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sugarkane59
Joined: 10 Jun 2009
Location: Seoul
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 Posted: Sun Dec 13, 2009 9:49 pm Post subject: 72,000 won bank fee??? |
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I just went to KB bank to enquire about sending money to the UK. First of all, the exchange rate is rubbish at the moment [to the pound] and also she told me that there is a flat rate of 72,000 won to send the money --- that doesn't include the fee that I'll probably have to pay to my English bank. I thought that it may be a percentage of the amount to be transferred....
Gutted. |
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jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
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| Posted: Sun Dec 13, 2009 10:57 pm Post subject: |
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| Wow. KEB is 8,000 won to send to Canada. You just go in once into a branch with your details and can then transfer using online banking. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sun Dec 13, 2009 11:28 pm Post subject: |
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| depends how much you send. more money = higher fees, but 72 000 seems pretty ridiculous.... |
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tiger fancini
Joined: 21 Mar 2006
Location: Testicles for Eyes
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| Posted: Mon Dec 14, 2009 12:05 am Post subject: |
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| That fee completely takes the pi$$, but the exchange rate looks ok to me today. 1882won to the pound is pretty good, and that's the rate now according to XE.com |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Mon Dec 14, 2009 5:35 am Post subject: Re: 72,000 won bank fee??? |
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| sugarkane59 wrote: |
I just went to KB bank to enquire about sending money to the UK. First of all, the exchange rate is rubbish at the moment [to the pound] and also she told me that there is a flat rate of 72,000 won to send the money --- that doesn't include the fee that I'll probably have to pay to my English bank. I thought that it may be a percentage of the amount to be transferred....
Gutted. |
I wonder if he quoted the Western Union rate and not the telegraphic transfer rate (less than w15,000). Better to go and ask again, as Western Union (pretty sure KB are their agents here) are very expensive when compared to bank telegraphic transfers.
I believe that KB has a very good and cheap service to use ATM's for international transfers too (about w3,000), but you need to register first. |
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Mon Dec 14, 2009 6:26 am Post subject: |
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I have always paid somewhere between 10-25,000 won. I can't remember off hand.
No, refuse to pay it. They're gyping you. |
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hugekebab
Joined: 05 Jan 2008
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| Posted: Mon Dec 14, 2009 6:39 am Post subject: |
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| The exchange rate is excellent. 1900 to the pound is very good. |
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curiousaboutkorea
Joined: 21 Jan 2009
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| Posted: Mon Dec 14, 2009 6:52 am Post subject: |
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| Use a different bank. It's easy enough to set up an account. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Mon Dec 14, 2009 10:44 pm Post subject: |
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(At least for Canada)
KB let's you set it up so you can use the ATM to send cash home... Couple of buttons and it's there in 2-3 days... 5000 won per transfer, plus whatever your bank knocks off on the backend. |
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Juregen
Joined: 30 May 2006
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| Posted: Mon Dec 14, 2009 11:35 pm Post subject: Re: 72,000 won bank fee??? |
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| sugarkane59 wrote: |
I just went to KB bank to enquire about sending money to the UK. First of all, the exchange rate is rubbish at the moment [to the pound] and also she told me that there is a flat rate of 72,000 won to send the money --- that doesn't include the fee that I'll probably have to pay to my English bank. I thought that it may be a percentage of the amount to be transferred....
Gutted. |
There are three possibilities
Sender pays all
Sender and receiver pay their share
Receiver pays all
The second option is the best one. |
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sugarkane59
Joined: 10 Jun 2009
Location: Seoul
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| Posted: Wed Jan 06, 2010 9:32 pm Post subject: |
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Went back to KB to ask about using the ATM to make international transfers (to the UK) and she said I can't do it!!!!
Also, she quoted me the same 70,000 won fee again for transferring the usual way - she explained more this time... she said that there are three fees: one which is fixed (8,000 won); one that changes depending on how much you're sending (e.g. 3.5 million = 15,000 won) AND THEN.... A 52,000 won fee because an American bank handles the transfer between Korea and the UK!!!!!
What a load of rubbish - I'm so angry! |
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hochhasd
Joined: 05 Jul 2008
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| Posted: Wed Jan 06, 2010 10:00 pm Post subject: |
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| sugarkane59 wrote: |
Went back to KB to ask about using the ATM to make international transfers (to the UK) and she said I can't do it!!!!
Also, she quoted me the same 70,000 won fee again for transferring the usual way - she explained more this time... she said that there are three fees: one which is fixed (8,000 won); one that changes depending on how much you're sending (e.g. 3.5 million = 15,000 won) AND THEN.... A 52,000 won fee because an American bank handles the transfer between Korea and the UK!!!!!
What a load of rubbish - I'm so angry! |
Try the post office. They charge one time fee of 10,000 on an unlimited amount,but you still pay what your bank charges in the UK charges.  |
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sugarkane59
Joined: 10 Jun 2009
Location: Seoul
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| Posted: Thu Jan 07, 2010 12:32 am Post subject: |
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| Excellent hochhasd. Thanks for the advice. I'll definitely look into this! |
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kimchi girl
Joined: 17 Dec 2009
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| Posted: Thu Jan 07, 2010 12:49 am Post subject: |
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| Yes, they aren't being honest with you. Go set up and account at another bank, if only for the transfer. |
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Easter Clark
Joined: 18 Nov 2007
Location: Hiding from Yie Eun-woong
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| Posted: Thu Jan 07, 2010 12:54 am Post subject: |
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| kimchi girl wrote: |
| Yes, they aren't being honest with you. Go set up and account at another bank, if only for the transfer. |
You won't be able to do this unless you de-designate the bank you currently use for transfers. At least, I was told that fur'ners in Korea can only use ONE branch of ONE bank for international transfers.
But then, that could just be a made-up "law." No one in a bank knows what they're talking about. |
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