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winmazing604
Joined: 28 Jun 2008
Location: Bucheon
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 Posted: Fri Jan 23, 2009 10:26 am Post subject: Sending Money Home question for Canadians |
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I'm going back to Canada next month and I was planning to send all the money home before then. I have a Shinhan account and around 20k and i've read that there are several options available. My bank back home is BMO. Can someone recommend a reliable option that has worked please! I've read about carrying cash home, getting a bank draft, sending through the atm... but I need some current feedback. Thanks in advance!
I've read a lot of money discussions on this forum and many of them seem outdated so i apologize if this topic is repeated |
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teachergirltoo
Joined: 28 Oct 2006
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| Posted: Fri Jan 23, 2009 12:30 pm Post subject: |
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| I send money back to the RBC regularly. I use the ATM at KB in Korea, and find it economical and fast. I think they told me I can send up to 6million won per day. |
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Ice Tea
Joined: 23 Nov 2008
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| Posted: Fri Jan 23, 2009 3:53 pm Post subject: |
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| I regularly send money home every month to Canada. I transfer (outward remittance) directly from my account at Shinhan to my account back home. You need to provide your account number, address of bank, and swift code. Call the bank in Canada for this information. This method is better because the exchange rate is more favorable then getting cash. There are limits to how much you can send however. I remember the limit was $10,000 a year, but I think it may have been raised. You're also not allowed to physically carry more than $10,000 on a plane anyways. |
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skconqueror
Joined: 31 Jul 2005
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| Posted: Fri Jan 23, 2009 7:10 pm Post subject: |
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| Ice Tea wrote: |
| I remember the limit was $10,000 a year, but I think it may have been raised. You're also not allowed to physically carry more than $10,000 on a plane anyways. |
It is $50,000 without showing proof of income now. |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Fri Jan 23, 2009 7:57 pm Post subject: |
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| Ice Tea wrote: |
| I regularly send money home every month to Canada. I transfer (outward remittance) directly from my account at Shinhan to my account back home. You need to provide your account number, address of bank, and swift code. Call the bank in Canada for this information. This method is better because the exchange rate is more favorable then getting cash. There are limits to how much you can send however. I remember the limit was $10,000 a year, but I think it may have been raised. You're also not allowed to physically carry more than $10,000 on a plane anyways. |
There isn't any limit on the amount of money you carry on an airplane, but the KCS and CBSA require you to declare $10,000 or more. |
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winmazing604
Joined: 28 Jun 2008
Location: Bucheon
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| Posted: Fri Jan 30, 2009 9:07 am Post subject: |
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| Ice Tea wrote: |
| I regularly send money home every month to Canada. I transfer (outward remittance) directly from my account at Shinhan to my account back home. You need to provide your account number, address of bank, and swift code. Call the bank in Canada for this information. This method is better because the exchange rate is more favorable then getting cash. There are limits to how much you can send however. I remember the limit was $10,000 a year, but I think it may have been raised. You're also not allowed to physically carry more than $10,000 on a plane anyways. |
Some questions:
Where does Shinhan get their exchange rate from? I check XE for rates these days. Does the bank use their own exchange rate? What fee do they charge when you send $? Thanks! |
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D.D.
Joined: 29 May 2008
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| Posted: Fri Jan 30, 2009 10:35 am Post subject: |
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| make sure you send it in canadian funds as the banks in Canada have bad exhange rates. I send money all the time and convert it into Canadian first and it costs 10 bucks at the Canadian end when it arrives and about 6000w at his end. |
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winmazing604
Joined: 28 Jun 2008
Location: Bucheon
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| Posted: Sat Jan 31, 2009 11:13 pm Post subject: |
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| D.D. wrote: |
| make sure you send it in canadian funds as the banks in Canada have bad exhange rates. I send money all the time and convert it into Canadian first and it costs 10 bucks at the Canadian end when it arrives and about 6000w at his end. |
Do Korean banks update their exchange rates daily based on world rates? |
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