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neaera
Joined: 10 Oct 2007
Location: Daegu
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 Posted: Tue Oct 07, 2008 6:13 am Post subject: A Banking Question. |
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Right, so. I'm leaving in about a month, and with the exchange rate looking the way it is, I'm not in any rush to convert my won into dollars before I leave.
Is there any way for me to leave my won behind and transfer it later, from the states, at a more... financially convenient time? For example, if I were to set up a wire from my bank here to my bank at home, would it be possible for me to send money via that wire even if I'm not there in person?
Thanks for your help... I'm out of ideas on what to do right now. |
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OnTheOtherSide
Joined: 29 Feb 2008
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| Posted: Tue Oct 07, 2008 7:03 am Post subject: |
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| You could just bring your won in cash. Then trade it into dollars at a later date. I am thinking about doing this myself. You might have to smuggle it onto the plane if it's too much though. |
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victorology
Joined: 10 Sep 2007
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| Posted: Tue Oct 07, 2008 7:15 am Post subject: |
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| OnTheOtherSide wrote: |
| You could just bring your won in cash. Then trade it into dollars at a later date. I am thinking about doing this myself. You might have to smuggle it onto the plane if it's too much though. |
I would advise against this. Banks in America give bad exchange rates on foreign currencies.
I would set up online banking. You could log on to your account and wire it to yourself. |
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Join Me
Joined: 14 Jan 2008
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| Posted: Tue Oct 07, 2008 7:20 am Post subject: |
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| OnTheOtherSide wrote: |
| You could just bring your won in cash. Then trade it into dollars at a later date. I am thinking about doing this myself. You might have to smuggle it onto the plane if it's too much though. |
I would also advise against this. Unless they come out with a bill that is a larger denomination than W 10,000 it could be an uncomfortable flight home with a few million won in plastic baggies shoved up your bum. |
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neaera
Joined: 10 Oct 2007
Location: Daegu
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| Posted: Tue Oct 07, 2008 7:32 am Post subject: |
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Unfortunately, my bank is not so english-friendly....
I want to set up online banking but I'm really not even sure if, having done that, I'd be able to figure out how the hell to use it.
How much cash are you *allowed* to bring on the plane?  |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Oct 07, 2008 7:35 am Post subject: |
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| neaera wrote: |
Unfortunately, my bank is not so english-friendly....
I want to set up online banking but I'm really not even sure if, having done that, I'd be able to figure out how the hell to use it.
How much cash are you *allowed* to bring on the plane? |
$10,000 without restriction or declaration (by international convention).
IF you carry more you have to fill in a customs form on arrival at your destination. (failure to do so CAN result in confiscation of the money - the reason for the process is to prevent money laundering).
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Tue Oct 07, 2008 2:04 pm Post subject: |
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| There's no monitary penalty for importing more than $10,000 as long as you declare it to Customs. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Tue Oct 07, 2008 4:35 pm Post subject: |
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| victorology wrote: |
| OnTheOtherSide wrote: |
| You could just bring your won in cash. Then trade it into dollars at a later date. I am thinking about doing this myself. You might have to smuggle it onto the plane if it's too much though. |
I would advise against this. Banks in America give bad exchange rates on foreign currencies.
I would set up online banking. You could log on to your account and wire it to yourself. |
Honestly though; I would just bring the cash. Like stated above, you can bring $10,000 and more if you just declare it.
Whining about the U.S. exchange rate is pointless if he'd lose 30% right now. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Oct 07, 2008 6:04 pm Post subject: |
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Set up online banking with Korea Exchange Bank. They're pretty English-friendly there. I did that recently for the same reasons as you and I figured out how to wire the money with their website pretty easily. The English online banking site is pretty good...once you figure out their stupid "digital certificate" system at the beginning.
Note, however, that you are only allowed to send a maximum of $20,000 US per year through online banking. The website keeps track of how much you have sent and posts it on your online receipt.
Also...when you set up your online account have your home banking information handy. They need to set up your transfer account information at the bank...you can't do it yourself later online. |
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thatwhitegirl
Joined: 31 Jan 2007
Location: ROK
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| Posted: Tue Oct 07, 2008 6:07 pm Post subject: |
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| neaera wrote: |
Unfortunately, my bank is not so english-friendly....
I want to set up online banking but I'm really not even sure if, having done that, I'd be able to figure out how the hell to use it.
How much cash are you *allowed* to bring on the plane? |
What bank you with?
And I'd NOT recommend exchanging won for dollars in America. You would lose quite a bit on it.
What bank are you with? Internet banking is very easy. When I set it up (Nonghyup), the form they gave me was all in Korean, but the internet site as an English option.
Best thing would be to open an internet account. |
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sketchforsummer
Joined: 11 May 2007
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| Posted: Wed Oct 08, 2008 2:26 am Post subject: |
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| Stupid question : Are the ABA and routing numbers the same? Is that (and of course the account#) really all that's needed? |
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mee
Joined: 08 Sep 2007
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| Posted: Wed Oct 08, 2008 2:30 am Post subject: |
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When I use the atm here, I get money directly from my account in the US in won. I figure it must be using the exchange rate and converting it automatically.
Is this good, bad or neutral? It's definitely more convenient as I don't have to withdraw dollars and then exchange it. Do I get a better exchange rate when I do it the more complicated way? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Oct 08, 2008 2:34 am Post subject: |
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| mee wrote: |
When I use the atm here, I get money directly from my account in the US in won. I figure it must be using the exchange rate and converting it automatically.
Is this good, bad or neutral? It's definitely more convenient as I don't have to withdraw dollars and then exchange it. Do I get a better exchange rate when I do it the more complicated way? |
The exchange rates are about the same that you get in person at the bank BUT you pay for the service charges and they can be substantial (as a percentage) if you are making small withdrawals.
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mee
Joined: 08 Sep 2007
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| Posted: Wed Oct 08, 2008 2:37 am Post subject: |
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I think at the atm in the subway, it read the service charge was 100 won.
I don't know if there are other hidden fees I'm not aware of but that is pretty cheap, isn't it?
I don't know what is happening stateside, I venture the same 2- 4 dollar fees i'm charged for withdrawing at a nonbanking center.
I can't even contact customer service from korea. |
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bogey666
Joined: 17 Mar 2008
Location: Korea, the ass free zone
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| Posted: Wed Oct 08, 2008 2:41 am Post subject: |
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| Big Mac wrote: |
Set up online banking with Korea Exchange Bank. They're pretty English-friendly there. I did that recently for the same reasons as you and I figured out how to wire the money with their website pretty easily. The English online banking site is pretty good...once you figure out their stupid "digital certificate" system at the beginning.
Note, however, that you are only allowed to send a maximum of $20,000 US per year through online banking. The website keeps track of how much you have sent and posts it on your online receipt.
Also...when you set up your online account have your home banking information handy. They need to set up your transfer account information at the bank...you can't do it yourself later online. |
R U sure about that 20K limit?
I have on online account with KEB and am not aware of any such restriction, the only ones I'm aware of is how much you can send at any one time. (I think it was around 50K US) |
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