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drdst122
Joined: 12 Apr 2009
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 Posted: Fri Jun 19, 2009 1:43 pm Post subject: Paying Bills and Money Questions...(From Korea to Home) |
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A have a few questions that I'm still not exactly sure how they work before I take my journey to K-land.
If I leave the US with a little bit of Credit Card debt, how do I pay that from K-land? I'm really not sure how this works.
Is getting a Korean Bank Account necessary when moving there? What's the best play here?
How do you send money back home in general. Is it best to wait until your contract is up and convert everything at once?
Any insight would be appreciated. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Fri Jun 19, 2009 4:48 pm Post subject: |
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Yes, you need a K-bank for your employer to deposit your pay into.
Keep a bank account at home and get it registered online where you can set up Bill Pay. Add your credit card account with your Bill Pay option.
Make sure you take all your accounts info with you to Korea.
The best way to get money to the home account is by electronic transfer from your k-bank atm by the international transaction option. Other wire transfers will cost more. Make sure the K-bank has this option and you have an atm card to do this with. Once a month (payday), transfer money to your home bank, and make the bill pay payments to your creditors online.
Others on this forum can probably tell you more specifically how the K-bank atm international transfer works. |
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E_athlete
Joined: 09 Jun 2009
Location: Korea sparkling
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| Posted: Fri Jun 19, 2009 5:06 pm Post subject: |
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| Kikomom wrote: |
Yes, you need a K-bank for your employer to deposit your pay into.
Keep a bank account at home and get it registered online where you can set up Bill Pay. Add your credit card account with your Bill Pay option.
Make sure you take all your accounts info with you to Korea.
The best way to get money to the home account is by electronic transfer from your k-bank atm by the international transaction option. Other wire transfers will cost more. Make sure the K-bank has this option and you have an atm card to do this with. Once a month (payday), transfer money to your home bank, and make the bill pay payments to your creditors online.
Others on this forum can probably tell you more specifically how the K-bank atm international transfer works. |
exactly how much are we talking about? the devil is in the details. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Fri Jun 19, 2009 5:24 pm Post subject: |
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How much? However much you want. Keep what you need for your expenses/savings in Korea, and transfer the amount you need to pay bills (credit cards, student loans, car payment, etc.) back home.
You can even keep a savings account at your home bank too and move money between checking/savings accounts there with web banking. |
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AgentM
Joined: 07 Jun 2009
Location: British Columbia, Canada
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| Posted: Fri Jun 19, 2009 6:12 pm Post subject: |
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| Kikomom wrote: |
| Others on this forum can probably tell you more specifically how the K-bank atm international transfer works. |
I didn't know this option existed. I will be in a similar situation to OP when get over there (luckily my CC debt isn't too heavy and I should be able to pay it off fairly quickly once I start earning money). I think I would be a little bit paranoid about using an ATM international transfer at least the first time.
Do any Canadians know whether keeping your bank account back home in Canada will affect whether Revenue Canada grants you non-residency status or not? I imagine it's probably not a big deal, but I'm unsure. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Fri Jun 19, 2009 7:05 pm Post subject: |
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| AgentM wrote: |
| I think I would be a little bit paranoid about using an ATM international transfer at least the first time. |
The reason I said to take all your NA bank info with you is that the first time a regular wire transfer has to be made in person from inside the K-bank. Then the info is added to your ATM account and you will have the transfer option to pick from at the ATM. This is how I understood it when others explained it here.
Maybe they can pitch in here and help explain it more clearly? |
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AgentM
Joined: 07 Jun 2009
Location: British Columbia, Canada
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| Posted: Fri Jun 19, 2009 7:29 pm Post subject: |
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| Kikomom wrote: |
| AgentM wrote: |
| I think I would be a little bit paranoid about using an ATM international transfer at least the first time. |
The reason I said to take all your NA bank info with you is that the first time a regular wire transfer has to be made in person from inside the K-bank. Then the info is added to your ATM account and you will have the transfer option to pick from at the ATM. This is how I understood it when others explained it here.
Maybe they can pitch in here and help explain it more clearly? |
Oh ok, interesting. Thanks for the info, I'll keep it in mind for when I get there. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Fri Jun 19, 2009 8:12 pm Post subject: |
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| Kikomom wrote: |
... the info is added to your ATM account and you will have the transfer option to pick from at the ATM. This is how I understood it when others explained it here.
Maybe they can pitch in here and help explain it more clearly? |
The reason I keep hoping others will pipe in is because I don't know which K-banks offer the ATM international transfer option--Some may not. The bank your employer wants you to open an account with to deposit your pay into may not. In that case, you may have to have two K-banks and learn how to move money from bank to bank (by atm or e-banking?) yourself. Wire transfers are expensive and take a few days, while the atm option seems a lot cheaper and faster.
Here's the bank Zippy uses to send money home:
http://www.keb.co.kr/netc/en/expat/transferring.html
The ATM Remittance Service is what you want to look for:
| Quote: |
| Very convenient to remit your money through an ATM (around 17,000 ATMs everywhere) using your credit/check card |
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AgentM
Joined: 07 Jun 2009
Location: British Columbia, Canada
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| Posted: Fri Jun 19, 2009 8:46 pm Post subject: |
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| It looks like KEB allows you to remit your money back home over internet banking as well as ATM. |
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