupbank here.
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The_Conservative



Joined: 15 Mar 2007
PostPosted: Mon Apr 30, 2007 7:55 pm    Post subject: Reply with quote
Captain Corea wrote:
The_Conservative wrote:
Dev wrote:
Every bank in Korea big or small (A) exchanges Korean Won to US Dollars and has (B) wire transfer services.

Very Happy



(A) Incorrect.

(B) Partially correct. Every bank in Korea has national wire transfer services. But some do NOT have international services.


I know this because I work in a rural school right beside a rural bank. The bank does NOT do international wire transfers and does NOT exchange Korean Won for U.S dollars.


Then they have a parnership with a larger bank that does both A and B.


That may be true, but when I tried to do a international wire transfer or exchange my U.S. dollars I was told I couldn't do it at that bank and nothing about partnership. I had to go into town and find a bank that did it.

Anyway I was just pointing out that not EVERY bank does offer those services as Mr. Dev was claiming.
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SPINOZA



Joined: 10 Jun 2005
Location: $eoul
PostPosted: Mon Apr 30, 2007 7:59 pm    Post subject: Reply with quote
I'm gonna open a USD account in Britain. The bank in question won't have KRW sent into it I don't think and I too will either (a) wire USD to the UK via my KB account or (b) use the KEB service mentioned previously.
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pest2



Joined: 01 Jun 2005
Location: Vancouver, Canada
PostPosted: Mon Apr 30, 2007 8:23 pm    Post subject: Reply with quote
The_Conservative wrote:
Captain Corea wrote:
The_Conservative wrote:
Dev wrote:
Every bank in Korea big or small (A) exchanges Korean Won to US Dollars and has (B) wire transfer services.

Very Happy



(A) Incorrect.

(B) Partially correct. Every bank in Korea has national wire transfer services. But some do NOT have international services.


I know this because I work in a rural school right beside a rural bank. The bank does NOT do international wire transfers and does NOT exchange Korean Won for U.S dollars.


Then they have a parnership with a larger bank that does both A and B.


That may be true, but when I tried to do a international wire transfer or exchange my U.S. dollars I was told I couldn't do it at that bank and nothing about partnership. I had to go into town and find a bank that did it.

Anyway I was just pointing out that not EVERY bank does offer those services as Mr. Dev was claiming.


I have to agree with conservative dude on this one. Where im at in Korea, only 1 bank out of 4 in town will transfer money and change currency. No partnerships, nothin in the 3 that wont. Flat out, "no".
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