Korean Job Discussion Forums

[elliemk]

Okay. I finally got paid and will send money home on Thursday. Here's my question.

Korea Exchange Bank quotes 930.10 for sending USD, and 912.10 for receiving them. (This is via wire transfer.) There is a 6.93% exchange commission.

So, if I want to send $1500 home, it will be equal to 1,395,150 Won plus
another 96683.895 Won for commission?

Also, if I go the traveler's check route, it says 910.33 Won per USD, or 1,365,495 for foreign currency check selling.

So basically, I can save almost $125 (less airmail charges, of course) to send it home by traveler's check? That's a big savings.

Any help with my math will be appreciated. Thanks.

[jackson7]

Your math is completely off...I minored in mathematics in university, but it doesn't take that to see you're using "creative math."

Right now seems to be a GREAT time to send money. I send A LOT of money every month, and keep track of exchange rates. Look at the remittance rate. For me, I pay the crappy 18,000 (or 23,000 when over 2,000 USD) fee here in korea. Then I pay it again when KEB in the states receives it. Then I pay 11.00 USD to my bank for receiving a wire transfer. I chalk it up to peace of mind that my money is there the next day for paying that extra money.

So usually, I send around 2500 USD and pay 50 USD or so a month...could save an extra 500 USD per year or so, but I like knowing my money is going into my account on time and directly.

I believe electronic remittance ALWAYS gives the best rates...it's the fee that can kill ya. I can send my money by internet and save the money, but then I miss out on practicing my Korean with the cute tellers (kidding).

[elliemk]

Okay. Thanks for your help. I was an English, Psychology and natural sciences (triple) major - math never has been my forte!

[jackson7]

Sorry if I sounded condescending...here's the basics:

You're BUYING USD currency, not selling it, so look at that rate.

They'll give you 910... won to the dollar when buying checks.

I know plenty of friends that send money by T/C or cashier's check, but it seems like a hassle to me...not to mention that sending T/Cs in the mail is supposedly not allowed (by the T/C company, I've heard).

Bottom line...suck it up and bite the 30-40 dollar bullet and remit.

[elliemk]

Condescending allowed Anyone with as poor math skills as I have....

But I am still confused! Okay, at the selling rate of 937.21, it comes to
1,405,815 for the exchange, right? So how do I figure the commission?

Thanks.

[ttompatz]

[elliemk]

Okay, thanks.