Korean Job Discussion Forums

[ellegarden]

I deal with Woori Bank. Before, I used to get international bank charges on the money that I would send home (the most as been 50$). I finally inquired about this to the branch and, after they got an interpreter via phone, they were able to tell me that because Woori doesn't deal with my bank directly (PC Financial) they send it to another bank first who takes their cut.
I asked what banks they deal with directly and they said:

TD Canada Trust
Royal Bank of Canada
Bank of Montreal
Bank of Nova Scotia

I have an account with RBC so I sent the money there. NO CHARGES. The exact amount of money I purchased arrived safely into the account a day later.

So apparently, if you use Woori and want to send money without getting the mysterious charges, you can only send money to these banks.

[KYC]

Some banks charge the incoming wires. My bank charges $10 each time. Some banks waive that fee entirely.

[ciccone_youth]

[bassexpander]

And Woori never charged you a thing for this?

I don't believe it. They still charge you a fee.

[ellegarden]

[bassexpander]

That fee sounds about right on the Woori end.

As I understand it, other banks are less, and you could probably do the same thing with other banks in Korea and save more.

In my experience (and my wife's experience) Woori has, in general, some of the highest fees for services you'll find.

[Darkness]

How long does it normally take for the money to be in your Canadian account? Usually about 2-3 days, if I remember right?

[ellegarden]

[laura-and-ryan]

what is a good bank in Korea to use then if you're looking at sending money home?

[ciccone_youth]

thanks for all the information. very useful.

[Cliffhanger]

I use woori bank. That fee is about right. I think it depends on the amount you transfer. When I transfer over $2000 the fee is 25000W. Under $2000 was 20 000W.
In my experience they are very quick. Almost everytime I go to transfer, I check my BMO accnt the same night and the money is there. Only once I had to wait a couple days.

[Soccerstar]

If you are in a hurry to get your money instantly, then $25 isn't too bad of a fee.
However, if you can afford to wait a bit to actually have the money in the account, ttompatz has repeatedly explained how money orders are much cheaper ($5.00 to be exact). Not to mention a good, negotiable exchange rate. We have followed that advice and have never paid more than $5.00 total for transfers of $12,000-$15,000.

[egrog1717]

[Mea]

Wow... my bank charged me 25,500 won for sending some 9.4 million today, PLUS my bank in Canada charges $15! Or maybe it's $25. They must go through another bank first too, since they seem to be sending it somewhere in the US first. I should see if they have a deal my other Canadian bank.

[SarcasmKills]