Korean Job Discussion Forums

[pkang0202]

I've been doing my wire transfers from KEB Bank to Bank of America in the US.

Last time I wired money home I got slapped with a wiretransfer fee from BoA. I called and reminded them that incoming international wire transfers have no charge.

It was then they told me the wire transfer came from within the US, hence I was slapped with a wire transfer fee from BoA. I checked my wire transfer receipt from KEB and sure enough, the money came from Hanmi bank in LA.

Also, on my wire transfer it shows the won to dollar conversation and that XX dollars was sent. When it actually deposited into my back, the total amount was around 10% less.

Anyone else experience this?

[Bibbitybop]

Yes, it's very common and the standard practice.

The Korean bank will wire it to a bank in the USA, then that bank will wire it to your USA bank. It threw me off the first time. There is no % rate, it's simply the fees that are charged by each bank. I was very pissed off to find out a middle-man bank was being used, especially since my Korean bank didn't make any point to tell me.

[Lekker]

I'm trying to find travelers Checks and send them directly to my bank via certified mail. Where can I find travelers checks in Seoul?

[dutchschultz]

You can get traveler's checks at any bank. I've been doing the TC thing for years since it's cheaper and easier than a wire transfer. I make the TCs payable to my bank account so that if by chance they get lost/stolen, they can't be cashed, only deposited into the bank account. I used to send it regular mail to the US (never had a problem0, but now I send it EMS (3-5 days) and it costs 16,500 won. Plus if you put your cellphone number on the packaging slip, you receive texts with delivery information, including when it was received and signed for in the US.

[Lekker]

Thank you very much. Is there a standard limitation as to how much you can purchase in TC?

[ttompatz]

[KYC]

Time to change banks mon.

I have a credit union at home. Only 10 bucks for incoming wires and there's no middle man fees whatsoever. I have nonghyup here in SOKO.

Soon, I won't even have to pay for the incoming wires. I need xxx amount of my money in my credit union acct first

[pkang0202]

I can't change my US bank. My entire family banks there and we can transfer money back and forth without paying any fees.

Is there another Korean bank I can use besides KEB that won't use a middle man? As long as the money is being deposited from Korea directly to my US bank account, BoA won't charge me a fee.

[agoodmouse]

Nonghyup stamped my passport the first and only time I used them to get a international money order. I know you guys are up in arms about it -- and say you wouldn't allow it -- but I didn't know how else to get money home the first time around. Now I use KEB to transfer money home.

[pkang0202]

[sojourner1]

I didn't have this problem with my HSBC savings account last year, but thanks for the heads up on shitty limited banks commonly found on the main drag or Wal-Mart in anytown USA. Maybe, I didn't have problem, because I'm banking with an Asian bank. HSBC is Hong Kong Shanghai Banking Corporation which is a real global bank or at least an aspiration of such a thing if it exists outside of the world of billionaire speculators.