Korean Job Discussion Forums

[Ronaldclaw]

Hello does anyone know how to send money back to the Uk and what bank is the bets and cheapest on both sides, korea and england. What are the charges and do you have to send it to an international account number and then the bank takes the money from that? I really dont know and no one i know knows either!!!

Thanks

[Wangja]

There are basically two ways:

1. Send a banker's draft (cheque) through the post or
2. Wire transfer to an account

A banker's draft is cheap to buy here and if in GBP will (usually) cost nothing to have credited to your account. Check your own bank for costs: in my own case, sterling cheques are free.

For a wire transfer you need the details of the receiving account: these include the payee's name (your own, probably) bank name and sort code, account name and number and perhaps too the SWIFTCODE. You pay a transfer charge here and some banks may charge a receiving fee - my UK bank does not but my US bank does. I can't remember transfer fees from here - I think I sent once that cost only 12,000 KRW but I have heard of fees of up to 30,000 KRW.

HTH.

[trubadour]

Helpful advice, above. thanks.
I can confirm that I was asked for a SWIFT code, when I tried to make a transfer to the UK this morning. It's part of an international standard for bank codes aka IBAN. FYI: the SWIFT code for Barclays UK is BARCGB22.

[mrsquirrel]

UK only uses IBAN now.

[stevieg4ever]

I use Nonghyup and they charge something like 6 - 7000 this end. HSBC take something like a tenner I think at their end. That said it reachers within 3 working days. I have to check the HSBC thing actually but I think im correct.

BTW watch out for something called ji-jom (지점) which basically means 'sort code' or 'sort number'. If they mention '지점' they mean 'sort code'.

[crazy tigger]

Nope, I sent money to the UK with a swift code a couple of days ago, i sent 1500000 won ad got �779 in my account, I'm not sure who chared what but that will give you an idea, I am with HSBC in the UK

[mrsquirrel]

Interesting.

It was a while back when I read about the IBAN only in the UK. Must have been two years ago when I last sent money back in Thailand. Rules were changing or had changed. I wonder if they decided against it. It was meant to bring them into line with the rest of the EU.

[crazy tigger]

My bank in the UK said it could be either the swift or the IBAN, but they couldn't seemto figure out the IBAN, although I suspectthey were trying to useit as if it were an accountnumber, the whole process did take me about 2 hours and 2 seperate trips! My advice, go to a bank used to dealingwith foreigners sending money home!

[trubadour]