Korean Job Discussion Forums

[PeteJB]

I plan to transfer money from my UK bank to my Korean bank (Woori) - I know that it takes a few days, can I expect any charges or handling fees for converting pound into Won through this method? If so, are there other methods I can use to get money into Korea without such charges?

[icicle]

At some stage in the process you will need to pay fees for the currency conversion ... The thing to look for is the option that gives you the best value ... when you weigh up exchange rates and fees ... There is no fee free option ... But different options may give you different exchange rates and different amounts of fees ... Compare the net result and you will find your best option ...

[Milwaukiedave]

Pete,

The fees vary depending on the bank. Usually there is one fee for the transfer itself, typically that is around 15,000 won. I've often found there is a another charge to transfer money to an intermediary bank (that is probably based on a percentage of the amount you transfer). Your bank at home will also charge to accept the wire transfer. The larger banks like Bank of America, Citibank, Wells Fargo, etc probably have the highest fees. If you bank at a smaller bank or credit union the fee will be lower. My credit union only charges me $5.

[stevieg4ever]

i got charged at both ends mate more than I would of expected. Im not with woori bank in Korea, but with HSBC in England and they took a tenner at their end.

[icnelly]

[MissSeoul]

[icnelly]

[PeteJB]

Well I want to send money from HSBC (UK) to Woori. I thought about using HSBC Korea, but AFAIK they only have about ten braches in the entire country which isn't really good for me... Hm. Also there is no option for South Korean Won on Internet Banking transfers

[PeteJB]

Any more help available? I'm a student! So I don't want to lose money that I don't need to lose.

[Tiger Beer]