Korean Job Discussion Forums

gmat · Joined: 29 Jan 2003

In Korea, if you try to cash US $ checks drawn from US banks (Citibank, Harris Trust), how easy is the process?

For example what is the normal holding period?

I know in Canada, the holding period can be 14 days or more.

TYIA

Mr. Pink · Joined: 21 Oct 2003 Location: China

The only cheque I have ever cashed was a government one, and it was like a 1 week waiting period at my bank.

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210

gmat · Joined: 29 Jan 2003

Thanks dogbert and Mr. Pink.

ryleeys · Joined: 22 Dec 2003 Location: Columbia, MD

Ummm... maybe my situation was different... but I use Cedar Point Federa Credit Union back in the States and I was able to walk into Woori Bank and the Foreign Exchange bank with $500 worth of travellers checks and have money handed to me within about 20 minutes.

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210

gmat · Joined: 29 Jan 2003

Yeah , dogbert the checks are from a couple of my old brokerage accounts to me personally. Not travellers checks, unfortunately. Sorry I wasn't more clear in the op Ryleeys, thanks anyway.

Mr. Pink · Joined: 21 Oct 2003 Location: China

I would try going to Citibank or the Korea Exchange bank.

Ask them about the cheques. If they can't do it...another option might be seeing if you can get on a US base and opening an account at one of their banks.

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210

You might not want to go to the trouble of opening an account at a U.S. bank if you don't already have one, but another option is to use an online bank, such as NetBank, which makes overseas banking convenient.

In that case, all you would have to do is endorse your checks and mail them to the bank's offices in the U.S., avoiding the problems of commission/overlong hold.