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bassist33
Joined: 07 Jul 2009
Location: Mok-dong, Seoul
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 Posted: Mon Aug 03, 2009 1:44 pm Post subject: What's the bets American bank for wiring money home? |
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I've seen a lot of topics on the best banks to work with while in Korea, but does anyone have a recommendation for a bank in the States to handle all your bills? Bank of America charges $12 for incoming wire charges and I can do free online bill pay. Does anyone have any other recommendations for a bank that is particularly good for an expat in Korea?
I currently have National City and they are near the top of the list of things in this world I hate. |
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Forward Observer
Joined: 13 Jan 2009
Location: FOB Gloria
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waynehead
Joined: 18 Apr 2006
Location: Jongno
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| Posted: Mon Aug 03, 2009 5:07 pm Post subject: |
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I have used both BoA and Wachovia. I'm with Wachovia (a Wells Fargo company, mind you) now, as it seems to have fewer fees.
Overall tho among the major banks I don't imagine there's much of a difference. |
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red_devil
Joined: 30 Jun 2008
Location: Korea
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| Posted: Tue Aug 04, 2009 12:42 am Post subject: |
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| waynehead wrote: |
I have used both BoA and Wachovia. I'm with Wachovia (a Wells Fargo company, mind you) now, as it seems to have fewer fees.
Overall tho among the major banks I don't imagine there's much of a difference. |
Can you do this through your online account? |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Tue Aug 04, 2009 4:44 am Post subject: |
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| Charles Schwab High Yield Checking .... look into it .... |
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bassist33
Joined: 07 Jul 2009
Location: Mok-dong, Seoul
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| Posted: Tue Aug 04, 2009 3:25 pm Post subject: |
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| losing_touch wrote: |
| Charles Schwab High Yield Checking .... look into it .... |
Looks like a great account, but their wire transfer form says that they do not process any transfers to or from international banks, even if the currency is in U.S. dollars. Are you currently using this account or am I missing something? |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Tue Aug 04, 2009 8:10 pm Post subject: |
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| bassist33 wrote: |
| losing_touch wrote: |
| Charles Schwab High Yield Checking .... look into it .... |
Looks like a great account, but their wire transfer form says that they do not process any transfers to or from international banks, even if the currency is in U.S. dollars. Are you currently using this account or am I missing something? |
Yes, I use the account. I transfer money to it. It is pretty easy. |
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tommo123456789
Joined: 31 Jan 2008
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| Posted: Tue Aug 04, 2009 8:36 pm Post subject: |
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| I would try going to a credit union. If anyone in your immediate family is in the military, you can sign up for USAA ( www.usaa.com ) Absolutely no fees to wire money to them, and they post it to your account the next business day after you send it. If I send money home on a Tuesday afternoon Korea time, it will be applied to my account by Wednesday morning when I wake up. |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Tue Aug 04, 2009 8:38 pm Post subject: |
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| I sent money before I walked to work at around 2:00 pm. It was in my account when I got home at 9:00. |
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SFValley
Joined: 18 Jun 2009
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| Posted: Tue Aug 04, 2009 10:14 pm Post subject: |
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| losing_touch wrote: |
| bassist33 wrote: |
| losing_touch wrote: |
| Charles Schwab High Yield Checking .... look into it .... |
Looks like a great account, but their wire transfer form says that they do not process any transfers to or from international banks, even if the currency is in U.S. dollars. Are you currently using this account or am I missing something? |
Yes, I use the account. I transfer money to it. It is pretty easy. |
I use this bank and I would recommend it. Never had any problems with them and one of the best customer service experiences. I plan to direct deposit once I start working in Korea. |
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bassist33
Joined: 07 Jul 2009
Location: Mok-dong, Seoul
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| Posted: Tue Aug 04, 2009 11:09 pm Post subject: |
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So I've opened a Schwab account, but it looks like you can only transfer money from a foreign institution to your brokerage account. Under the wire options, it states that checking can only accept transfers from U.S. institutions. Do you just transfer your money from your brokerage account to your checking account? Am I missing something?
edit: also, is there a fee for inbound international wires? I don't see anything that refers to how much it costs.. |
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SFValley
Joined: 18 Jun 2009
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| Posted: Wed Aug 05, 2009 1:05 am Post subject: |
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| bassist33 wrote: |
So I've opened a Schwab account, but it looks like you can only transfer money from a foreign institution to your brokerage account. Under the wire options, it states that checking can only accept transfers from U.S. institutions. Do you just transfer your money from your brokerage account to your checking account? Am I missing something?
edit: also, is there a fee for inbound international wires? I don't see anything that refers to how much it costs.. |
Yes, to the first question. You can simply transfer from your brokerage to your checking. However, I think it depends more on the sending institution re: fees, etc. Schwab is usually pretty good about taking care of all fees on its end. I'm not in Korea yet so I have yet to try it out myself. From what I read on Dave's, it seems KEB in Korea makes it pretty simple to transfer money via online banking. |
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YLWRocketMan
Joined: 14 May 2009
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| Posted: Wed Aug 05, 2009 1:37 am Post subject: |
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| I have an account at First Republic Bank. They dont charge for anything, literally. They even reimburse the ATM fee to my account if i withdraw money anywhere in the world. And yea, no charge for transferring money in or out. |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Wed Aug 05, 2009 2:14 am Post subject: |
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| bassist33 wrote: |
So I've opened a Schwab account, but it looks like you can only transfer money from a foreign institution to your brokerage account. Under the wire options, it states that checking can only accept transfers from U.S. institutions. Do you just transfer your money from your brokerage account to your checking account? Am I missing something?
edit: also, is there a fee for inbound international wires? I don't see anything that refers to how much it costs.. |
Yes, you have to wire money to the brokerage account. You move it to your checking account with a few clicks of the mouse online. They are working on setting up the checking account with compatibility. You might be able to do it, as I haven't looked into it for a while.
As for the cost, there isn't one. It is free. |
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bassist33
Joined: 07 Jul 2009
Location: Mok-dong, Seoul
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| Posted: Wed Aug 05, 2009 2:16 am Post subject: |
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| Amazing! Thank you so much!! You just saved me at least $16 a month |
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