| View previous topic :: View next topic |
| Author |
Message |
tumbleweed31
Joined: 30 Aug 2006
Location: Seattle, WA
|
 Posted: Mon Apr 30, 2007 5:35 pm Post subject: Help! My bank in the states doesn't accept Korean Won. |
 |
|
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 |
|
| Back to top |
|
 |
Theda
Joined: 19 Apr 2006
Location: Australia
|
| Posted: Mon Apr 30, 2007 5:50 pm Post subject: |
|
|
| 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. |
|
| Back to top |
|
|
Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
|
| Posted: Mon Apr 30, 2007 5:51 pm Post subject: |
|
|
| 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.... |
|
| Back to top |
|
|
Dev
Joined: 18 Apr 2006
|
| Posted: Mon Apr 30, 2007 6:00 pm Post subject: |
|
|
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.  |
|
| Back to top |
|
|
The_Conservative
Joined: 15 Mar 2007
|
| Posted: Mon Apr 30, 2007 6:07 pm Post subject: |
|
|
| Dev wrote: |
Every bank in Korea big or small (A) exchanges Korean Won to US Dollars and has (B) wire transfer services.
|
(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. |
|
| Back to top |
|
|
Captain Corea
Joined: 28 Feb 2005
Location: Seoul
|
| Posted: Mon Apr 30, 2007 6:16 pm Post subject: |
|
|
| 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.
|
(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. |
|
| Back to top |
|
|
kigolo1881
Joined: 30 Jul 2006
|
| Posted: Mon Apr 30, 2007 7:10 pm Post subject: |
|
|
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. |
|
| Back to top |
|
|
The_Conservative
Joined: 15 Mar 2007
|
| Posted: Mon Apr 30, 2007 7:55 pm Post subject: |
|
|
| 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.
|
(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. |
|
| Back to top |
|
|
SPINOZA
Joined: 10 Jun 2005
Location: $eoul
|
| Posted: Mon Apr 30, 2007 7:59 pm Post subject: |
|
|
| 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. |
|
| Back to top |
|
|
pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
|
| Posted: Mon Apr 30, 2007 8:23 pm Post subject: |
|
|
| 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.
|
(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". |
|
| Back to top |
|
|
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Mon Apr 30, 2007 9:01 pm Post subject: |
|
|
I need to do it this week to Thailand which should be fun.
Do the banks here use SWIFT or IBAN numbers? Thai banks are still using SWIFT whereas the EU has moved solely to IBAN.
Not sure what the US uses.
Anybody us Nonghyup? |
|
| Back to top |
|
|
spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
|
| Posted: Mon Apr 30, 2007 9:07 pm Post subject: |
|
|
| I wire us dollars to Thailand through ATM here in Korea. |
|
| Back to top |
|
|
ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
|
| Posted: Mon Apr 30, 2007 9:09 pm Post subject: |
|
|
| mrsquirrel wrote: |
I need to do it this week to Thailand which should be fun.
Do the banks here use SWIFT or IBAN numbers? Thai banks are still using SWIFT whereas the EU has moved solely to IBAN.
Not sure what the US uses.
Anybody us Nonghyup? |
There is also the option of sending it Western Union, then you don't need a swift or IBAN number.
It appears that Kookmin and the Industrial Bank of Korea offer this service in most major Korean cities.
Check our their website:
http://www.westernunion.com/info/homePage.asp?country=KR&origination=global
ilovebdt |
|
| Back to top |
|
|
caniff
Joined: 03 Feb 2004
Location: All over the map
|
| Posted: Mon Apr 30, 2007 9:15 pm Post subject: |
|
|
| spliff wrote: |
| I wire us dollars to Thailand through ATM here in Korea. |
Paying the family for your bride? |
|
| Back to top |
|
|
spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
|
| Posted: Mon Apr 30, 2007 9:19 pm Post subject: |
|
|
| ^errr, no, if it's any of your bizzness, troll. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
