Korean Job Discussion Forums

[df1983]

Ok, I just accepted a teaching position in South Korea and have never been to Asia before. I am wondering how to pay a student loan (US govt Federal loan) from Korea. Is it possible to transfer money to an american bank account (and then pay from there)? Would it be better or even possible to pay from a Korean bank account? There is an online option to pay the student loan but I doubt that I would be able to use a Korean bank account unless there is an American chain in Korea. Any suggestions on this? Also will I be able to withdraw money with my American debit card?

I have always wanted to take up a hobby such as a Martial Art or Kickboxing but I am a complete beginner at 26. Are there classes for beginners possibly in English around Pyeongtaek City? If not, are gyms common in Korea? This may seem like a dumb question but I have lived in places where gyms are not commonplace.

[Starbucks]

good question, i'd be interested too.

But from previous experience teaching in Taiwan, gyms are available, but are expensive for asian standards expect to pay 40-50$ for membership.

I would wire money from your korean bank account to your US account and give yourself a korean budget. That way you ensure your saving and paying your bills as well as covering your living expenses

[Kikomom]

To pay your student load, set up web banking at your home bank. Then get online and set up the bill pay function and add your loan account to that. Do this before you leave because your bank has to initiate the set up for you. Take your bank statement and bank's routing numbers with you to Korea and get a wire transfer set up there to send money home.

When you get a Korean bank account established (where your pay will be deposited), let that K-bank know that you will want to use their overseas remittance function from their atm. That option will be cheaper to use than doing a wire transfer every time you want to send a deposit to your home bank. But it usually takes an initial wire transfer to get your account numbers into the system before you can use the atm option for an overseas remittance.

Another way may be to use web banking with your K-bank to remit money overseas from the comfort of your own computer, but I'm not familiar with that process. There have been some complaints here about loading their software and people having problems getting it set up. If you're tech savvy enough and you get a bank that caters to foreigners, it's probably very similar to web banking at home?

[oldtactics]

I bank with KEB here in Korea and every month, I transfer money from my account here to my remittance account, which goes directly to my bank account back home in Canada, minus a small processing fee.

Super easy and effective, and I can pay my loans with my account at home, all through the internet. Your student loan paperwork should have information on how to pay through internet banking - if not, just call them and they'll give you an account number to transfer the money to.

[df1983]

Thanks for the information. As long as I can get the money to my American bank account I can pay the student loan online from that account. I will look into the atm remittances function when I get there and get settled...

Anyone know of a good bank that would be the best to use when I get to Korea for this type of thing?

[Kikomom]

KEB is probably the best Korean bank for expats. But your school may send you to their bank for your pay deposit, depending on where you get located. If that bank doesn't have the services you are interested in, you can always open a second account on your own. Then you use the atm to transfer funds from one account to the other. My son's gf helped him open his KEB account as a second bank after he'd been there awhile.

Or, if you don't want to juggle all these different accounts, research the banks in your area and ask your school if they will make your direct deposit there instead. Don't be afraid of giving them your account info, this is how they know where to send your pay.

Also, your student loan accounts should be accessible online so you can keep an eye on your balances and check that your payments are being credited to your account. Plus they are always nagging you to go paperless, so you don't have to have to change your address, have mail forwarded, or have mail piling up back home.

[eIn07912]

Ok, I'm not going to read what everyone else wrote, so I'm probably doing to be repeating some things. But, I've known several foreigners here, and so far, I'm the only one that has had to pay student loans back home (damn rich families with their silver spoons) and I've become an expert at it.

So, here's what you do... the only "American" bank here is Citi, but screw them cause branches are so hard to find. My paycheck gets direct deposited to my Korean bank account (Shinhan Bank... no complaints from me so far). Then, once a month (or every other month) I go in to have the transfer X amount of dollars to my American bank account back home. (The first time you do this will take a while and be complicated. After that, it takes 5 mins or less)

The money hits my American bank in less than a day if I do it during the week. If you do it on Friday, may have to wait a few days. Then, if your student loans are with Sallie Mae (as most people are) you can go to their site (manageyourloans.com) set up your account, and every time you log in, you can see your total loan amount, how much you own, how much you've already paid, how much is due next time, when the next payment it, and how many payments you have left. You can sync your American bank account to that site, or syn their account to your American bank if you prefer to use your banks site to pay instead of Sallie Mae's.

And thats that. I usually transfer my loan amount (plus fees, can't forget fees. Normally 15 bucks on this end and the same back home) the day after I get paid. Cash gets home within a few hours and can pay my loan amount for that month that night or the next day. Easy-peasy Jap-an-ease.

[df1983]

Thanks everyone for all of the info. I already set up the online bill pay from my home banks webpage. Just have to get the money in there. All info was helpful. I'll look for the KEB bank when i get there. It sounds like the best option.