Korean Job Discussion Forums

[malandlu]

Hi

I am looking for some advice regarding getting money home at the end of my contract. I have read all the posts about sending Dollars but just looking for some specific advice regarding UK sterling.

I will be have well over 10,000 pounds worth to get back, currently sitting in a korean bank account . As this is a large amount even a small change in rates or fees makes a large difference to the final takehome amount.

My options so far seem to be
1 get it exchanged to sterling and carry it on the plane (problems with limits??)
2 wire transfer
3 send an atm card home but still think it will take like 20 visits to the cash machine each time inccuring small charges (good ole british banks)


what i am looking for is the cheapest way possible, some people have mentioned out of the box ideas such as buying gold and traveling with that to convert at home for a more stady rate. anyone actually have experience of this or any other systems?

Mal

[blue.sky]

When I left Korea, my Mrs sent the money from her account. It was about 16k and we lucked out a little on the timing regarding x-rates. I don't advise the gold route - the premium for purchase is too high and you'll get stung on the buy price back home. Also, I think removing US$10000 or currency equivalent in cash (may include gold) out of the country isn't allowed. Besides, it's risky and the spread on changing into sterling cash is worse than e-transfer.

I think 10000 won plus the usual spread was the cost of sending money back. Trying to time it for x-rates is futile, so just bite the bullet and visit a few of the main banks and compare prices. Without going into detail, don't waste your time with KB bank. I think KEB, nonghyop, and jael (in that order) were the least painful banks to wire money. I've also used woori without too much hassle.

What were you doing with 10k in a minor currency languishing in your bank account anyway? One hiccup with the law or immi and you could have your a/c frozen.

[avatar7gt]

i hate my air conditioning freezing too

[Davew125]

I wouldnt take the atm route. I do that sometimes when the exchange rate is really bad, get my mother to take money out for me back home. but it costs $5 a time and there is a 200pound limit to withdrawals from my account.
When wiring my money i seem to get charged the same fee regardless of the amount i send back - about 18000 but i don't know if thats a universal thing.

with my old job in Seoul we were paid in cash and i used KEB to send my money home every month, always over 1000 pounds and was always charged 18000 to send and my HSBC acount would charge me 6 pound to receive.

could you get it put into travelers checks? not sure what the commission rate is like for that.