Korean Job Discussion Forums

SoRoa2SoKo · Joined: 15 Nov 2009 Location: Roanoke, Virginia USA

Hey! I am about to leave for Seoul in a month from today and I'm trying to figure out the best way to pay my bills back in the US (ie. student loans). Did you set up an account with a Korean bank and then wire the money back to a large US bank (like Bank of America)? What is the easiest way? Thanks!

Cheers!

frankly speaking · Joined: 23 Oct 2005

If you are smart you will apply for a deferment for a year on your loans. If they are subsidized loans you will not pay tax on them for that year. I did it and then paid them off when I got home.

For choosing a bank in the US ask them if they charge for receiving money from international remittance. I had a bank in the US that charged more than it cost for me to wire it from Korea. I got hit twice and wasn't too happy.

Make sure you have all of your bills on direct deposit so all you have to do is keep money in your account. Wiring money from Korea is easy and cheap with the right bank. Shop around for the bank that you like. I personally hate KB and think that they overcharge for wire transfers.

lifeinkorea · Joined: 24 Jan 2009 Location: somewhere in China

KB or KEB? I hear KEB is the way to go. I have worked with KB only in Korea without any problems, but haven't tried sending money abroad yet. Stay away from Shinhan, and Nonghyup is very limited in its services.

SoRoa2SoKo · Joined: 15 Nov 2009 Location: Roanoke, Virginia USA

runthegauntlet · Joined: 02 Dec 2007 Location: the southlands.

runthegauntlet · Joined: 02 Dec 2007 Location: the southlands.

lifeinkorea · Joined: 24 Jan 2009 Location: somewhere in China

If you get a deferment, you can pay later, hopefully when you have no money. If you don't, then you are paying on the interest because you can't afford to "erase" the debt. A deferment allows you to put your financial obligations on hold while you save up.

frankly speaking · Joined: 23 Oct 2005

If you are currently unemployed, which you are because you are going to Korea. Call them up quick tell them that you are unemployed or make less than whatever they say, and get the application form. Do not tell them that you are going to work in Korea.

If you are paying your loan while you are working in Korea, they are taking the interest out of you. If you defer for a year, and the loan is subsidized, you did not pay interest for the year and then you can pay off the loan completely saving you interest payments. Might not be much but an extra 2-300 hundred dollars is always nice.

Also you save wiring fees, and you get to keep your money and invest in other things. I don't always make money but my yearly investments usually make about 8-9% interest. So I prefer to keep my money and then pay for things rather than paying little by little.

Do whatever is easiest for you. It is just what I did.

Kikomom · Posted: Thu Jan 21, 2010 8:17 pm Post subject:

Be sure to set up web banking with your home bank before you leave. (It's a good idea to get an ATM debit card too--use for travel arrangements, etc.)

Take a copy of your bank statement with you so when you get a Korean bank account, you can register your home bank with them for overseas remittance.

It may take an initial wire transfer to get the overseas bank registered to your Korean account. But once the routing and account numbers are attached to your K-account, you should be able to make transfers from your Korean ATM card at a much lower transfer fee amount.

Then you can use your home bank web banking online to check your balances and set up bill pay to keep your accounts up-to-date.

Chambertin · Joined: 07 Jun 2009 Location: Gunsan

ChilgokBlackHole · Joined: 21 Nov 2009