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dogshed
Joined: 28 Apr 2006
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 Posted: Wed Nov 07, 2007 9:59 am Post subject: Nonghyup fees for sending money home |
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My bank back home charges a big fee to receive swift transfers so
I've been mailing Bank of New York checks I get at KEB.
I got another account in the US now that doesn't charge to accept
SWIFT payments so I called Nonghyup.
The woman said the fees are:
0.1% minimum 5,000 won and maximum 20,000 won
7,000 won cable fee
$20 broker fee
That means around $32 to send a $1000 plus
whatever your bank charges to receive the SWIFT.
Did I just completely misunderstand her? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Wed Nov 07, 2007 1:12 pm Post subject: |
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| No she is right |
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SweetLou
Joined: 26 Sep 2003
Location: mt. bu
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| Posted: Wed Nov 07, 2007 8:07 pm Post subject: |
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| which bank do you go through in the us that doesn't charge for SWIFT transfers? |
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jadarite
Joined: 01 Sep 2007
Location: Andong, Yeongyang, Seoul, now Pyeongtaek
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| Posted: Wed Nov 07, 2007 10:24 pm Post subject: |
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Is "SWIFT" the same as wiring funds? My bank told me it would cost $40 to transfer funds from US to Korea (not that I want to transfer a lot, I just asked to find out the fees).
I got a credit card before that, and when I went to withdraw money my bank charged $10. So, I got a debit card to avoid the useless charge. Now, I have a Korean bank account without any money in it and a bank account in the US with money. How does one work the system to get the best transfer rate?
Is there not an international bank we could use? In Japan, I had no fees for 4 years. When I went to my bank from either country, it was all there.
Either I haven't caught on to the way Koreans do banking, or like this thread suggests, Korea is not as compatible with the rest of the world as Japan. |
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pugwall
Joined: 22 Oct 2006
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| Posted: Wed Nov 07, 2007 10:37 pm Post subject: |
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| jadarite wrote: |
Is "SWIFT" the same as wiring funds? My bank told me it would cost $40 to transfer funds from US to Korea (not that I want to transfer a lot, I just asked to find out the fees).
I got a credit card before that, and when I went to withdraw money my bank charged $10. So, I got a debit card to avoid the useless charge. Now, I have a Korean bank account without any money in it and a bank account in the US with money. How does one work the system to get the best transfer rate?
Is there not an international bank we could use? In Japan, I had no fees for 4 years. When I went to my bank from either country, it was all there.
Either I haven't caught on to the way Koreans do banking, or like this thread suggests, Korea is not as compatible with the rest of the world as Japan. |
From what I gather if you have a Citibank account you can access your funds anywhere with no fee |
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dogshed
Joined: 28 Apr 2006
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| Posted: Sat Nov 10, 2007 11:38 pm Post subject: |
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| pugwall wrote: |
| jadarite wrote: |
Is "SWIFT" the same as wiring funds? My bank told me it would cost $40 to transfer funds from US to Korea (not that I want to transfer a lot, I just asked to find out the fees).
I got a credit card before that, and when I went to withdraw money my bank charged $10. So, I got a debit card to avoid the useless charge. Now, I have a Korean bank account without any money in it and a bank account in the US with money. How does one work the system to get the best transfer rate?
Is there not an international bank we could use? In Japan, I had no fees for 4 years. When I went to my bank from either country, it was all there.
Either I haven't caught on to the way Koreans do banking, or like this thread suggests, Korea is not as compatible with the rest of the world as Japan. |
From what I gather if you have a Citibank account you can access your funds anywhere with no fee |
When I checked a year ago the Citibank in Korea was separate from the
Citibank in the US which meant paying SWIFT fees. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Sat Nov 10, 2007 11:43 pm Post subject: |
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| SweetLou wrote: |
| which bank do you go through in the us that doesn't charge for SWIFT transfers? |
When I was checking a few months ago I found that many US banks put
their fees for sending a SWIFT on their website, but don't put their
fees for receiving one.
Some receive for free, but charge for other things like bill payment or not having a few thousand in the account.
Zecco claims to receive SWIFT for free. I think I can send to them and then
move the money to my checking account via ACH. I haven't actually tried
it yet.
I think my best bet is still the paper check from KEB. At the counter they
can only charge you what you hand them. Electronically you never know
what the hidden fees will be. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Sat Nov 10, 2007 11:45 pm Post subject: |
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| jadarite wrote: |
Is "SWIFT" the same as wiring funds? My bank told me it would cost $40 to transfer funds from US to Korea (not that I want to transfer a lot, I just asked to find out the fees).
I got a credit card before that, and when I went to withdraw money my bank charged $10. So, I got a debit card to avoid the useless charge. Now, I have a Korean bank account without any money in it and a bank account in the US with money. How does one work the system to get the best transfer rate?
Is there not an international bank we could use? In Japan, I had no fees for 4 years. When I went to my bank from either country, it was all there.
Either I haven't caught on to the way Koreans do banking, or like this thread suggests, Korea is not as compatible with the rest of the world as Japan. |
Technically SWIFT is a messaging system, but yes it is wiring funds.
I think you are catching on to the way Koreans do banking. I wonder what
a foreigner in the US would say about the US banking system. |
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oxfordstu
Joined: 28 Aug 2004
Location: Bangkok
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| Posted: Sun Nov 11, 2007 3:28 pm Post subject: |
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| I bank with Nonghyup and I've never been charged that much. They charge me 7,000 for the cable fee and that's it. I sent 1.5 mil home last month. |
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lowpo
Joined: 01 Mar 2007
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| Posted: Sun Nov 11, 2007 4:15 pm Post subject: |
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| dogshed wrote: |
| pugwall wrote: |
| jadarite wrote: |
Is "SWIFT" the same as wiring funds? My bank told me it would cost $40 to transfer funds from US to Korea (not that I want to transfer a lot, I just asked to find out the fees).
I got a credit card before that, and when I went to withdraw money my bank charged $10. So, I got a debit card to avoid the useless charge. Now, I have a Korean bank account without any money in it and a bank account in the US with money. How does one work the system to get the best transfer rate?
Is there not an international bank we could use? In Japan, I had no fees for 4 years. When I went to my bank from either country, it was all there.
Either I haven't caught on to the way Koreans do banking, or like this thread suggests, Korea is not as compatible with the rest of the world as Japan. |
From what I gather if you have a Citibank account you can access your funds anywhere with no fee |
When I checked a year ago the Citibank in Korea was separate from the
Citibank in the US which meant paying SWIFT fees. |
dogshed is right about Citibank in Asia is seperate than the one in another country. The Bank of America in Hk is the set up the same way. I was that all bank braches out of the United States are set up seperatly so that terrorist don't have easy access in wiring money into and out of the United States. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Sat Nov 17, 2007 9:42 pm Post subject: |
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| oxfordstu wrote: |
| I bank with Nonghyup and I've never been charged that much. They charge me 7,000 for the cable fee and that's it. I sent 1.5 mil home last month. |
Did you do it online or did you go to the bank? |
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