Korean Job Discussion Forums

Alpinegal · Joined: 10 Oct 2003 Location: South Korea

I hope someone can help with this. I am trying to figure out how to pay my Canadian students loans from South Korea. I have called the Canadian National student loan center and asked them, and they stated that they were "unsure" but assumed I could wired the $$ via Western Union. I called Western Union and the lady on the line called the Korean department and they said they did not believe that that could be done. Now, I am sure that some you in Korea have student loans to pay back, how do you do it? I am getting worried because I would like to clear all of this up before I go to Korea so that I don't come back to Canada and have my name in every collection agency around. Any advice will be gratefully recieved.

casinoman · Joined: 12 Sep 2003 Location: seoul

Don't they just take payments out of the bank where you got your student loan? Don't know how the program works now but when I got mine, the bank (in my case RBC) actually loans you the money and the Gov.of Canada guaranteed it. So when it came time to start paying it back, payments were deducted from my chequing account. Just made deposits into that account.

Alpinegal · Joined: 10 Oct 2003 Location: South Korea

You are right, they will take it directly out of my Canadian bank account (RBC as well) but how does it get into that account? So you can actually take the money that you are paid in won (you are paid in won, aren't you?) and transfer that into your RBC account? I know that there isn't a Royal Bank branch in South Korea, so I am unsure of how I get the money from my paychecks into my Canadian bank account.

casinoman · Joined: 12 Sep 2003 Location: seoul

When you open a bank account here look into how much it costs for a transfer (electronic). I think someone once mentioned KEB being cheap if you do it over the web. Forget Western Union...ripoff...or you could just get a bank draft or money order and then mail it to your home branch of RBC. Whole bunch of options to get it home the only thing to do is find out whatever is the cheapest.

Alpinegal · Joined: 10 Oct 2003 Location: South Korea

Ok. Well thanks very much for your help. I will definitely look into KEB or mailing a money order. Thanks again.

buddy bradley · Joined: 24 Aug 2003 Location: The Beyond

"Alpine" Gal

Are you Swiss? Ich glaube nicht.

Muesli, nicht muesli (umlaut-free me)

Do you get it?

Alpinegal · Joined: 10 Oct 2003 Location: South Korea

Not unless I am paying my "Canadian student loan" from the Alps right now. No Buddy, I am Canadian.

peppermint · Posted: Tue Oct 14, 2003 3:48 pm Post subject:

Transfer the $$$$ to your home account, and have them do a direct withdrawal from there. Anything left is savings.

Gord · Joined: 25 Feb 2003

canuckistan · Posted: Tue Oct 14, 2003 5:10 pm Post subject:

All you need to do is arrange to have the school loan payments automatically taken out of your Canadian account. Before you leave Korea, get all the wire transfer info from your bank: name, address, tel of your bank, branch number, your account number, and the Swift Code which is used by all banks for international wire transfers.
Once in Korea, just give this Canadian bank info to your Korean bank rep here and ask to send the money home to your Canadian account. You'll always get a receipt. Tell them to just start a file so you don't have to bring in the Canadian bank info every time you need to do it. Cuts down on mistakes.

If you want to check on the exchange rate from Won to Canadian dollars, go to xe.com which will give you the basic rate of the day. Your Korean bank will always charge a few points higher than the basic rate. Sometimes waiting to send home money so the exchange rate can get better can gain you an extra 100 bucks.
When the rate is good, I send home lots, when the rate is bad, I send home less.

Harpeau · Joined: 01 Feb 2003 Location: Coquitlam, BC

Hi send (wire) money home to my account CIBC, and then I make payments to my student loan on a monthly basis. I transfer money to them (I don't let them do an automatic withdrawal). Each month, the amount is different (depending on how things are). Though, I pay $300 per month as a minimum.

Harpeau

casinoman · Joined: 12 Sep 2003 Location: seoul

Just wondering everyone, what is the cost to transfer money? In my experience, it's usually been about $50 to $100 USD to do so (from various countries except Korea).

canuckistan · Posted: Tue Oct 14, 2003 6:32 pm Post subject:

To send home 1,7 million won (or roughly 2000 Canadian dollars) I get charged around 12,000 won. The bank back home takes their cut too, another 10 bucks or so.

The Man known as The Man · Posted: Tue Oct 14, 2003 6:41 pm Post subject:

Austin · Joined: 23 May 2003 Location: In the kitchen

This has been covered several times, but I would never wire money home, as it costs too much.

Purchasing traveler's cheques, signing and counter-signing them, filling in the "Pay to the order of:" with your account number from back home, and mailing it to your bank saves hundreds of dollars each year. It is the cheapest way to go, as far as I know.

Compare a cost of 40 USD per year to 400 USD and let me know what you think.

Check the history, and you will find better details on how to do it successfully.