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HighTreason
Joined: 15 Jun 2007
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 Posted: Thu Jun 21, 2007 8:07 am Post subject: Banking - getting money from Korea to a United States Bank |
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Ok, here's the big question I have to know the answer to. once I get there, how do I get money into my bank? I am going under the (probably safe) assumption that Korean Hagwons do not do direct deposit, especially not into foreign banks.
I was told by the representative at ATC that I can open a Korean bank account and have them send the money to my bank. That is fine, I guess, but it sounds kind of expensive. I don't want to spend a large chunk of my money just getting it to the bank. Anyone done this and have comments on this method?
Also, I reckon there are ATM's there. Any off the wall chance that any ATM's will take deposits intended for foreign banks... yes I know this is ridiculous but thought I'd ask.
Any other comments people have on this topic? I could use all the advice I can get on getting the money back to the US.
and, no, leaving it in a Korean bank is not an option. The money will have to go to my bank every pay day.
Thanks |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Thu Jun 21, 2007 11:05 am Post subject: Re: Banking - getting money from Korea to a United States Ba |
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| HighTreason wrote: |
Ok, here's the big question I have to know the answer to. once I get there, how do I get money into my bank? I am going under the (probably safe) assumption that Korean Hagwons do not do direct deposit, especially not into foreign banks.
I was told by the representative at ATC that I can open a Korean bank account and have them send the money to my bank. That is fine, I guess, but it sounds kind of expensive. I don't want to spend a large chunk of my money just getting it to the bank. Anyone done this and have comments on this method?
Also, I reckon there are ATM's there. Any off the wall chance that any ATM's will take deposits intended for foreign banks... yes I know this is ridiculous but thought I'd ask.
Any other comments people have on this topic? I could use all the advice I can get on getting the money back to the US.
and, no, leaving it in a Korean bank is not an option. The money will have to go to my bank every pay day.
Thanks |
All you will need is you bank's routing number and your personal account number. These are on your checks. Write the numbers down or bring a check with you for accuracy.
Your money will be in your bank back home the same day you send it since it is in the middle of the night in New York where the money is routed through. ( if it is not there by the end of business , there is a problem)
The FRB will charge $18 and your bank will most likely charge of fee ranging from $5 to 10 dollars. ( any more, change banks)
Here in Korea you will pay fees ranging from 17,000 on up. There seems to be a wide range according to posters here, so check into that.
You should be able to send any portion of your salary back home. There seems to be some question about that also , but surely if you want to send half your salary or more home you can. It's your money. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Thu Jun 21, 2007 2:36 pm Post subject: |
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| Are you two guys related? |
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HighTreason
Joined: 15 Jun 2007
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| Posted: Thu Jun 21, 2007 2:47 pm Post subject: |
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| JMO wrote: |
| Are you two guys related? |
I'm not sure I understand where that came from.. ??
BTW, thanks for the info regicide. I don't know how often I'll get paid, but I'll probably consolidate sending the money to every month even if I get paid more often than that. That should help cut down on paying too much of my money in fees. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Thu Jun 21, 2007 2:51 pm Post subject: |
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| HighTreason wrote: |
| JMO wrote: |
| Are you two guys related? |
I'm not sure I understand where that came from.. ??
BTW, thanks for the info regicide. I don't know how often I'll get paid, but I'll probably consolidate sending the money to every month even if I get paid more often than that. That should help cut down on paying too much of my money in fees. |
Sorry i was joking. Regicide and High Treason have similar meanings. Although now i think about it, not that similar. |
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HighTreason
Joined: 15 Jun 2007
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| Posted: Thu Jun 21, 2007 2:59 pm Post subject: |
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| JMO wrote: |
| Regicide and High Treason have similar meanings. Although now i think about it, not that similar. |
Ah, yes, I see that now. Or at the very least, regicide is an act of High Treason in most cases.  |
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