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ChrisHannah
Joined: 20 Jun 2008
Location: Daegu
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 Posted: Sat Oct 31, 2009 4:27 pm Post subject: Intra Citibank account transfer |
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I'm about to leave for Daegu, Korea and I'm considering opening a CitiBank account in the US and then as well in Korea so I can transfer money between accounts easily/cheaply. Has anyone here tried this? Is it worth it? How is Citibank banking in Korea? What about using my American CitiBank card in Korea at (CitiBank) ATMs/stores?
I currently have a Bank of America account but I haven't seen any way similar to transfer money without fees. And I know for certain that there are fees associated with ATM banking in Korea.
Also, what would you say would be the best way to survive until I get paid? I've got money here in the US, but I don't want to get ripped off too badly when exchanging money. |
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ChrisHannah
Joined: 20 Jun 2008
Location: Daegu
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| Posted: Sat Oct 31, 2009 8:30 pm Post subject: |
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Okay so I think I might go with a somewhat complicated plan.
Bank of America Checking (for ease of use in US)
Capital One High Yield MM Account (for fee free ATM withdrawals in Korea)
CitiBank Checking - Korea (looks like it's common enough)
CitiBank Checking - US (for fee free transferring from Korean account)
What do you think? I know it's a lot to do, but it's not toooo complicated.
I'll call CitiBank and Cap1 to ensure that they aren't charging fees for these things. |
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Konglishman
Joined: 14 Sep 2007
Location: Nanjing
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| Posted: Sat Oct 31, 2009 8:48 pm Post subject: |
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I looked into this very same idea about 2 and half years ago after I first came to South Korea. The bank representatives told at the Korean Citibank told me that due to a tax treaty between the USA and Korea, any money which would be wired or transferred between the Korean Citibank and the American Citibank would be considered taxable by the USA if you are an American. If I recall correctly, the taxes might even automatically get taken out. Or perhaps, it just gets reported to the US government for tax purposes. I do not remember for sure.
Of course, it is entirely possible that this branch Korean Citibank branch was confused about the law. Or perhaps, things have changed since then. If I were you, I would ask the bank representatives yourself. |
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ChrisHannah
Joined: 20 Jun 2008
Location: Daegu
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| Posted: Sun Nov 01, 2009 4:57 am Post subject: |
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| So what did you end up doing instead? |
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Konglishman
Joined: 14 Sep 2007
Location: Nanjing
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| Posted: Sun Nov 01, 2009 5:11 am Post subject: |
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| ChrisHannah wrote: |
| So what did you end up doing instead? |
I got a regular bank account with Kookmin Bank, otherwise known as KB. After you do the first wire inside the bank, it becomes possible to use any KB atm to wire money back to your American bank account. Of course, I still use my American citibank account for receiving the wires and for vacation activities. Yes, unfortunately, this does not allow you to get around the wire fees. However, using the KB atm wire service charges you a smaller fee than if you had gone inside the bank. |
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OiGirl
Joined: 23 Jan 2003
Location: Hoke-y-gun
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| Posted: Sun Nov 01, 2009 5:46 am Post subject: |
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| A Korean Citibank account has no connection with a US Citibank account. Even though you might think it should. Just choose the best bank for you in the US and the best for you in Korea. |
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nobbyken
Joined: 07 Jun 2006
Location: Yongin ^^
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| Posted: Sun Nov 01, 2009 3:54 pm Post subject: |
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| OiGirl wrote: |
| A Korean Citibank account has no connection with a US Citibank account. Even though you might think it should. Just choose the best bank for you in the US and the best for you in Korea. |
I think this changed in October.
I bank with Citibank UK and the last time I logged in online, I got a message saying that international transfer rules between Citibanks were being streamlined.
I understood the message to say that transfer would be as simple as transfer between branches in the same country.
The US gov. will of course be notified of the amount, for counter-terrorism reasons.
OP, perhaps check by contacting Citibank through one of the options on their homepage. |
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