Korean Job Discussion Forums

[tankdizzle]

Can someone shed some light on which banks would allow me to transfer funds from a Korean bank to my home bank in Canada?

and if this were to occur should i worry about extra fees or is it just the exchange rate that I have to worry about?

Also is there anything I should know when going in to apply for a bank account in Korea..

I simply want to be able to pay off my debts back home while in korea..............

[ThingsComeAround]

Any bank may send your money earned home.

It just depends on how you'd like it done. Most banks want you to go in and do it manually. Sometimes they offer a "discount" on the exchange. KEB offers internet banking where you may wire money to your home account.

If traveling, you may want to use that debit card (here they call it a "check card") overseas, wouldn't you? Most banks don't offer foreigners on an E-2 visa access to such a card. You may only use it within Korea. KEB is an exception here also

[oskinny1]

I second KEB. They also recently started up an Ex-pats account where everything is in English. Go there with your ARC and get set up in no time.

If you want to transfer money, you will need to know your home bank account number, the routing number (it is that first group of numbers on the bottom of checks) and the bank's address. The first time around it will take awhile, but after that you should be able to just do it through an ATM.

Also, you get better exchange rates and a discounted transfer fee if you have the check card.

[DAC]

Any bank will transfer money for you. Bring your passport the first time, as well as your ARC, and the aforementioned Canadian bank info. The address isn't really necessary as long as you know the "Branch Number."

They may require you to sign a "I will send money home only from this bank" form, as we are required by law to use only one bank at a time to send money out of the country. You are free to change banks at any time in the future, but not hop between banks everytime you wire.

One piece of money-saving advice: if you wire the money through a teller, have them charge you here for the "sending" AND "receiving" fees, as the one time I didn't specifically tell a bank to charge me the "receiving" fee too, I had to pay another $30 for RBC to receive my own damn money to my account in Canada. And that was 10 years ago, so I assume it'll be more now. On this end, you pay maybe 8,000 won for the receiving fee.

[Hornbill]

You should be able to wire your funds to any bank in Canada. All you need is your Canadian-bank account number, the bank's Swift Code, your passport, and the name of that target bank. I've heard some banks require a little more, like special notations in the instructions. But I've never needed to give those.

[dogshed]

You can buy a money order/bank check from KEB and mail it home.