Korean Job Discussion Forums

[jsk]

I'm having surgery in January in Korea and need to transfer about $9K US here. I will be going home to visit in December and I'm not sure whether it's better to wire transfer or physically bring it here. I would prefer to wire it if I can access it immediately when I get back and the fees aren't too high.

I'd appreciate any advice - about fees, which Korean bank to use (my U.S. bank is Bank of America), any customs issues, etc. My current bank is KB but something tells me I should be opening a KEB account for this.

Thanks!

[thrylos]

It's really not any different than sending money out and you don't need a KEB account. Your KB will suffice.

Just get the SWIFT code for your KB bank/branch, your account number (in your bankbook), and the routing number (once you send the money from home).

You'll pay the standard wiring fees (usually about 1% of the total amount) and it'll get here in 2-3 days. (Both banks naturally play the exchange rates to best suit themselves). Did this when the won skyrocketed against the dollar- had all my money from the US sent here and worked like a charm.

But, if you can bring it over yourself, then why not?

[jsk]

Thanks. Does anyone know how easy or complicated it would be to physically bring $9K in, as far as customs and bank policies go? I heard if it's over a certain amount (I don't remember how much), you have to declare it to customs, and the bank requires you to furnish proof of where the money came from. I don't know how to do that other than bring a bunch of old paystubs.

[Kikomom]

Looks like Paypal can do it too for $45.00:
Send money abroad with PayPal