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xCustomx
Joined: 06 Jan 2006
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 Posted: Wed Jul 16, 2008 3:31 pm Post subject: Possible to send money home online? |
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| I've been checking the exchange rate this morning and it has had some serious fluctuations. It went from 1010, to 993, and now back up to 1012. Since I work in a public school, the only time I can get to the bank is to leave early at the end of the day. I'd like to send money home when the rate is below 1,000, but is there any way to do this online? |
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ciccone_youth
Joined: 03 Mar 2008
Location: Japan
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| Posted: Wed Jul 16, 2008 3:32 pm Post subject: |
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| Yes. I'm with Woori bank, and I set everything up online, so I can make transfers. You need to go see someone at your branch first, but once they set up your account, it's quite simple. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Wed Jul 16, 2008 3:34 pm Post subject: |
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| No, cause the wire transfers don't go out instantly. It could go out 5mins after dropping it into ur remittance acct or 5 hours and even a day later. |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Jul 16, 2008 4:15 pm Post subject: |
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| spliff wrote: |
| No, cause the wire transfers don't go out instantly. It could go out 5mins after dropping it into ur remittance acct or 5 hours and even a day later. |
Even though they don't go out instantly, isn't there some way to lock in a rate? |
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blackjack
Joined: 04 Jan 2006
Location: anyang
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| Posted: Wed Jul 16, 2008 4:44 pm Post subject: Re: Possible to send money home online? |
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| xCustomx wrote: |
| I've been checking the exchange rate this morning and it has had some serious fluctuations. It went from 1010, to 993, and now back up to 1012. Since I work in a public school, the only time I can get to the bank is to leave early at the end of the day. I'd like to send money home when the rate is below 1,000, but is there any way to do this online? |
If you are checking the rate with something like XE remember thats not the rate you will get, the banks rate tends to be much more stable. |
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huck
Joined: 19 Jan 2003
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| Posted: Wed Jul 16, 2008 4:46 pm Post subject: |
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What's the difference? Are you sending home over $10,000?
The difference between 995 and 1010 is $15, if you're sending home $1000...Is it really worth it too worry stress about $15? |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Jul 16, 2008 5:08 pm Post subject: |
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| huck wrote: |
What's the difference? Are you sending home over $10,000? Is it really worth it too worry stress about $15?
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Yeah, actually I am. I'm not stressing out over this. Part of the reason I'm asking is for the convenience of not having to go to the bank
| huck wrote: |
If you are checking the rate with something like XE remember thats not the rate you will get, the banks rate tends to be much more stable
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I know it's not the rate that I'll get, but my friend, who works at a bank, usually gives me a rate 8-9 won lower than what the bank quotes. |
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eac02
Joined: 23 Jan 2008
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jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
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| Posted: Wed Jul 16, 2008 8:18 pm Post subject: |
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| Open an automatic-remittance account at KEB. You can transfer to it online or from an ATM and AS SOON AS THE MONEY IS TRANSFERRED, you lock in that rate. It is also transferred out immediately, as long as you completed the transaction within business hours. Been doing this for 6 months, and always got the rate I wanted. By the way, you also save 30% on the transfer fees (on this side of the transfer). |
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BS.Dos.
Joined: 29 Mar 2007
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| Posted: Wed Jul 16, 2008 8:26 pm Post subject: |
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Nonghyup Bank
Wait until that first page dissapears and that'll take you to the website. Click English on the top right hand side.
Unless you've opened an online account with them you wont be able to go any further than the home page, but the page you need is Overseas Remittance, which is under the Foreign Exchange tab. In order to send money home though you'll need to open an additional account from which the transfer fees are deducted. They won't let you have the fees deducted from the account you are drawing funds from for some reason. Speak to your bank people etc and they should take you through the set up process. |
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tonyvu
Joined: 30 May 2008
Location: busan - a view of dadaepo beach from my office window
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| Posted: Wed Jul 16, 2008 8:54 pm Post subject: |
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| ciccone_youth wrote: |
| Yes. I'm with Woori bank, and I set everything up online, so I can make transfers. You need to go see someone at your branch first, but once they set up your account, it's quite simple. |
So you're able to send money to your home bank acct from your Korean bank acct without even going to Woori to complete the transaction? i didnt think that was possible... |
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MollyBloom
Joined: 21 Jul 2006
Location: James Joyce's pants
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| Posted: Wed Jul 16, 2008 9:44 pm Post subject: |
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| Do you know if Shin Han Bank has this available? |
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red_devil
Joined: 30 Jun 2008
Location: Korea
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| Posted: Thu Jul 17, 2008 12:08 am Post subject: |
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| If you set up two different accounts with Citibank, one US, one Korean you can use an "online transfer" which is basically a wire transfer but done online. It costs a flat $20. You can link the two accounts together as well. |
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huck
Joined: 19 Jan 2003
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| Posted: Thu Jul 17, 2008 1:07 am Post subject: |
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| xCustomx wrote: |
| huck wrote: |
What's the difference? Are you sending home over $10,000? Is it really worth it too worry stress about $15?
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Yeah, actually I am. I'm not stressing out over this. Part of the reason I'm asking is for the convenience of not having to go to the bank
| huck wrote: |
If you are checking the rate with something like XE remember thats not the rate you will get, the banks rate tends to be much more stable
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I know it's not the rate that I'll get, but my friend, who works at a bank, usually gives me a rate 8-9 won lower than what the bank quotes. |
yah..sorry...i woke up feeling a bit snarky...
I know KEB can do it from the ATM, but I don't know about online...
I tried setting up an online account with Shinhan, but I was never able to get it to work...I don't know if other foreigners had the same problem. |
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