Korean Job Discussion Forums

[soy]

I need to send back about $4000 to pay bills in the USA, anyone tried moneygram or western union? I've heard of using travelers checks but that doesn't seem that much cheaper or efficient considering fedex costs and processing time.

[soy]

bump for night crew

[Young FRANKenstein]

I used their website to send some. It was several years ago, but I don't recall having any issues with anything.

[thegadfly]

I sent money by Western Union -- it was way more expensive than a simple wire transfer, but I needed the money to arrive the next day, not have a 3 day hold...I think it was something like 10% or $90, whichever came first.

Factoring out time, TC's are cheaper than even a wire transfer, and a wire transfer is way cheaper than Western Union. Once time becomes a factor, I dunno...I usually paid my debts directly, by TC, and sent them regular mail -- just made the TC out to SallieMae (student loan) or Visa, or MasterCard, or whoever else I owed.

[parkhelens]

Can you send money directly into your US bank account if you use Western Union? Or do you need an actual person to receive it on the other end for you? Also, what kind of travelers checks did you get? Does it matter/differ from bank to bank? I guess they're readily accepted by US institutions?

[Arthur Dent]

If you have an account in the U.S, you don't need to send it Western Union. You can use your bank here to send it. W.U. is expensive, banks only charge per send. It only takes one to three days to clear for me.

I used Western Union once for a friend in an emergency to another Asian country, but it caused problems later when a bank teller checked my records. In Korea, you are only allowed to use one bank to transfer money. My bank did not offer Western Union services so I had no choice but to go to KEB. Wap!!! Boomerang!!! They want to make sure you have paid tax on all your earnings. From then on I had to provide all documents including my payslips which I had managed to avoid for two years. Some banks are friendlier than others, Correct me if I am wrong fellow Daver's, but I believe KEB is the best choice for foreigners. Not my bank. Staff are friendly otherwise though.

If your account in the U.S has internet banking and your payees are registered at your bank (most large creditors are - but not student loans- i.e. Govt. Institutions - this is for Canada) this is the easiest and cheapest way to pay bills. It is fairly secure as long as you are careful, and you can monitor your accounts at all times to see if there is anything fishy going on.

If it is loans from the govt., you will have to transfer it from your account to a relatives or friends and get them to pay by cheque.

Travellers cheques are fairly secure but harder to monitor if anything goes awry in the mail system. Also, there is the endorsing issue, and then they have to be deposited and transferred to the appropriate account anyways.

Western Union has a sliding scale for money transfers. The more you send, the more they charge. I sent to an individual, not to a bank account. What would be the point otherwise? It is really meant to send money to an individual who takes over from there, not an institution.

[parkhelens]

Would do the bank transfer, but heard and read on Dave's that it 1) takes about 40 days and 2) is unreliable (someone's transfer went missing), which is why I'm looking into WU and TCs.

So my questions still stand. Has anyone sent money via WU to their bank account and not an individual?

[reactionary]

40 days? you must be confused with pension reimbursement.

a normal wire transfer will take about one business day - i was able to see the amount i wired the same day on my home bank account in some cases. i've used both KB and Woori to wire money home (but it's a pain to change sending banks, so keep sticking with one bank and the same branch).

also you get a receipt, so i don't think your money will get "lost"

[parkhelens]

Cool, thanks reactionary!

How much is it to wire from the bank and do you need your payslips to do it?

Thanks again!

[reactionary]

i don't quite remember the cost - i think around 15000 won (Charged by the korean bank). my american credit union didnt charge me anything.

yes, to be safe, bring your pay slips at least for the first transfer. also make sure to bring your passport, ARC, and bank information (account number, bank routing number, bank address)

[SuperFly]

http://www.paytrust.com/

[parkhelens]

Just wanted to let anyone interested in the international money transfer option know that I went into my Woori bank today, filled out a quick form and they transferred the money same day.

I had read in some of the other posts that it may take up to 40 days, but the guy at Woori actually assured me that it would take 2 days at the most. I got home and checked my B of A account back home and it had already gone through and was part of my "available balance."

You should also know that you need to go in to set it up initially, but thereafter you can transfer money internationally through their internet banking system or at the atm.

The strange thing is that if you go in for additional transfers they will discount the fee. The guy told me that they actually charge you a higher fee if you do it online or at the atm.

I paid a total of 25k won for sending a few thousand.

Oh and they also note the transfer in your passport, but I don't think that's a big deal unless you are transferring a boat load of money.