Korean Job Discussion Forums

[stevieg4ever]

When you send money home what is the most accurate way of seeing how much you will get for your money / won prior to the actual transfer itself?

I.e. will you get the exact rate that is on Is XE.com - Universal Currency Converter?

[Dome Vans]

Gonna stick my neck out here and maybe look a bit stupid. So nothing new there.

It depends whether you send to a bank account or use a money transfer system. If you transfer to a bank account back home, then it's dependent on the date what the rate is. When it's transferred it is minus a fee from your bank at this end and then a fee at your bank back home. RBS in England takes about 10 pounds at their end, which I think is a bit of swizz considering the money is sent in pounds by my Korean account. Lazy monkeys. And the Korean bank takes about a tenner as well.

Money transfer can tell you before you send it,how much will arrive at the destination. Because the place you send it from and the place that it goes to are part of the chain and they take their cut when you send it, usually about a tenner. I did this from Sweden once and it worked really well.

[agentX]

The bank that I used, Nonghyup, has a rather large sign in the back with the current exchange rates for 3 currencies. That would ben the Yen, the Dollar, and the Euro. It also tells you buying, selling, and remittance rates (with incoming and outgoing). What the sign doesn't tell you is the fees. You could always ask either at the bank or by phone.

[davai!]

http://fex.kbstar.com/quics?page=A004032

If you buy $1000 of traveler's checks at the rate given at time of posting
-917.68-

you will pay 917,680 KRW

add the cost of an airmail envelope and postage

50 KRW envelope
680 KRW postage

You come to 918,410 KRW

last month, this method took 4 days from Korea to my bank in L.A.

I don't know why anyone uses any other method.....

[Xerxes]